Cardano Gears Up for Decentralized Governance

Cardano Gears Up for Decentralized Governance

Jun 13 Tech Standard

Cardano founder Charles Hoskinson recently shed light on Cardano's evolving governance structure. He clarified that full treasury power won't be unlocked until decentralized representatives (dReps) are deployed, independent of a finalized constitution. This key milestone is expected roughly 90 days after the Chang hard fork, a major Cardano upgrade.

Cardano's governance revamp aims for a more decentralized and community-driven approach. CIP-1694, published in November 2022, marked a new era for the network. It establishes an on-chain governance structure where ADA holders can directly influence Cardano's future.

Three key on-chain entities will play a role in approving community proposals (governance actions): Delegated Representatives (DReps), the Constitutional Committee (CC), and Stake Pool Operators (SPOs).

An interim period bridges the gap between the Chang Initial Update and the constitution's on-chain ratification. This "Bootstrapping Period" allows DReps to register on the mainnet, preparing for the full governance features deployed in Chang's second step. It also ensures stability by giving each new governance role (DReps, CC members, and SPOs) time to adjust to the CIP-1694 mechanisms, allowing both the roles and the community to adapt.

Hoskinson's comments came in response to a post by Patrick Tobler, CEO of NMKR, who commended the ADA community's participation in the Interim Constitutional Committee election.

HarshitKulhan

Crafting cinematic stories through the lens of my phone, I am a blogger and content writer who expresses the essence of my blogs through words

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