Cardano, a blockchain platform known for its layered architecture, is taking a major step towards decentralization with the upcoming Chang hard fork. As part of this transition, the Cardano Foundation has outlined its new role in the network’s governance and introduced the Interim Constitutional Committee (ICC).
The Chang hard fork promises significant upgrades to the Cardano blockchain. However, a key aspect of this change is the shift towards a more decentralized governance model. This new framework will rely on various stakeholders within the Cardano ecosystem to make crucial decisions.
According to the Cardano Foundation, the proposed governance model will prioritize inclusivity and diverse perspectives. To achieve this, the system will incorporate delegate representatives (DReps), stake pool operators (SPOs), and a dedicated constitutional committee.
The recently announced Interim Constitutional Committee (ICC) will play a pivotal role during the initial phase of decentralized governance. This committee will be responsible for overseeing critical tasks such as approving adjustments to protocol parameters and collaborating with stake pool operators on potential hard forks. Additionally, the ICC will ensure transparency and fairness within the governance process, guide the development of a permanent Constitutional Committee, and support the establishment of initial governance structures.
To contribute to a smooth transition and ensure network stability, the Cardano Foundation has taken a two-pronged approach. Firstly, it will participate as a voting member within the ICC. Secondly, the foundation has publicly revealed the candidates it voted for in the ICC election. These candidates were chosen based on their engagement with the Cardano community, their commitment to transparency, and their technical expertise.
The voting process for the ICC election employed a transparent system. The Cardano Foundation casts its votes using 20 million ADA, and the stake used for voting can be tracked on pool. pm, a community-driven platform.
While the Cardano ecosystem gears up for the Chang hard fork, the price of ADA, Cardano’s native token, has experienced a slight decline. Over the past 24 hours, ADA has dipped by over 2%, and weekly figures show a decrease of more than 3%. Despite the price drop, trading volume has witnessed a 10% increase in the last day, suggesting heightened interest among traders.
The future of Cardano seems to be headed towards a more community-driven approach. With the Chang hard fork and the introduction of the ICC, the Cardano Foundation is paving the way for a decentralized future for the blockchain platform. However, it remains to be seen how the market will react to these developments and whether ADA can recover its lost ground.
