- The Voltaire Era: A New Chapter in Decentralized Governance
- Liquid Democracy: Empowering ADA Holders
- Technical Advancements
On August 31, 2024, Cardano successfully executed the first phase of its Chang hard fork, marking the beginning of a new era of fully decentralized governance. This upgrade signifies the start of the Voltaire era and lays the foundation for a governance system controlled by ADA holders.
The Voltaire Era: A New Chapter in Decentralized Governance
The Chang hard fork introduces the Voltaire phase, a critical step in Cardano's roadmap toward decentralized governance. Under this new system, every ADA holder now has the right to submit and vote on governance proposals, giving the community direct control over the blockchain's future.
Liquid Democracy: Empowering ADA Holders
A key feature of the new governance model is the introduction of 'liquid democracy.' This system allows ADA holders to either vote directly on governance issues or delegate their voting power to trusted representatives, known as DReps.
Technical Advancements
The Chang hard fork also brings significant technical advancements, particularly in the area of smart contracts. This upgrade enables the use of Plutus scripts in governance, making it possible to use more sophisticated voting methods, including on-chain voting within Decentralized Autonomous Organizations (DAOs).
The second stage of the Chang hard fork, set to occur in early 2025, will complete Cardano's transition to decentralized governance. This phase will introduce the final upgrades needed for full community-led governance, including the formal establishment of DReps as a governance body.
