- Cardano founder Charles Hoskinson recently provided significant clarity on the governance activities of the Cardano blockchain.
- Hoskinson explained that the full exercise of treasury power will be initiated following the deployment of decentralized representatives (dReps), rather than being dependent on the finalization of the Cardano constitution.
- He emphasized this milestone would be reached approximately 90 days after the Chang hard fork, a major upgrade for the Cardano blockchain.
Discover insights into Cardano’s governance evolution and what lies ahead following the Chang hard fork upgrade, directly from founder Charles Hoskinson.
Key Clarification on Treasury Power by Charles Hoskinson
Charles Hoskinson, the founder of Cardano, recently addressed the community regarding the specifics of Cardano’s evolving governance structure. He clarified that the full operationalization of treasury power is expected to commence after decentralized representatives (dReps) are enabled. This stage is anticipated to be reached approximately 90 days following the implementation of the Chang hard fork, an essential upgrade for the Cardano network.
The Role of Decentralized Representatives (dReps)
Decentralized representatives (dReps) play a crucial role in Cardano’s governance by enabling a more decentralized and community-focused decision-making process. The dReps are integral to initiating the full treasury power, which marks a significant step in Cardano’s quest for decentralized governance. Their deployment ensures that the community has a structured and effective method to contribute to the governance of the blockchain.
CIP-1694 and its Impact on Cardano Governance
In November 2022, the introduction of CIP-1694 paved the way for a new era in Cardano’s governance framework. This proposal aims to bring decision-making processes on-chain, allowing ADA holders to have a direct say in the network’s governance. The new governance structure is designed to be more inclusive, ensuring that decisions reflect the collective will of the community members.
Transitional Period and Stability Measures
The transitional period following the Chang Initial Update is critical for Cardano. This phase includes both on-chain technical updates and off-chain activities, ensuring that the governance mechanisms are robust and the decentralized representatives are effectively prepared. The Bootstrapping Period permits the registration of dReps on the mainnet, setting the stage for the final deployment of Cardano’s governance features during the second phase of the Chang Upgrade. This period is also essential for the community and new governance roles to acclimate to the new governance mechanisms outlined in CIP-1694.
Conclusion
The Cardano blockchain, under the guidance of Charles Hoskinson, is navigating a transformative phase in its governance structure. The anticipation of full treasury power coinciding with the deployment of decentralized representatives demonstrates a commitment to decentralization and community engagement. As Cardano progresses through the transitional period marked by the Chang hard fork, the community can look forward to a more democratic and transparent governance process, embodying the principles of decentralized blockchain technology.
