- The Voltaire Era: A New Chapter in Governance
- Liquid Democracy: Empowering ADA Holders
- Technical Advancements
On August 31, 2024, Cardano, the Layer 1 blockchain founded by Ethereum co-founder Charles Hoskinson, executed the first stage of its Chang hard fork at block 10764778. This upgrade marks the start of the “Conway ledger era” and sets the foundation for a fully decentralized governance system.
The Voltaire Era: A New Chapter in 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. This flexibility 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 second stage of the Chang hard fork, set to occur in early 2025, will complete Cardano's transition to decentralized governance. This will include the formal establishment of DReps as a governance body, the extension of SPO powers, and further decentralization of decision-making. The community will gain control over the Cardano treasury with the power to propose and approve treasury withdrawals.
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