As a researcher and observer, I find the roadmap for Cardano outlined by Charles Hoskinson compelling and promising. The transition to a fully decentralized governance structure, through the Chang+1 hard fork and the upcoming constitutional convention in Argentina, represents significant steps towards realizing Cardano’s full potential as a decentralized financial platform.
In a video update on Monday, Charles Hoskinson, the founder of Cardano, discussed the advancements and future steps for Cardano following the implementation of the Chang hard fork. Broadcasting from Colorado, Hoskinson provided a deep dive into the ongoing developments and the roadmap ahead, particularly focusing on the governance structure and the transitional phases that Cardano is set to undergo.
What’s Next For Cardano?
Hoskinson began by underscoring the present situation of the Cardano blockchain, having entered the bootstrap phase post-Chang hard fork. He elaborated on the importance of this stage as crucial for establishing the new governance structure under the Cardano Improvement Proposal (CIP) 1694, which has now been activated.
In simpler terms, the creator of Cardano explained that the Chung-Cheng fork incorporates several parties, such as stake pool operators (SPOs), delegated ADA owners, and a newly formed body called the Constitutional Committee, who will have a significant part in the governance procedure.
“Hoskinson expressed that the new administration is thriving, stating, ‘The infant government is flourishing.’ He elaborated on the significance of this stage, remarking, ‘We’re in the startup phase… we must exercise caution when establishing this emerging government.'”
In this context, I would like to suggest a natural and easy way to read language:
“For the next 90 days, we’ll be working with Chang+1, and once that happens, Decentralized Representatives (DS) will continue, and we’ll have a fully Cardano-led government. Currently, we’re in the bootstrap phase. People are registering DS, and after Chang+1, we’ll see many of them activating, essentially moving towards becoming active, and following that, we’ll have a three-party government,” Hoskinson clarified.
He went on to disclose that the necessary technical and administrative arrangements have been initiated for a seamless transition into the next stage. He elaborated that Chang+1 forms part of a more comprehensive approach to devolve the governance of Cardano.
In Argentina, during December, there will be a significant focus on a constitutional convention known as the “Cardano.” This event will host delegates from more than 50 countries that will gather to draft and vote on the first official constitution.
It appears that the Cardano Founder has planned an event, which will occur at the same time, and it’s called a Constitutional Convention happening in Argentina during this proposed version of one constitution. Here’s a suggested way to participate, going online, or bootstrapping phase, ending around the same time.
Discussing the finer points of government and financial management, Hoskinson elaborated on the detailed planning essential for administering the Cardano treasury, valued at around $600 million in ADA. He emphasized the importance of thoughtful and tactical distribution of these resources to finance diverse developmental and operational projects within the Cardano network.
Discussed is an approach that intends to make the community part of budget choices by using a governance structure that offers a structured method for financing. As suggested by Hoskinson, there are two possible methods for managing an on-chain treasury.
“In the CIP, we didn’t define how treasury withdrawals would work because it’s up to the on-chain government to decide. However, you could perform treasury withdrawals as they occur, and there are certain guidelines about their execution. The most effective approach for large-scale operations is to prepare an annual budget. You might divide it into two phases: first, create a pie chart from the annual budget; then, each slice of the pie represents different functions,” Hoskinson suggested.
At press time, ADA traded at $0.3286.
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2024-09-03 18:42