Bitrabo Editorial
In a recent video update, Charles Hoskinson, the creator of Cardano, shared details about the progress and upcoming steps for Cardano following the implementation of the Chang hard fork. Broadcasting from Colorado, Hoskinson delved into the ongoing developments and the roadmap ahead, particularly focusing on the governance structure and upcoming phases for Cardano.
Future Plans for Cardano
Hoskinson began by highlighting the current state of the Cardano blockchain in the bootstrap phase after the Chang hard fork. He emphasized the foundational importance of this phase in establishing the new governance structure under the Cardano Improvement Proposal (CIP) 1694, which is now active.
The governance framework introduced with the Chang hard fork includes various parties such as stake pool operators (SPOs), delegated ADA holders, and a new group called the constitutional committee, which will play a vital role in the governance process.
“The fledgling government is up and running,” Hoskinson said. He stressed the significance of this phase, stating, “We are currently in the bootstrap phase […] and need to proceed cautiously in establishing this nascent government.”
Hoskinson also mentioned an upcoming hard fork known as ‘Chang+1.’ This next phase of the Chang hard fork is set to take place in the next 90 days and will further enhance and expand the governance mechanisms currently being implemented.
“We have 90 days until Chang+1, when Decentralized Representatives (DS) will be activated, and we’ll have a complete Cardano government. […] Currently, we are in the bootstrap phase where people are registering DS, and we will witness many activations. After Chang+1, we will have a tripartite government,” Hoskinson explained.
He also revealed that preparations are underway to ensure a seamless transition to this phase. Chang+1 is part of a broader strategy to fully decentralize Cardano’s governance.
Another key aspect of Hoskinson’s update was the constitutional convention scheduled for December in Argentina. Delegates from 50 countries will gather to craft and vote on Cardano’s first official constitution.
Regarding governance and treasury management, Hoskinson discussed the meticulous planning required to manage the Cardano treasury, which holds around $600 million worth of ADA. He highlighted the importance of strategic fund allocation to support various developmental and operational activities in the Cardano ecosystem.
The proposed approach aims to involve the community in budget decisions through a governance model that facilitates systematic funding. According to Hoskinson, there are two potential methods for operating an on-chain treasury.
“We haven’t specified this in the CIP as it’s the responsibility of the on-chain government to decide. You could opt for treasury withdrawals with specified guardrails or follow an annual budget approach. An annual budget divides the funds into different allocations,” Hoskinson elaborated.
Currently, ADA is trading at $0.3286.
