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The CEO and co-founder of cryptocurrency network Cardano Charles Hoskinson stirred Twitter today by seemingly endorsing doge. As a result, the asset has seen a rise of over 1% in 24 hours.

As a result, the meme coin, currently with a circulating supply of over 132 billion, has seen a 1% rise in its market cap as of the time of writing.

Doge price rises amid Cardano founder's support - 1
DOGE 24-hour chart | Source: CoinMarketCap

Many in the Cardano community were caught aback by Hoskinson’s post. The head of Input Output has previously expressed distaste for the dog-themed meme currency, claiming that doge insulted his life’s work. Remember, the original intent of doge was to poke fun at bitcoin (BTC) and its devoted fanbase.

Yet, Hoskinson is more likely alluding to the Renaissance-era Venetian voting procedure that aimed to deter corruption and other forms of political immorality. Venetians chose their republic’s leader, the Doge, via this elaborate process.

Cardano’s network plan

The “Age of Voltaire,” the ultimate stage of the Cardano network’s plan, coincides with Hoskinson’s “doge voting” statements. The creator of Cardano predicts that this will launch the web into a new age of decentralized governance that will set an example for the cryptocurrency sector at large.

By integrating a voting and treasury mechanism, Voltaire would make the network self-sustaining and give ADA holders a voice in determining the network’s future. For example, ADA holders might suggest network enhancements and upgrades; if voters approve, the treasury will fund these modifications.

With Project Catalyst, the network is making its initial steps toward this goal. To curb illogical behavior, the experimental, decentralized governance process suggests a “liquid democracy” paradigm that combines the best features of direct and representative democracy. Voters can cast their ballots themselves or give that authority to someone they believe to be an expert on the issue.

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Crypto Makki © 2023. All rights reserved.

Crypto Makki © 2023. All rights reserved.