Cardano Foundation’s New Governance Model: An Overview
The Cardano Foundation is implementing a new governance model in preparation for the Chang hard fork upgrade, aimed at decentralizing control. To ensure fairness in the process, they have introduced the Interim Constitutional Committee (ICC), which includes members like the Cardano Atlantic Council among others. Despite the drop in ADA’s price leading up to the upgrade, Cardano is determined to enhance transparency and effectiveness through this governance shift.
Cardano Shifts Governance To ICC
With the upcoming Chang hard fork, Cardano’s governance is set to transition towards decentralization. The ICC will be crucial in this shift, overseeing all protocol parameter changes and collaborating with stake pool operators (SPOs) on important decisions like hard forks.
- The ICC will execute three types of governance actions during the bootstrapping phase between Chang 1 and Chang 2 upgrades: parameter changes, hard fork initiations, and info actions.
- The Cardano Foundation’s role as an ICC member and voter in the election will ensure network stability.
The primary goal of the ICC is to safeguard the constitution, with provisions for specific governance measures to take its place if needed. This demonstrates a resilient and adaptable governance system that prioritizes accountability and flexibility.
Voting and Leadership
The selection of candidates for the ICC was based on criteria such as community engagement, technical proficiency, and dedication to Cardano’s future. Notable figures like the Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone have emerged as prominent members.
ADA Wipes Out Nearly 3%
Leading up to the Chang upgrade, ADA has experienced market volatility, with prices dropping by more than 2% in the last 24 hours and 3% over the week, currently trading at around $0.379. Despite these fluctuations, there has been an increase in trading volume, indicating heightened investor interest.
Looking Ahead
As Cardano gears up for these governance changes and the imminent hard fork upgrade, stakeholders and investors are closely observing the developments. The move towards decentralization and the establishment of the ICC signal Cardano’s dedication to improving governance transparency and efficacy in managing its blockchain ecosystem.
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