Bitrabo Editorial
The Cardano Foundation is getting ready for the Chang hard fork by introducing a detailed framework for governance reform. This initiative signifies a significant move towards a decentralized governance structure within the blockchain ecosystem to ensure a fair distribution of decision-making power among stakeholders.
Reputable for its scientific development approach, emphasis on security, and sustainability, the Cardano blockchain is gearing up for the Chang hard fork, which is set to be a pivotal update. This update not only involves technical advancements but also a transition towards a decentralized governance model, a change eagerly awaited by the ADA community.
Cardano Foundation’s Preparation for Chang Hard Fork
The Cardano Foundation, through an announcement on the Cardano Forum, outlined a governance model for the transition period. This model includes delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee aimed at ensuring inclusivity, diversity, and a balanced distribution of power for the network’s long-term stability.
During the transition phase between the Chang #1 and Chang #2 upgrades, governance activities will be limited to specific actions such as parameter adjustments, hard fork initiations, and informational activities to uphold network security and stability while establishing governance structures.
The Cardano Foundation will play a crucial role in the Interim Constitutional Committee (ICC) during this phase. The ICC will independently approve protocol changes, initiate required hard forks in collaboration with SPOs, interpret the Cardano Constitution, oversee governance actions, ensure transparency and fairness, and support initial governance setups.
In the recent ICC elections, the Foundation used its voting power with a substantial stake of 20 million ADA. The voting process focused on selecting representatives aligned with the governance model’s principles, community commitment, adherence to constitutional values, transparency, and blockchain expertise.
The top-ranking candidates, including the Cardano Atlantic Council, Eastern Cardano Council, as well as individuals like Lloyd Duhon and Johnny Kelly, represent a diverse group likely to effectively voice various ecosystem interests.
Committing to transparency, the Foundation ensured a transparent electoral process where stakeholders could monitor voting and fund allocation through platforms like pool.pm. This commitment to transparency aims to build trust and conduct a fair and open governance transition.
Currently, ADA has experienced a price fluctuation, with a decrease of over -2.7% in the last 24 hours and more than -3% over the past week. The current trading price stands around $0.378, with trading volumes suggesting increased activity and interest from traders (+13% in the last 24 hours).