The ‘Chang’ hard fork will transfer Cardano’s network governance to the community, fostering decentralization.
Cardano’s upcoming governance shift aims to establish one of the largest treasuries in the blockchain industry.
The Cardano community is optimistic about leading in smart contracts, decentralization, and ethical governance.
The Cardano community eagerly awaits the upcoming ‘Chang’ hard fork, a significant event designed to transfer the network’s governance to the community, marking a substantial shift towards decentralization. This transition is expected to position Cardano as a leader in the blockchain space by establishing one of the industry’s largest treasuries. The excitement within the community is palpable, as members discuss the potential impact and benefits of this change.
The Cardano community is already debating the Interim Constitutional Committee and the Cardano Confederation of Emerging Economies (CCEE). These discussions reflect the community’s interest in designing a new governance system that is decentralized, transparent, and ethical. The Interim Constitutional Committee will play a crucial role in monitoring and facilitating the smooth transition of governance to align with the community’s values and goals.
Charles Hoskinson, Cardano’s founder, emphasized the timeline for full treasury power activation. He noted:
“Full treasury power is in play after dreps have been enabled, not when there is a final constitution. This should occur around 90 days after the Chang hard fork.”
This timeline provides the community with a clear expectation of when they can fully exercise their governance rights.
Despite some internal disagreements and frustrations among community members, the overall sentiment remains optimistic. Many see this move as a critical step towards achieving Cardano’s vision of a decentralized future. The community is particularly excited about the potential for Cardano to lead in areas such as smart contracts, decentralization, and governance.
In addition to the governance changes, the ‘Chang’ hard fork is expected to bring several technical improvements to the Cardano network. These enhancements will further strengthen the network’s capabilities and make it more robust and secure. By transferring control to the community, Cardano aims to foster a more inclusive and participatory ecosystem, where all members have a voice in the decision-making process.
The debates on the Interim Constitutional Committee and the CCEE demonstrate that the community is focused on establishing a sound governance system. This model will ensure that all stakeholders, including minority ones, have a voice in the future direction of Cardano. Ethical governance is a major emphasis, which is relatively rare among other blockchain projects, and this is a strong point for Cardano.
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