Understanding Cardano’s Governance Post Chang Hard Fork 🚀
Cardano recently went through a significant update known as the Chang hard fork. This upgrade brought in new on-chain governance mechanisms, allowing users to participate in decision-making for the network’s governance through DReps, or delegated representatives.
Exploring Cardano’s Governance Post Hard Fork 📊
The Cardano blockchain’s development is divided into five eras, according to its roadmap. The network transitioned to the Voltaire era in May this year, which focuses on governance. This stage enables participants and stakeholders to propose and vote on Cardano Improvement Proposals (CIPs) through a staking and delegation process.
- The Voltaire era emphasizes governance and participation.
- Participants can present and vote on CIPs via staking and delegation.
The Chang hard fork, which occurred recently, facilitated this transition.
Insights from Charles Hoskinson 🌟
In response to concerns raised by users, Charles Hoskinson provided clarification on the new governance model. He outlined three options available to users to manage their staking rewards:
- Users can vote with no confidence.
- They can choose to abstain from voting.
- Or they can delegate their voting rights to a DRep.
However, it’s essential to note that all three options require some form of action. Merely doing nothing does not constitute abstaining from the voting process.
Charles Hoskinson emphasized that users must select one of the three options to withdraw their staking rewards from the network. Wallets like lace will automatically choose to abstain if a user opts for delegation, streamlining the user experience.
Closing Thoughts 🌈
Cardano’s recent governance update post the Chang hard fork marks a significant step towards decentralization and community involvement. With the introduction of DReps and the ability for users to participate in decision-making processes, Cardano is paving the way for a more inclusive and democratic blockchain ecosystem.
Sources:
1. X Response by Charles Hoskinson
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