- The Voltaire Era: A New Chapter in Decentralized Governance
- Liquid Democracy: Empowering ADA Holders
- Technical Advancements
On August 31, 2024, Cardano executed the first phase of its Chang hard fork at block 10764778. This upgrade marks the start of the Voltaire era, laying the foundation for a fully decentralized governance system.
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. The transition to decentralized governance will occur in two phases. The first phase involves establishing an Interim Constitutional Committee (ICC) with limited authority, which will temporarily oversee the governance process to ensure stability and security.
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. This flexibility reportedly ensures that all community members can participate in the governance process, regardless of their technical expertise or time availability.
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 transition involves a 90-day period overseen by an Interim Constitutional Committee, which will guide the network through the governance bootstrapping phase.
The second phase of the Chang hard fork, set to occur in early 2025, will complete Cardano's transition to decentralized governance. DReps will have the authority to register, generate certificates, request ADA delegations, and vote on governance proposals. SPOs will also gain the ability to use their delegated ADA as voting power. The Constitutional Committee will expand its membership and gain full veto power over actions contradicting the Constitution. The community will gain control over the Cardano treasury, marking the final step in Cardano's journey toward a fully decentralized network.
