According to U.Today, Frederik Gregaard, CEO of the Cardano Foundation, has announced that Cardano is on the brink of a new era in decentralized governance. Gregaard revealed the imminent release of an interim constitution, a crucial step in Cardano's push towards decentralized governance. He also mentioned that a full constitution is in the pipeline.
The Cardano Constitution is a vital document that establishes a framework for community governance within Cardano. It sets out the rules and regulations to be adhered to. The interim constitution, while the full version is being prepared, will encapsulate the key principles of Cardano governance. These principles include transparency, openness, and responsible decision-making, ensuring that every ADA holder has a say in shaping the future.
The interim constitution will also provide guidelines to assist all Cardano stakeholders during this critical phase of on-chain governance. Cardano's governance model is inclusive, treating every ADA holder, developer, and participant as a community member with rights, privileges, and responsibilities as outlined in the interim constitution. A fair voting system is also crucial for genuine ownership.
As Cardano gears up for its significant era of decentralized governance, the interim constitution will enable the Cardano community to test the governance model before it is finalized. The final constitution will be a community effort, with global workshops and a constitutional convention planned for late 2024. This will give ADA holders the opportunity to decide on the future of Cardano's governance.
Cardano's first major technological milestone, the Chang hard fork, is scheduled for 2024. This network event will be the first step in establishing a minimum viable community-run government. It will be implemented with the approval of the Cardano community, using the consensus method developed with this hard fork. This signifies the beginning of the bootstrapping era of the Cardano governance model, with Delegate Representatives (DReps) expected to play a crucial role in this process. The DReps will act as selected voting representatives on behalf of the Cardano community for various proposals impacting the Cardano blockchain.