The Cardano Foundation has unveiled a detailed governance plan ahead of the Chang hard fork, designed to make the blockchain fully decentralized.
The new Interim Constitutional Committee (ICC) will handle vital roles during the transformative upgrade, monitoring vital governance decisions and actions.
The new governance approach will foster a transparent and robust decentralized framework, ensuring integrity and steady success for the Cardano blockchain.
That will bolster Cardano’s stability, making the project home for developers and crypto investors.
Cardano’s new governance ahead of the Chang upgrade
The Cardano Foundation made the initial step towards decentralization ahead of the Chang hard fork, anticipated in mid-July
Meanwhile, the Cardano Foundation issued an official announcement about the Interim Constitutional Committee and its role in the elections.
As the blockchain awaits to become fully decentralized following the Chang upgrade, the Foundation proposed new governance to make crucial decisions for the project.
The ICC will handle various tasks, including hard fork initiations, protocol parameter changes, and overseeing network governance during the migration between Chang 1 and Chang 2.
Further, the new model introduces balanced governance by including stake protocol operators (SPOs), delegate representatives (DReps), and committee members.
Prominent figures like Joshua Stone, Cardano Japan, Johnny Kelly, and Lloyd Duhon will join the ICC alongside representatives from Eastern Cardano Council and Cardano Atlantic Council.
Moreover, the Cardano Foundation’s transparent election procedure, using 20 million $ADA to vote, showcases their commitment to unbiased governance.
Enthusiasts can use platforms such as pool.pm to track stake allocations and the whole voting process.
The voting process
The Interim Constitutional Committee voting involved various factors to determine candidates.
They included consulting the ADA community and engaging with technical expertise, dedication to Cardano, and transparency.
ADA price outlook
The altcoin displayed weak price moves as the governance switch unfolds.
Cardano changed hands near $0.3796 at press time, down 2.58% over the past 24 hours.
ADA 1D Chart onn CoinmarketcapMeanwhile, its daily trading volume jumped 15% to $255.39 million, indicating trader interest despite bearish prices.
Nonetheless, ADA future’s OI (open interest) maintained a downside trend, confirming cautious sentiment ahead of the Chang upgrade.
The broad market decline contributes to ADA’s downside move.
The global crypto market cap dropped 1.09% over the past day as Bitcoin struggled at $60,948 during this publication.
In conclusion, Cardano’s governance transition ahead of the awaited Chang hard fork showcases the network’s dedication to transparency and decentralization.
The ICC formation and robust elections set the stage for inclusive governance on the Cardano network.
Despite the prevailing price fluctuations, the comprehensive governance model will likely ensure future ecosystem stability.
That will translate to robust growth for Cardano and impressive price surges for ADA.
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