Cardano Foundation has announced a new governance role as Cardano moves towards decentralized governance following the Chang hard fork. This major upgrade aims to enhance the inclusivity and diversity of the blockchain ecosystem.
The governance model will include delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee to ensure checks and balances.
The bootstrapping phase 3, spanning from Chang #1 to Chang #2 upgrades, will initially allow three types of governance actions: parameter changes, hard fork initiations, and info actions. During this phase, the Cardano Foundation will contribute by being an Interim Constitutional Committee (ICC) member and participating in the ICC election.
The ICC will be crucial in interpreting the Cardano Constitution, reviewing governance actions, and ensuring transparency and fairness.
The ICC, appointed during the bootstrapping phase, will independently approve protocol parameter changes and, in conjunction with SPOs, initiate hard forks. This committee will also support initial governance structures and guide the transition to a fully established Constitutional Committee. Each ICC member will have one vote, with approval thresholds set by the “threshold” protocol parameter.
In the ICC election, the Cardano Foundation ranked candidates based on adherence to constitutional principles, community engagement, transparency, blockchain technology expertise, and commitment to communication.
Charles Hoskinson Explains Why Cardano’s Flexibility Will Eclipse BitcoinThe rankings were as follows: The Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone. Voting with 20 million ADA, the Foundation emphasized transparency, reinforcing its commitment to a robust and transparent governance framework.
Per CoinGecko’s data at press time, ADA trades at $0.3806, with a daily trading volume of $267,562,837.74. The price declined by 1.78% on the last day and 3.6% the past week. This active involvement by the Cardano Foundation highlights its dedication to the success and integrity of the Cardano ecosystem in the long term, setting a pace for decentralized governance in blockchain technology.
