Bitrabo Editorial
Charles Hoskinson, the creator of Cardano, has shared important developments regarding the future governance and updates of the Cardano network, particularly focusing on the upcoming Chang hard fork. As these initiatives begin, there has been a notable increase in interest and confidence surrounding ADA, Cardano’s native coin.
Future Enhancements in Cardano
In a recent YouTube presentation, Hoskinson explained that Cardano is currently going through a “90-day bootstrap phase.” During this period, vital parts of the network’s governance system will be gradually set in place. He offered a thorough update on the roadmap for the Chang hard fork, detailing how the project will evolve through various phases leading up to the age of Voltaire.
He underscored the significance of the bootstrap phase, where the registration of Delegated Representatives (DReps) will commence, and the interim Constitutional Committee will start to form. Following this, Cardano will introduce the “Chang +1 upgrade,” which will achieve complete decentralized governance.
Hoskinson further shared plans for a tripartite governance model incorporating DReps, the Constitutional Committee, and Stake Pool Operators (SPOs). This transition is expected to occur around December 2024, aligning with the planned timeline for the Chang +1 upgrade.
During this timeline, Cardano will enter its final phase of decentralization, marking essential advancements in its infrastructure. Hoskinson announced that the network is also working on creating its first formal constitution, which is already underway, with over 50 workshops held worldwide to draft it. A delegate from each workshop will be part of a constitutional convention in Argentina this December, where a “proposed V1 constitution” will be formulated.
Additionally, Hoskinson revealed that Cardano’s treasury, valued at around $600 million in ADA, will implement an annual budgeting strategy to cater to the needs of the ecosystem, including marketing and development. He emphasized that as Cardano moves toward greater decentralization, Input Output Global (IOG) will step back from its governance role, and DReps will also be phased out.
These changes are expected to have a substantial positive effect on the Cardano network, initiating a new governance structure and a significant evolution within the ecosystem.
Surge in ADA Address Activity
Alongside the progress on governance and the Chang upgrade, the analytics firm Santiment has highlighted a spike in address activity for Cardano’s ADA token in a recent post on X (formerly Twitter) here. Historically, an increase in activity often suggests potential price recovery for cryptocurrencies that have seen a downturn.
Recently, despite a decline in market share and Bitcoin’s (BTC) price, ADA has demonstrated solid performance. As of now, ADA is trading at $0.328, showing a 2.38% rise in the last 24 hours and a 5.12% increase over the past week, based on CoinMarketCap data.