According to U.Today, Charles Hoskinson, the founder of Cardano, has recently clarified the governance actions of the Cardano blockchain. He stated that the full treasury power will be activated after the deployment of decentralized representatives (dReps), and not dependent on the establishment of a final constitution. This significant event is anticipated to take place around 90 days after the major Cardano upgrade, known as the Chang hard fork.
Cardano has been consistently developing its governance mechanism to ensure a more decentralized and community-driven approach. In November 2022, CIP-1694 was published, marking a new era for the Cardano network. This document outlines a governance structure that brings decision-making for the Cardano network on-chain, aiming to enhance the current governance framework so that all ADA holders can participate in Cardano's governance.
Three key governing bodies play roles on-chain to secure consent on proposals submitted by the community, also known as governance actions. These roles are played by the Delegated Representatives (DReps), Constitutional Committee (CC), and Stake Pool Operators (SPOs). The interim period includes both on-chain technical features and off-chain actions that occur between the Chang Initial Update and the constitution's on-chain ratification.
The Bootstrapping Period allows DRep registrations on the mainnet in preparation for the final governance features deployed in step 2 of the Chang Upgrade. This interim period is also designed to provide stability. Each of the new on-chain governance roles (DReps, Constitutional Committee members, and SPOs) will undergo their bootstrapping process, allowing them and the community to adjust to the CIP-1694 governance mechanisms.
Hoskinson's clarification came in response to a post by Patrick Tobler, CEO of NMKR, who commended the ADA community's participation in the Interim Constitutional Committee election.