Overview: The Significance of Naming
Each stage in Cardano’s development centers around a set of capabilities that will be gradually rolled out through various code releases. In a similar fashion to the network and its native coin, named after Gerolamo Cardano and Ada Lovelace, the Cardano phases (and hard forks) are named after exceptional intellectuals, mathematicians, and scientists. Below, we explore the final two stages that will be rolled out within the next year to further enhance the platform.
basho
The name of this phase honors Matsuo Basho, a famous Japanese poet known for his haikus. Basho is the fourth stage in the series of blockchain upgrades aimed at boosting scalability and interoperability. The goal of this phase is to enhance the blockchain’s fundamental efficiency, allowing it to better support applications that require high transaction volumes.
Sidechains, which are compatible with the Cardano network, will play a critical role in this development. These sidechains will be utilized for testing purposes and will enable the transfer of workloads off the main public network.
New account types will be introduced during the Basho phase, but the primary network will still rely on the UTXO model. The ability to shift between UTXO and new account types will also enhance interoperability, benefiting new use cases. Ultimately, Basho will pave the way for Cardano to become one of the most powerful, robust, and adaptable platforms in the crypto industry. This will allow the network to scale securely and sustainably while adding new features without compromising its reliability.
Voltaire
This phase is named after the influential French philosopher and author, Voltaire. Voltaire will bring the final elements needed for the Cardano network to operate independently. Cardano members will gain control over the network’s future direction by exercising their stakes and voting rights, thanks to the introduction of a voting and treasury system.
To ensure Cardano becomes fully decentralized, it will require more than the distributed architecture established during the Shelley phase. It will also need to maintain and improve this decentralization over time. During the Voltaire phase, network participants will be able to suggest improvements for Cardano that stakeholders can approve, utilizing the existing staking and delegation mechanisms.
Additionally, a treasury system will be introduced, pooling a portion of all transaction fees to fund future development activities that emerge through the voting process. This will ensure continued financial support for network advancements.
Once the voting and treasury mechanisms are in place, Input Output Hong Kong (IOHK), the company responsible for building the Cardano network, will no longer manage the platform. At that point, Cardano will be fully decentralized, with the community taking full control of the network and being equipped with everything necessary to continue developing and advancing Cardano based on the stable, decentralized foundation laid by IOHK.
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A Surprising Revelation?
In an intriguing development for privacy advocates within the crypto space, Charles Hoskinson, the founder of Cardano Network, announced the creation of a new privacy-focused blockchain called Midnight, alongside a new token named Dust. In an unexpected statement, he emphasized the goal of preserving privacy while still providing access to regulators and auditors.
Midnight takes privacy coin technology to the next level by moving away from the default anonymity. It introduces a novel approach to running and writing private smart contracts and computations. This means that users could create private decentralized exchanges (DEX) or mine anonymous data sets, among other possibilities.
Is this feasible? Only time will tell.
