the Cardano community A buzz of anticipation as the blockchain network prepares to undergo a massive upgrade – the Cardano Chang hard fork. Positioned as a pivotal moment in Cardano's journey toward decentralized governance, this milestone marks the beginning of minimal viable community governance in the Cardano ecosystem.
Cardano's founder, Charles Hoskinson, has consistently stressed the need for big changes to push blockchain into the nexus of networks serving billions of users. The Chang hard fork event is set to realize this vision, offering a quantum leap in Cardano's capabilities, efficiency, and utility.
This comprehensive article delves into the details of Chang's blockchain breakthrough, exploring its game-changing implications, the key milestones it will achieve, and how it positions Cardano at the forefront of the blockchain revolution.
Cardano's Judgment Scene: From Genesis to Voltaire
Cardano's current governance model is clearly defined by seven Genesis keys, with specific governance powers divided between the founding entities – IOG, the Cardano Foundation, and EMURGO. This somewhat centralized management approach has been the subject of ongoing debate within the community, as it gives significant decision-making power to a few select entities.
However, the impending hard fork of Chang marks the beginning of a new era for Cardano – the “Era of Voltaire”. This phase, as envisioned by Hoskinson, will see a transformative shift towards greater decentralization and improved on-chain governance. The term “Voltaire” was chosen to refer to this era, in reference to the famous Enlightenment philosopher's defense of individual freedom and democratic principles.
CIP-1694 Unveiled: Cardano's New Governance Model
At the heart of Chang's hard fork lies Cardano Improvement Proposition (CIP) 1694, a landmark proposal that introduces a new on-chain governance model for the Cardano network. CIP-1694 has been the subject of extensive community discussion and feedback, with over 700 comments on our GitHub pull request and numerous online and in-person workshops.
The CIP-1694 proposal outlines a tripartite governance model, comprising Share Pool Operators (SPOs), Delegated Representatives (DReps), and a Constitutional Committee (CC). These three groups will collaborate on governance decisions, setting parameter adjustments, treasury withdrawals, and other critical actions that shape the future of Cardano.
Stock Pool Operators (SPOs)
Stake Pool Operators (SPOs) play a vital role in Cardano’s proof-of-stake consensus mechanism, and are responsible for producing new blocks and maintaining the integrity of the network. Under the new governance model, special stakeholders (SPOs) will have a direct say in governance decisions, and will participate in cross-chain polls to express their opinions and preferences.
Authorized Representatives (DReps)
The introduction of Delegated Representatives (DReps) is an important innovation in Cardano's governance structure. Any ADA holder will be able to register as a DRep, enabling them to represent themselves and their interests in the decentralized decision-making process. DReps will have the power to vote on governance actions, ensuring that the average ADA holder has a direct voice in Cardano's future.
Constitutional Committee (CC)
The Constitutional Committee is a crucial element of the new governance model, and is charged with reviewing the constitutionality of governance procedures. The Central Committee is composed of members who adhere to the principle of “one person, one vote” and will act as a guarantor, ensuring that all decisions are consistent with the fundamental principles and rules set forth in the Cardano Constitution.
Cardano Constitution: Defining governance principles
The Cardano Constitution is a yet-to-be-defined document that will provide the basic principles and rules for Cardano governance. This document, which will be drafted by the Constitutional Committee, will serve as a cornerstone of decentralized governance mechanisms, guiding the future direction of the Cardano blockchain.
The Constitution will be a critical element in fostering community engagement, enhancing global representation, and instilling ethical values and principle-based governance within the Cardano ecosystem. The process of drafting and ratifying the constitution will be a collaborative effort, ensuring that the Cardano community is actively involved in shaping this pivotal document.
Zhang hard fork detection: a phased approach
The Cardano Chang hard fork is not a single event, but rather a gradual approach to implementing the new Cardano governance model. The hard split will offer two important upgrades: Chang Upgrade One and Chang Upgrade Two.
Zhang upgrade number one
Chang Upgrade Number One will deploy initial management features on the Cardano network, beginning the technical bootstrap phase described in CIP-1694. This phase will pave the way for decentralized voting, governance procedures, and other foundational governance mechanisms.
Zhang upgrade number two
Chang's upgrade number two takes the governance model beyond the technical bootstrap stage, unlocking the ultimate on-chain governance features. This includes introducing the participation of authorized representatives and treasury withdrawals, enabling the community to propose and fund new projects, and ensuring the sustainability and evolution of the Cardano ecosystem.
The Road to Voltaire: Key Milestones and Timeline
The journey towards the Age of Voltaire has been a collaborative and meticulously planned effort, with the Cardano community actively involved throughout the process. A timeline of the major milestones leading up to Chang's hard split and the subsequent era of governance provides a comprehensive overview of progress.
October 2022: Proposed by the Cardano Professional Association
In October 2022, Michael Liesenfelt proposed the idea of a Cardano Professional Association, laying the foundation for a community-driven platform to discuss and shape Cardano governance.
November 2022: CIP-1694 submitted
November 18, 2022 marks a significant milestone with the introduction of CIP-1694 to the Cardano community. This proposal, demonstrating a new on-chain management model, sparked extensive discussions and workshops, laying the foundation for the Voltaire era.
February 2023: Voltaire educational content and workshops
In February 2023, the community engaged in a series of educational content pieces and workshops, delving into the complexities of CIP-1694, the proposed governance procedures, and the distinct groups responsible for certifying governance.
March 2023: On-chain SPO survey and governance updates
March 2023 saw the announcement of SPO's first ever on-chain poll, a crucial step in gathering community feedback and input. In addition, the community received regular updates on the progress of CIP-1694 and other governance-related initiatives.
April-June 2023: Workshops, modifications and consolidation of proposals
The following months saw a flurry of activity, including community workshops, modifications to CIP-1694, and the eventual merging of the proposal into the master branch of the CIP repository, marking its transition to “proposed” status.
July 2023: Intersect MBO launch and ongoing developments
In July 2023, the Intersect Member-Based Organization (MBO) was launched, providing a platform to coordinate the future development and maintenance of the Cardano ecosystem. At the same time, the community continued to explore alternative voting mechanisms and Judgment-Related improvements.
The future of Cardano governance: challenges and opportunities
Cardano also starts squeezing VoltaireSociety faces shaping challenges and opportunities Decentralized network governance model.
Address potential governance capture
One of the main concerns surrounding the CIP-1694 proposal is risk Judgment System capture, where large ADA holders can exert undue influence and centralization decision making. Alleviating this challenge will be crucial to ensuring the integrity and fairness of the Court Judgment practical.
Achieving a truly decentralized identity solution
Absence of A decentralization Identity resolution for ADA holders poses a major hurdle in implementing a true “one person, one vote” system. Developing secure and scalable identity management mechanisms will be a critical focus area for the Cardano team.
Motivating authorized representatives (DReps)
Discussions are ongoing regarding stimulus DReps, where CIP-1694 states that accumulated rewards will only be available to those who register as DReps or delegate their stake. Finding the right balance between encouraging participation and avoiding potential conflicts of interest will be a key challenge.
Promoting transparent and inclusive governance
Ensure clear and comprehensive communication throughout Judgment The process will be paramount in enabling all stakeholders to actively participate. The Cardano community should prioritize using simple, understandable language to ensure widespread understanding and participation.
Conclusion: Cardano's transformational journey continues
Chang Solid fork And the subsequent era of Voltaire It represents a transformative chapter in Cardano's history. Moving on to A Decentralized governance model, network Poised to open unprecedented levels of community participation, TransparencyAnd sustainability.
As Cardano embarks on this journey, the community must remain vigilant, meeting the challenges that arise and seizing the opportunities presented by this paradigm shift. Successful implementation of the new Governance infrastructure This will not only solidify Cardano's position as a leader in blockchain Space but also paves the way for a more equitable life decentralization The future for the entire cryptocurrency ecosystem.
common questions
What is the significance of the Cardano Chang hard fork?
Chang's hard fork marks the beginning of minimal viable community governance in the Cardano ecosystem, pushing blockchain into the nexus of networks serving billions of users.
What is CIP-1694 and how does it affect Cardano governance?
CIP-1694 introduces a tri-chamber governance model comprising share pool operators, authorized representatives and a constitutional committee, enabling them to collaborate on governance decisions.
What were the major milestones of Hard Fork Zhang and the Age of Voltaire?
Milestones include the introduction of CIP-1694, Voltaire educational content, an on-chain SPO survey, proposal consolidation, and the launch of the Intersect Member-Based Organization (MBO).
What are the challenges and opportunities in Cardano's decentralized governance model?
Challenges include potential governance control, decentralized identity resolution, incentivizing DReps, and promoting transparent and inclusive governance. Opportunities include unprecedented community engagement and sustainability.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves risks, and readers should conduct their own research and consult with financial advisors before making investment decisions. Hash Herald is not responsible for any profits or losses in this process.
