By
Svetlana Soroka
June 29th, 2024
Cardano Foundation revealed that only three governance action types will be available during this bootstrapping phase, including “parameter changes, hard fork initiations, and info action”.
Cardano Foundation, the non-profit organization responsible for the development and maintenance of Cardano, the blockchain network focused on scaling solutions, announced a new governance model following the Chang Hard fork, making the ecosystem more decentralized.
As per an announcement, the Cardano Foundation confirmed that the new governance model will “ensure inclusivity and diversity while providing checks and balances through delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee.”
It is important to note that during a bootstrapping phase between the Chang 1 and Chang 2 upgrades, the Foundation will create an Interim Constitutional Committee (ICC), which will have the authority to “approve protocol parameter changes independently and, together with SPOs, initiate hard forks”.
Cardano Foundation revealed that only three governance action types will be available during this bootstrapping phase, including “parameter changes, hard fork initiations, and info action”, while further adding:
“As a pioneering entity of the Cardano ecosystem, the Cardano Foundation will contribute to this bootstrapping phase in two ways, first by being an Interim Constitutional Committee (ICC) member and second by participating in the ICC election.”
The ICC will be responsible for handling the tasks associated with the Cardano ecosystem, including interpreting the Cardano Constitution, reviewing governance actions, ensuring transparency and fairness in the ecosystem, supporting initial governance structures, and guiding the transition to a fully established Constitutional Committee.
Moreover, each member of the ICC will have one vote, and the Cardano Foundation will participate in the voting process of the ICC. The candidates involved in the election were ranked based on their adherence to the Cardano Constitution, interaction with the community, expertise in the sector, commitment to development and communication, and transparency.
The ranking was as follows: The Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone. The Cardano Foundation “strongly emphasized transparency throughout the process” and participated in the election using 20 million ADA tokens.
“This active involvement underscores the Foundation’s unwavering commitment to fostering a robust and transparent governance framework, ensuring the long-term success and integrity of the Cardano ecosystem,” said the announcement.
Cardano (ADA) Token’s Performance
While the Cardano ecosystem is moving towards stronger standards of decentralization, the native token of the blockchain, ADA, has shown a lackluster performance, down by almost 2% in the past 24 hours despite a 16.88% surge in the trading volume, which stands at $256 million.
The ADA token is ranked in the top 10 cryptocurrencies by market valuation, with a market capitalization of $13.6 billion. However, the price of the leading altcoin has dropped 2.67% in the past week and 17.20% in the last 30 days. Moreover, the cryptocurrency is up only 34.11% since June 2023, being outperformed by its rival Solana (SOL), which is up 730.82% since then.
Earlier this week, the blockchain network was successfully able to repel a distributed denial of service (DDoS) attack, which was part of a strategic attempt to steal the ADA tokens staked on the blockchain. The blockchain is functioning normally.