Charles Hoskinson, the founder of Cardano, has unveiled pivotal updates regarding the network’s next development phases and the Chang hard fork. His recent YouTube video outlined significant steps Cardano is taking toward enhanced governance and decentralization, coinciding with a notable uptick in ADA address activity.
Cardano’s Upcoming Development Phases
According to Hoskinson, Cardano is currently navigating a crucial “90-day bootstrap phase.” During this period, key governance components will be gradually activated, setting the stage for the network’s transition to the age of Voltaire. The Chang hard fork roadmap details the network’s progression through interim and bootstrap phases, ultimately leading to the Chang +1 upgrade, which will establish fully decentralized governance.
The bootstrap phase will involve the registration of Delegated Representatives (DReps) and the formation of an interim Constitutional Committee. Hoskinson anticipates the Chang +1 upgrade will occur around December 2024, marking the beginning of a tripartite governance system with DReps, the Constitutional Committee, and Stake Pool Operators (SPOs). This phase will also see Cardano’s final push towards full decentralization, including the development of a formal constitution. Over 50 workshops are underway to draft this constitution, culminating in a convention in Argentina this December.
Additionally, Cardano’s treasury, valued at approximately $600 million in ADA, will adopt an annual budgeting process to address ecosystem needs, including marketing and development. Hoskinson highlighted a significant shift towards greater decentralization, noting that Input Output Global (IOG) will relinquish its governance role, with DReps taking over.
ADA Address Activity Reaches New Heights
While Cardano progresses through these developmental stages, Santiment has reported a historic surge in ADA address activity. This increase in address activity often signals potential price rebounds, reflecting growing investor interest and confidence in ADA. The surge aligns with the ongoing advancements in Cardano’s governance framework and the upcoming Chang hard fork.
In conclusion, Cardano’s strategic moves towards enhanced governance and decentralization, coupled with rising ADA address activity, indicate a promising future for the network. These developments could significantly impact the ecosystem, driving Cardano towards its goal of a fully decentralized governance model and potentially boosting ADA’s market performance.
September 2024, Cryptoniteuae