✨ Cardano Implements Decentralized Governance
posted 2 Sept 2024
Cardano’s blockchain successfully completed the Chang hard fork, introducing decentralized governance and improving smart contract capabilities. ADA token holders now wield the power to shape the project’s future by electing representatives and voting on various development initiatives.
The governance framework is built on three pillars: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs). This marks a significant shift, as the founders from the Cardano Foundation and Input Output Global (IOHK) will no longer have the exclusive right to approve changes to the blockchain.
The hard fork will be executed in two stages. Initially, a Temporary Constitutional Committee will be established, serving as an interim governance body with strict limitations (it won’t have the authority to modify the code). After three months, full decentralized governance will be rolled out.
I would say it is the biggest event in Cardano history, and it really makes us different from many other chainssaid Giorgio Zinetti, Cardano Foundation’s CTO.
Cardano joined the ranks of the last leading blockchains to embrace decentralized governance. This development is a key part of the project’s long-term vision, with efforts dating back to its founding. The new phase is dubbed the Voltaire era, succeeding the eras of Byron, Shelley, Goguen, and Basho.
More breaking news
