Cardano completes its transition to full decentralization with the activation of the Plomin hard fork. This milestone marks a new era in blockchain governance, granting ADA holders significant decision-making power.
Plomin Hard Fork: Transition to Decentralization
Tonight, Cardano is evolving. The activation of the Plomin hard fork signifies the shift to fully decentralized governance. ADA holders gain real voting power on parameter changes, treasury withdrawals, hard forks, and the future of the blockchain.
Preparation and Approval Process
The approval process for the Plomin hard fork was completed last Friday after three key criteria were met during Cardano’s interim governance phase: 1. At least 85% of staking pools have been upgraded to a node version capable of handling new protocol rules. 2. More than 51% of staking pool operators voted in favor of the upgrade. 3. More than 67% of the Interim Constitutional Committee voted to approve the hard fork.
Changes in Governance and Operational Structure
The Plomin upgrade brings significant changes to Cardano’s governance and operational framework: * Full activation of CIP-1694 governance allows ADA holders to vote on treasury withdrawals, new rule proposals, and confidence votes. * The launch of Decentralized Representatives (DReps) and stake pool operator (SPO) voting will strengthen the decentralized decision-making mechanism. * Staking reward withdrawals are now limited to accounts delegated to a DRep, aligning with the new governance model.
The Plomin hard fork represents a significant step in Cardano's evolution towards full decentralization, expanding governance capabilities for ADA holders.
