As a researcher with experience in blockchain technology and governance mechanisms, I find Charles Hoskinson’s recent clarification on Cardano’s governance actions to be an essential update for the community. The announcement that full treasury power will come into play after the deployment of decentralized representatives (dReps) is a significant milestone in ensuring a more decentralized and community-driven approach to Cardano’s governance.
As a researcher studying the Cardano blockchain, I’d like to share some insight from a recent clarification given by its founder, Charles Hoskinson, on the governance actions taking place within the Cardano ecosystem.
As a crypto investor in Cardano, I understand that Hoskinson announced that the complete treasury functionality will be activated post the implementation of decentralized representatives (dReps), which won’t rely on the finalization of the constitution. This substantial advancement is predicted to take place around 90 days following the significant Cardano upgrade, known as the Chang hard fork.
The governance structure of Cardano has been gradually transitioning towards a more dispersed and community-involved model.
As a researcher, I would express it this way: Once drip functionality is activated following the Chang hard fork, the treasury will be fully operational with its powers at hand. This event is estimated to take place approximately 90 days post-fork.
— Charles Hoskinson (@IOHK_Charles) June 13, 2024
In November 2022, the publication of CIP-1694 marked a significant milestone for the Cardano network, ushering in a new phase. This proposal details a governance system that shifts decision-making processes onto the Cardano blockchain itself. Its primary objective is to enhance the existing framework, ensuring greater participation from ADA holders in the network’s governance.
Delegated Representatives (DReps), Constitutional Committees (CC), and Stake Pool Operators (SPOs).
During the transitional phase, there are elements that occur both on-chain and off-chain. On-chain refers to the technical aspects, while off-chain actions involve various activities. These events unfold between the Chang Initial Update and the ratification of the constitution on the blockchain.
During this transitional phase, the system is intended to offer stability as well. Newly appointed on-chain governance entities, such as DReps, Constitutional Committee members, and SPOs, will undergo a period of initialization. This process enables both the new roles and the community to acclimate to the CIP-1694 governance structure.
The creator of Cardano responded to a commendation from Patrick Tobler, the head of NMKR, regarding the active engagement of the ADA community in the Interim Constitutional Committee vote.
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2024-06-13 18:16