This move is part of a broader effort to create a robust and transparent governance framework that ensures the long-term success and integrity of the Cardano ecosystem.
The Cardano Foundation has announced its new role in the governance of the Cardano blockchain, aiming to increase decentralization following the Chang hard fork, a significant upgrade to the Cardano network. This move is part of a broader effort to create a robust and transparent governance framework that ensures the long-term success and integrity of the Cardano ecosystem.
As part of the new governance model, the Cardano Foundation will participate in the Interim Constitutional Committee (ICC) and the ICC election. This step is crucial for guiding Cardano’s governance as it transitions to a more decentralized model. The proposed governance model includes various stakeholders, such as delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee, to ensure inclusivity and diversity while providing necessary checks and balances.
During the bootstrapping phase, between the Chang 1 and Chang 2 upgrades, three types of governance actions will be available. These actions include adjusting protocol parameters, initiating hard forks, and providing essential information to the community.
The ICC will have the authority to approve protocol parameter changes independently and collaborate with SPOs on hard forks. It will manage governance actions, ensure transparency and fairness, support initial governance structures, and guide the transition to a fully established Constitutional Committee.
Cardano’s New Governance Structure
The Cardano Foundation has voted in the ICC election and revealed its candidate choices based on factors such as community engagement, transparency, technical expertise, and commitment to Cardano. The top candidates include the Cardano Atlantic Council, the Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone. The Foundation voted with 20 million ADA and maintained transparency throughout the process. The voting stake can be tracked through pool.pm.
The price of ADA has fallen over 2% in the past 24 hours and more than 3% in the past week, currently trading at $0.379. Trading volume has increased by 10% in the last 24 hours, indicating rising interest among traders. However, Cardano futures open interest has been declining for over a week, with a 2.84% drop in the last 24 hours to $202.46 million. Traders are advised to look for signs of recovery, such as an increase in trading volume, before continuing to trade ADA.
