Charles Hoskinson's recent declaration that "Genesis Keys are dead" marks a critical shift in the Cardano blockchain's journey toward decentralization.
With the upcoming Chang Hard Fork on September 1, 2024, Cardano is poised to fully embrace decentralized governance, making it one of the most closely watched developments in the blockchain world.
Discover what this means for the future of Cardano and its community.
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Moving Toward Decentralization by Disposing of Genesis Keys
Charles Hoskinson, the founder of Cardano (ADA), announced on August 30, 2024, that "Genesis Keys are dead," signaling the imminent arrival of the Voltaire era for Cardano.
Genesis Keys are a set of cryptographic keys that play a crucial role during the initial development and operation phases of a blockchain. They are essential for confirming protocol changes and upgrades within the blockchain.
Within the Cardano ecosystem, three key organizations—Input Output, EMURGO, and the Cardano Foundation—collectively held seven Genesis Keys in a "3:2:2" distribution. To implement system upgrades, five out of the seven keys were required.
As Cardano prepares for the final phase of becoming a truly decentralized blockchain—the Voltaire era—the disposal of these Genesis Keys has been reported as a critical step toward this goal.
What Does the Disposal of Genesis Keys Mean?
Genesis Keys are vital for the smooth and secure progress of early-stage blockchain development. However, when these keys are held by specific organizations, they can become a centralizing element within the system.
Cardano's gradual decentralization plan necessitates the elimination of such centralized mechanisms. By disposing of the Genesis Keys, Cardano is taking a significant step toward true decentralization.
With the deactivation of these keys, all major decisions regarding the Cardano network will now be made through a decentralized governance process, involving community participants, stake pool operators, and ADA holders. This marks a major advance toward genuine decentralization for Cardano.
Moreover, the elimination of centralized control over smart contract execution and protocol upgrades is expected to enhance the network's autonomy and resistance to censorship.
Although the Genesis Keys have been a critical component in supporting the development and operation of the blockchain, their disposal represents a significant milestone in Cardano's long-standing journey toward becoming a truly decentralized blockchain.
In the comments of Hoskinson's recent post, there was a suggestion to publicly release the now-invalidated private keys to demonstrate their obsolescence. Hoskinson responded that this idea is "pretty cool," sparking interest in potential future initiatives of this nature.
The Chang Hard Fork Scheduled for September 2, 2024
Cardano's significant upgrade, the "Chang Hard Fork," marking the beginning of the Voltaire era, is scheduled for September 1, 2024.
Preparations for this upgrade are progressing smoothly, with major cryptocurrency exchanges like BINANCE already announcing their support for the transition. As Cardano fully embraces decentralized governance, the future developments of this blockchain are being closely watched.
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Important: Flint Wallet for Cardano to be Discontinued - Users Urged to Save Recovery Phrases
Flint Wallet for Cardano will be discontinued following the Conway hard fork. Users are advised to secure their recovery phrases for easy transfer to another wallet.
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