The Cardano blockchain is entering a new era of decentralized governance. The Plomin hard fork, successfully carried out yesterday, will change the network's governance approach.
Introduction of the Plomin Hard Fork
The Plomin hard fork was officially approved after meeting three key thresholds. Over 85% of stake pools upgraded to the required node version, over 51% of stake pool operators approved the upgrade, and more than 67% of the Interim Constitutional Committee deemed the hard fork admissible.
Key Changes of the Hard Fork
The Plomin hard fork brings significant updates to Cardano's governance and functionality. It supports all seven governance actions outlined in the Cardano Improvement Proposal CIP-1694, including treasury withdrawals and population votes on matters of no confidence.
Decentralization of Cardano Governance
The hard fork adds voting capability for decentralized representatives (DRep) and stake pool operators on governance actions. This strengthens the network's decentralized governance model, making the treasury reliant on decisions made by ADA holders.
The implementation of the Plomin hard fork opens a new chapter in Cardano's history. ADA holders now have real voting power in deciding the network's fate, highlighting the importance of decentralized governance.
