Cardano’s Governance Journey: A Comprehensive Update
If you missed Charles Hoskinson’s recent update from his home in Colorado, the co-founder and CEO of IOG provided an in-depth overview of Cardano’s governance journey. He introduced a new voting tool and outlined future developments for the platform.
The Cardano ballot tool, developed by the Cardano Foundation in collaboration with IOG and Interesect, is central to an upcoming non-binding poll on CIP-1694. The process involves a snapshot on November 21, followed by a voting period from December 1 to 11, with results expected on December 16.
This poll aims to collect insights for governance plans for 2024. It uniquely counts both stake and participating wallets, encouraging voters to provide feedback through a dedicated form. Even hardware wallet users can participate with a minimal amount of ADA.
Two-Fold Purpose of the Initiative
The poll serves as a temperature check for community opinions on governance and aims to develop an open-source platform for efficient governance-related polling. This tool is expected to facilitate community feedback on major decisions, including hard forks, treasury budgets, and parameter updates.
Hoskinson also highlighted technical advancements within the Cardano ecosystem such as Cardano Node 8.6 and the impending release of 8.7. Additionally, SanchoNet is reportedly reaching maturity, signaling improvements in governance tooling.
Community Engagement and Development
Hoskinson emphasized active community participation in governance discussions and growing membership in Intersect as indicators of robust community involvement.
Looking ahead, Hoskinson hinted at future developments related to CIP-1694 and emphasized the ongoing transition of repositories from IOG to Intersect as significant steps in Cardano’s development journey.
Clarifying Misunderstandings
In his concluding remarks, Hoskinson addressed misunderstandings around partner chains and the Cardano service layer. He plans to release a detailed video to provide further clarity and address any confusion in the community.
CIP-1694: Key Components
CIP-1694 is aimed at revising Cardano’s on-chain governance system for the Voltaire phase of development. Here are its key components:
- Revision of Governance System: The proposal suggests a significant overhaul of existing governance mechanisms on Cardano including removing specialized support for protocol parameter updates and MIR certificates.
- New Fields in Transaction Bodies: CIP-1694 proposes adding two new fields to normal transaction bodies on the Cardano blockchain: Governance actions and Votes cast by users in the governance process.
- Open Participation in Governance: Any Cardano user will be allowed to submit a governance action.
- Introduction of Three Governance Bodies: The proposal introduces three distinct bodies with specific roles in the governance framework: Constitutional Committee, Delegate Representatives (DReps), Stake Pool Operators (SPOs).
- Ratification Process: Every governance action must be ratified by at least two of these three governance bodies.
- Enactment of Ratified Actions: Once ratified, governance actions are enacted on-chain following predefined rules.
Hot Take: An Exciting Future for Cardano’s Governance
The introduction of new voting tools, technical advancements within the ecosystem, and significant developments related to CIP-1694 signal an exciting future for Cardano’s governance journey. Community engagement continues to play a pivotal role as we move forward into uncharted territory within the crypto space.
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