The decentralization was announced by IOHK, the blockchain research and development firm behind Cardano which indicated that the process has been gradual and lasted for seven months. According to IOHK Product Director Aparna Jue, the gradual process allowed developers to monitor and optimize the network. At the moment, the network’s 2,200 community pools will be responsible for producing blocks of data on the blockchain.
Focus on governance and network
IOHK outlines Cardano’s decentralization process as three main pillars, including block production, networking, and governance. The decentralization now shifts to the platform’s governance and the network. Jue commented on the significance of the decentralization milestone: Jue further stated that Cardano’s decentralization sets the network miles ahead of platforms like bitcoin. She notes that with a few mining pools running bitcoin’s block production, there is a chance for a conflict of interest. IOHK notes that decentralization is vital to establishing a global financial operating system without the need for intermediaries. In return, it promotes financial inclusion, especially for the unbanked population. By press time, Cardano had gained by 2.53% in 24 hours trading at $1.24, according to data provided by CoinMarketCap.
