The
Cardano
Foundation
has
outlined
a
detailed
framework
for
governance
reform
coinciding
with
the
forthcoming
Chang
hard
fork.
This
strategic
move
signifies
a
major
shift
towards
a
decentralized
governance
structure
within
the
blockchain
ecosystem,
intended
to
distribute
decision-making
power
more
equitably
among
its
stakeholders.

The
Cardano
blockchain,
known
for
its
scientific
approach
to
development
and
strong
emphasis
on
security
and
sustainability,
is
preparing
for
one
of
its
most
significant
updates
yet—the

 

Chang
hard
fork.
This
update
is
not
just
a
technical
upgrade
but
also
a
shift
towards
a
decentralized
governance
model,
a
move
that
has
been
long
anticipated
by
the
ADA
community.

Cardano
Foundation
Preps
For
Chang
Hard
Fork

According
to
the

announcement
made
on
the
Cardano
Forum
by
the
Cardano
Foundation,
the
transition
involves
the
implementation
of
a
governance
model
that
includes
delegate
representatives
(DReps),
stake
pool
operators
(SPOs),
and
a
constitutional
committee.
This
model
is
designed
to
ensure
inclusivity,
diversity,
and
a
balance
of
power,
which
are
critical
for
the
long-term
stability
and
integrity
of
decentralized
networks.

During
the
bootstrapping
phase
between
the

Chang
#1
and
Chang
#2
upgrades,
governance
actions
will
be
restricted
to
parameter
changes,
hard
fork
initiations,
and
informational
actions.
This
restricted
phase
is
crucial
for
maintaining
network
stability
and
security
while
the
governance
structures
are
fully
established.

The
Cardano
Foundation
will
serve
as
a
member
of
the

Interim
Constitutional
Committee
(ICC)
during
this
transitional
phase.
The
ICC’s
role
is
pivotal
as
it
will
have
the
authority
to
independently
approve
protocol
parameter
changes
and,
in
conjunction
with
SPOs,
initiate
necessary
hard
forks.
This
committee
will
also
interpret
the
Cardano
Constitution,
review
governance
actions,
ensure
transparency
and
fairness,
and
support
the
initial
governance
structures.

 

In
the
recent
ICC
elections,
the
Foundation
exercised
its
voting
rights
through
a
substantial
stake
of
20
million
ADA.
The
voting
process
was
designed
to
select
candidates
who
best
represent
the
foundational
principles
of
the
new
governance
model.
The
candidates
were
assessed
based
on
their
commitment
to
the
Cardano
community,
adherence
to
constitutional
principles,
transparency,
and
technical
expertise
in
blockchain
technology.

The
top-ranked
candidates
included
the
Cardano
Atlantic
Council,
Eastern
Cardano
Council,
and
individuals
such
as
Lloyd
Duhon
and
Johnny
Kelly,
reflecting
a
diverse
group
likely
to
represent
various
interests
within
the
ecosystem
effectively.

The
Foundation
has
emphasized
transparency
throughout
the
electoral
process,
enabling
stakeholders
to
track
voting
and
fund
allocation
through
platforms
like
pool.pm.
This
transparency
is
part
of
a
broader
commitment
to
building
trust
and
ensuring
that
the
governance
transition
is
conducted
openly
and
fairly.

At
press
time,
ADA
saw
a
noticeable
fluctuation
in
its
market
value,
dropping
by
over
-2.7%
in
the
past
24
hours
and
more
than
-3%
over
the
past
week.
The
current
trading
price
is
approximately
$0.378,
with
trading
volumes
(+13%
in
the
last
24
hours)
suggesting
increased
activity
and
interest
from
traders.

 

Featured
image
from
Shutterstock,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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