Cardano to Achieve Full Decentralized Governance as Plomin Goes Live Today
Cardano is moments away from achieving full decentralized governance amid the Plomin hard fork today.A key tenet of blockchain technology is decentralization, but in truth, it has continued to be a work in progress for most projects due to the complexities of achieving the feat at scale. Still, Cardano, one of the longest-running Layer 1 chains, now suggests it is only a few hours away from achieving this feat on a governance level.Cardano Plomin Set to Go LiveCardano is moments away from achieving full decentralized governance.The Cardano Foundation disclosed that the network was set to transition to full decentralized governance following the implementation of the Plomin hard fork later today, Wednesday, January 29, asserting that it would be "a milestone in blockchain governance."https://twitter.com/Cardano_CF/status/1884549197552115829A hard fork is an update to the software on the distributed nodes that secure a blockchain network.The Plomin hard fork, named in honor of Cardano contributor Matthew Plomin, will introduce several key components of Cardano's governance infrastructure. This includes fully implementing delegated representatives (DReps) and unlocking treasury withdrawals.How Cardano's Decentralized Governance WorksCardano is set to operate a liquid democracy. Under this framework, users allocate their voting power to delegates, similar to a representative democracy. However, unlike the typical representative democracy, users can move this voting power at any point, usually considering the policy up for a vote.In this case, the delegates are the DReps, and their voting power is measured by the amount of ADA allocated to them. This ADA will, however, not change ownership or have a lock-up period but will always be in the user's control.Through this system, users will be able to influence everything from parameter changes to treasury withdrawals and hard forks, the Cardano Foundation asserted on Wednesday.Ahead of the Plomin upgrade, leading crypto exchange Binance has announced a temporary pause on deposits and withdrawals of Cardano's native token ADA to support the upgrade.Meanwhile, the price of ADA has not been affected by the news, trading 3.8% lower on the day at about $0.92 amid a market-wide correction.
Text source: The Crypto Basic
