Charles Hoskinson Reveals What’s Next For Cardano After Chang Upgrade

Charles Hoskinson, the founder of Cardano, recently shed light on the ecosystem’s next steps following the successful implementation of the Chang hard fork.

After declaring Cardano an independent blockchain, Hoskinson explained that the network is now in the “bootstrap phase” of its Voltaire era. This phase is crucial for establishing Cardano’s decentralized governance system, laying the groundwork for its future.

Establishing New Governance Bodies

During this bootstrap phase, new governing bodies and roles are introduced to ensure that Cardano’s decentralized governance functions effectively. These newly established pillars include the Constitutional Committee (CC), stake pool operators (SPOs), and decentralized representatives (DReps). Together, they will guide Cardano’s development and provide oversight.

Workshops are being held globally to draft a provisional constitution for Cardano. This effort will culminate in a constitutional convention in December in Argentina, where delegates will convene to finalize the governance framework. Each delegate will have an equal vote, ensuring inclusivity in decision-making.

Once the bootstrap phase concludes, Cardano’s governance system is expected to be fully operational within approximately 90 days. During this period, the roles of the CC, DReps, and SPOs will solidify as they take on responsibilities for constitutional amendments and future hard forks. Hoskinson anticipates that, by this time, Cardano will have a functioning decentralized government capable of steering the network’s future.

Cardano Treasury and Annual Budget Process

Cardano will also introduce an annual budget process to fund new initiatives supported by the Cardano Treasury, which currently holds around $600 million in ADA. All funding activities will undergo strict auditing processes, ensuring transparency and accountability within the community.

As Cardano advances, the network will periodically evaluate its decentralization levels to ensure that the governance system remains effective. Hoskinson described this stage as the “final step” toward full decentralization for Cardano, a process driven by the Ouroboros consensus protocol.

Intersect’s Role in Governance Operations

To facilitate the operations of Cardano’s decentralized governance, the organization Intersect will play a vital role. Intersect will use modern management techniques to streamline decision-making and ensure the new governance system operates smoothly. This support is essential to making Cardano’s governance efficient and effective.

Hoskinson emphasized that the success of Cardano’s governance ultimately depends on the active involvement of its community. He encouraged ADA holders to engage with the new system and support its development.

Effective governance, Hoskinson stressed, is not just about having the freedom to express ideas but also about persuading others of the best direction for the network.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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