Hey Cardanians! Welcome to a Special Edition of the Cardano Newsletter!!!
This edition is brought to you by ReitCircles, a decentralized housing protocol on the Cardano blockchain that enables real estate asset tokenization
We have a new special edition of the Newsletter!! Following our series of Governance articles, today we will talk about the Chang Hard Fork! Here is the article:
The Chang Hard Fork
Exploring the Chang HardFork and CIP 1694
You might have heard about CIP 1694 and how it marks a pivotal shift in Cardano's governance model, transitioning power from the founding entities to the broader Cardano community. Under this proposal, any ADA token holder gains the ability to submit proposals for protocol changes.
Now, regarding the Chang HardFork… This fork lays the groundwork for implementing CIP 1694. This upgrade introduces essential tooling and infrastructure necessary to support the proposed governance changes. By aligning technical advancements with governance reforms, Cardano paves the way for a more inclusive and participatory decision-making process within its ecosystem.
Decentralizing Cardano: Shifting Power with CIP 1694
Currently, Cardano's governance heavily relies on the three founding entities: IOG, Cardano Foundation, and Emurgo. For instance, if there's a proposed parameter update on the Cardano blockchain, agreement among these entities is necessary due to their control over the Genesis Keys. With seven Genesis Keys in total, at least five holders must agree for a potential upgrade to occur, with IoG currently holding 3 Genesis Keys and both Emurgo and Cardano Foundation both having 2 keys.
This setup may portray Cardano as somewhat centralized. However, with the introduction of CIP 1694, the landscape shifts. With the Chang Hard Fork, all 7 genesis keys will be burned and from now on the Cardano community will now fully determine the fate of the protocol, enabling all future protocol changes, marking a significant step towards decentralization.
Introducing Drep and Stakeholder Engagement in Cardano Governance
With the introduction of Chang we are now introducing DREPs, or Delegate Representatives, essentially serving as elected officials within the Cardano Community. As an ADA holder, you will soon possess the ability to "vote" for a specific elected official or Drep by staking your ADA. Similar to delegating ADA to a stake pool, you can now delegate your ADA to a Drep who aligns with your perspectives, effectively allowing them to vote on your behalf.
Additionally, Stakepool Operators (SPOs) have a voice in the process. You can choose to delegate to an SPO, adding another layer of representation.
Furthermore,Cardano will now have a Constitutional Committee, with a singular task: ensuring that all proposed parameter upgrades, protocols changes, and governance actions comply with the Cardano Constitution.
Cardano's Governance Evolution Roadmap
As we chart the timeline for Cardano's governance evolution, attention turns to the Chang Hardfork and its aftermath. In the following months, the Chang Hardfork is set to revolutionize Cardano's governance landscape, ushering in bootstrapping features for voting and governance. Following this pivotal event, an additional chang upgrade is slated, poised to introduce the remaining governance features. This marks a significant shift, relinquishing control from the founding entities and giving power over the protocol to the Cardano Community.
References:
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A message from Lucas ✨
Hey Guys, I am finally back home in Argentina. I am quite excited to announce we have something really cool coming this Friday…,.we have been working hard on it and we're excited to share it 1st to the Newsletter readers first. We might or might not be releasing a product on friday…
Stay tuned for an email coming to you on Friday… 1st come, 1st Serve!
And always remember, nothing we say is finantial advise. Always do your own research