The Cardano Foundation has launched a comprehensive governance reform framework to align with the upcoming Chang hard fork. This strategic move signifies a transition within the company towards a decentralized management structure by delegating power.
The blockchain ecosystem of Cardano aims to distribute decision-making authority more fairly among stakeholders. Known for its scientific development approach and strong focus on security and sustainability, the network is preparing for the Chang hard fork, which is expected to be one of its most significant upgrades. This update not only represents technological progress but also a crucial step towards the long-awaited decentralized governance model by the ADA community.
According to the information provided, the Cardano Foundation’s transition plan includes the introduction of a governance model composed of representatives (DReps), stake pool operators (SPOs), and a constitution committee. This model aims to ensure comprehensiveness, diversity, and power balance, which are crucial for the long-term stability and integrity of the decentralized network.
During the launch phase between Chang #1 and Chang #2 upgrades, management operations will be limited to parameter changes, hard fork activation, and information operations. This phase is essential for maintaining network stability and security until the governance structure is fully established.
In this transitional phase, the foundation will become part of the Interim Constitution Committee (ICC). The ICC will have the authority to independently approve changes to protocol parameters and jointly initiate necessary hard forks with SPOs. The committee will also interpret the Cardano constitution, review governance actions, ensure transparency and fairness, and support the initial governance structure.
In the recent ICC elections, the foundation used a significant portion of its 200,000 ADA tokens to vote. The purpose of the elections was to select candidates who best represent the fundamental principles of the new governance model. Candidates were evaluated based on their commitment to the community, adherence to constitutional principles, transparency, and technical expertise in blockchain technology.
The highest-rated candidates include the Cardano Atlantic Council, the Cardano Eastern Council, as well as individuals like Lloyd Duhon and Johnny Kelly. This diverse group is expected to effectively represent various interests within the ecosystem.
The foundation emphasizes transparency throughout the entire election process, allowing stakeholders to track voting and fund allocation through platforms like pool.pm. This transparency aligns with the broader commitment to building trust and ensuring a transparent and fair governance transition.
Overall, the Chang hard fork is an important milestone for Cardano, reinforcing its commitment to decentralized governance and the principles of inclusivity, diversity, and stability within the blockchain ecosystem.