The Cardano Foundation presented a detailed framework for governance reform coinciding with the upcoming Chang hard fork. This strategic decision signifies a major shift towards a decentralized governance structure within the blockchain ecosystem, intended to distribute decision-making power more equitably among its stakeholders.
The Cardano blockchain, known for its scientific approach to development and emphasis on security and sustainability, is gearing up for one of its most significant updates yet: the Chang’s hard forkThis update is not only a technical upgrade but also a shift towards a decentralized governance model, a long-awaited development by the ADA community.
Cardano Foundation Prepares for Chang Hard Fork
According to announcement Carried out on the Cardano Forum by the Cardano Foundation, the transition involves the implementation of a governance model that includes delegated representatives (DReps), stake pool operators (SPOs), and a constitutional committee. This model is designed to ensure inclusiveness, diversity and balance of power, which are essential to the long-term stability and integrity of decentralized networks.
During the priming phase between the Improvements Chang #1 and Chang #2, governance actions will be limited to parameter changes, hard fork launches and information actions. This restricted phase is crucial to maintaining network stability and security while governance structures are fully established.
The Cardano Foundation will be a member of the Interim Constitutional Committee (ICC) during this transition phase. The role of the ICC is crucial as it will have the authority to independently approve changes to protocol settings and, in collaboration with SPOs, initiate the necessary hard forks. This committee will also interpret the Cardano Constitution, review governance actions, ensure transparency and fairness, and support initial governance structures.
In the recent ICC elections, the Foundation exercised its voting rights through a substantial participation of 20 million ADA. The voting process was designed to select candidates who best represent the fundamental principles of the new governance model. Candidates were evaluated based on their commitment to the Cardano community, adherence to constitutional principles, transparency, and technical expertise in blockchain technology.
Top-ranked candidates included the Cardano Atlantic Council, the Eastern Cardano Council, and individuals such as Lloyd Duhon and Johnny Kelly, reflecting a diverse group that could effectively represent various interests within the ecosystem.
The Foundation emphasized transparency throughout the electoral process, allowing stakeholders to track voting and fund allocation through platforms such as pool.pm. This transparency is part of a broader commitment to build trust and ensure that the governance transition takes place in an open and fair manner.
As of press time, ADA has seen a notable fluctuation in its market value, falling over -2.7% over the past 24 hours and over -3% over the past week. The current trading price is around $0.378, with trading volumes (+13% in the last 24 hours) suggesting increased activity and interest from traders.
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