Cardano Shifts Governance To ICC And Reveals Readiness For Chang Hard Fork

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As a seasoned crypto investor with a deep understanding of the Cardano ecosystem, I’m encouraged by the recent announcement from the Cardano Foundation regarding its new governance role and the proposed decentralized governance model. The Chang hard fork is a significant upgrade for the Cardano blockchain, and this new governance framework will ensure that key decisions are made in a robust and transparent manner, fostering long-term success and integrity for the ecosystem.

The Cardano Foundation has revealed its fresh governance structure for the Cardano network, aiming for increased decentralization after the implementation of the Chang hard fork – a significant update to the underlying Cardano blockchain technology. This new proposed framework is designed to promote a strong and transparent governance system, securing the long-term achievement and honesty within the Cardano ecosystem.

Cardano Foundation’s Governance Action Amid Chang Upgrade

On June 27, the Cardano Foundation unveiled its involvement in the Interim Constitutional Committee (ICC) and its intention to join the ICC election. Following the Chang hard fork, which marked the beginning of Cardano’s decentralized governance, a suggested model for making significant decisions within the ecosystem has been proposed by the Foundation.

According to the foundation, the suggested governance structure will promote inclusivity and diversity, and it will establish controls through delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee.

During the transition period from Chang 1 to Chang 2 upgrades, three types of governance actions can be implemented: modifying parameters, initiating hard forks, and executing informational actions. The Cardano Foundation will contribute to network stability by joining the Interim Constitutional Committee (ICC) as a member and participating in the ICC elections.

The International Coalition Council (ICC) holds the power to make decisions on protocol parameter modifications independently, collaborate with SPOs in implementing hard forks. Additionally, the ICC will oversee governance-related actions, promote transparency and impartiality, assist in setting up initial governing structures, and facilitate the evolution towards a mature Constitutional Committee.

Cardano Foundation’s Voting Decision

In the recent ICC elections overseen by the Cardano foundation, candidates were disclosed based on various qualifications. Factors considered included active participation in the Cardano community, a demonstrated track record of transparency, proficiency in technical matters related to Cardano, and unwavering dedication to the project.

Among the contenders, the following six groups have been identified as leading candidates: Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone.

The Cardano Foundation disclosed that it cast a vote using 20 million ADA tokens, ensuring openness during the procedure. This stake’s status is accessible for monitoring on pool.pm.

ADA Price Performance

The cost of ADA has dropped by around 2.2% within the past day and over 3% in just one week. At present, its value hovers at approximately $0.379. The lowest price recorded in the previous 24 hours was $0.378, while the highest reached $0.393. Notably, trading volume has experienced a surge of around 10% during this period, signaling heightened attention from investors.

The open interest for Cardano futures has been decreasing for more than a week, with a 2.84% decline over the past 24 hours to reach $202.46 million. For traders considering further transactions with ADA, it is essential to keep an eye out for indicators of market recovery such as a surge in trading volume before making any moves.

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2024-06-27 10:51