Cardano Founder Outlines Future Plans For ADA Network Post-Chang Hardfork
Charles Hoskinson has outlined the next steps for Cardano (ADA) following the successful implementation of the Chang hard fork last weekend.
In a detailed YouTube update on Monday, Hoskinson explained that the network is now in a 90-day bootstrap phase where key components of the new governance system are being activated.
We are in the bootstrap phase. We will need to be careful about how we bootstrap this fledgling government. He stated.
Notably, he stated that delegated representatives (DReps) are being registered during this initial period, and the interim Constitutional Committee is becoming operational. Hoskinson emphasized that full governance capabilities will be enabled with Chang plus one, a subsequent hard fork planned for around December. At that point, we have full Cardano government, Hoskinson explained.
This will include activating all seven core governance actions, including treasury withdrawals, constitutional updates, and protocol parameter changes.
The development of Cardanos first formal constitution parallels the technical activation. Hoskinson further revealed that over 50 workshops are being held globally to draft the document, with delegates set to convene in Argentina in December for a constitutional convention.
Those delegates are going to form a constitutional convention, and that Constitutional Convention, each delegate gets one vote so everybody is equal there, and theyre going to vote on a proposed version one Constitution for Cardano, he stated.
The crypto mogul also discussed plans for the networks substantial treasury, currently valued at approximately $600 million in ADA. He outlined a proposed annual budgeting process, where different ecosystem needs like development, marketing and research would be allocated funding.
The budget has to get approved. We dont know the size, we dont know whos getting funded, we dont know the audit and oversight, Hoskinson noted, adding that an open budget committee process is underway through the Intersect group.
Additionally, Hoskinson emphasized that this new era would bring major changes to Cardanos founding entities. He stated that Input Output Global (IOG), which he leads, will step back from governance.
At this very colorful point [IOG] will be completely out. Were not going to have any role, no role. We will not have any DReps, were not going to serve on any constitutional committee.
Instead, he outlined plans for a coalition of DevCos to form and propose ongoing development plans to the community. Notably, this clarification comes on the heels of concerns from some members of the Cardano community who have claimed that Cardano is too centralized. Following Chang, other members further questioned Hoskisons role in the ecosystem, calling for more decentralization.
That said, the Cardano founder closed by reflecting on the significance of this transition, stating that Chang was the most significant milestone in the history of Cardano. He further encouraged broad participation in the new governance processes, concluding, Its in your hands now. There are no excuses, its all there.
Read more: https://zycrypto.com/cardano-founder-outlines-future-plans-for-ada-network-post-chang-hardfork/
Text source: ZyCrypto
