ADA holders can not only hold their tokens, but also have a real impact on the development of the Cardano network. With the launch of the Plomin update, this has become a reality!
Previously, the management of the platform was concentrated in the hands of three organizations: the Cardano Foundation, IOHK and Emurgo. They made decisions about development, finances, and hard forks. Now Plomin is introducing a delegate-representative system (dReps) — these are users who will vote for important changes on behalf of the community.
What has changed?
— ADA now gives the right to vote: token holders can vote in person or delegate their vote to an elected dRep.
— Cardano is becoming even more decentralized: previously, management was in the hands of organizations, now it is transferred to users.
— Plomin is a step towards autonomous network management: the blockchain develops the way the community wants, not the central structures.
This upgrade became possible four months after the "Chang" hard fork, which prepared the network for such changes. In order for Plomin to work, betting pool operators needed to update their nodes. 85% of the nodes have already switched to the new version, and this allowed the system to implement the new management mechanism without problems.
What's next? According to Giorgio Zinetti, technical director of the Cardano Foundation, the community will now determine the vector of the network's development: speeding up work, improving privacy, and new tools for developers.
But here's the question: will this level of decentralization really help Cardano become more efficient, or will the decision-making process slow down due to disagreements in the community?