It has been reported that the Cardano blockchain has achieved 100% decentralized status, giving the community full control of block generation.
Decentralization has been stated by IOHK, the blockchain research and development firm behind Cardano, that the process is gradual and takes seven months.
LEVEL UP! So there we have it, 100% decentralized block production on #Cardano.
Thank you to each and every SPO and developer out there who has brought us here, helping build, run & grow #Cardano. This is a great moment. And we're still just getting started. Over to you… 🚀🧨 pic.twitter.com/MexAv3HhNP
— Input Output (@InputOutputHK) March 31, 2021
The phased process allowed developers to monitor and optimize the network, according to Aparna Jue, Product Director of IOHK. Currently, the network’s 2,200 community pools will be responsible for generating blocks of data on the blockchain.
Focus on governance and networking
IOHK outlines Cardano’s decentralization process in three main pillars, including block generation, networking, and governance. Decentralization is now shifting to the management and network of the platform.
Jue commented on the importance of this process:
Decentralizing block generation is important not only for Cardano, but also for the wider blockchain industry. This is an important step towards complete decentralization and fulfills the promises of blockchain technology by creating a global system that is truly independent of central authorities and pushes power to the fringes.
Jue also stated that Cardano’s decentralization has pushed the network much further than platforms like bitcoin. He notes that with several mining pools running the block generation of Bitcoin, there is a possibility of a conflict of interest.
IOHK notes that decentralization is vital to building a global financial operating system without the need for intermediaries. In turn, it encourages financial inclusion, especially for people without bank accounts.
According to data provided by CoinMarketCap, as of the time of writing, Cardano has dropped below $ 1.2.