Smart contract blockchain Cardano (ADA) brought major changes with the last protocol update.
Cardano has undergone the first stage of implementation of its Chang hard fork. With this update, the network became the first major blockchain to adopt a token-based decentralized governance model.
A major update for Cardano
Cardano will adopt a full community-led governance model overseen by an interim committee over the next three months. At the end of a 90-day period, the second stage of the hard fork will come into effect.
In this phase, new governance bodies — including a constitutional committee — delegate representatives and staking pool operators will begin their operations. Cardano’s documentation reads:
“The goal of the first stage is to ensure security and continuity during the governance bootstrapping phase, allowing [delegate representatives] to register and campaign for delegation, while developing and ratifying a final constitution by early 2025.”
According to CoinMarketCap data, Cardano is now the eleventh largest cryptocurrency by market cap. The network is worth just under $12 billion and ADA is trading at $0.33 after seeing 0.8% of gains over the last 24 hours. Ethereum (ETH) co-founder and Cardano founder Charles Hoskinson said during a recently published video:
“When I reflect back at where we started as an ecosystem it was just an idea…we’ve grown tremendously throughout the years. There’ve been ups and downs, there’s been a lot of disappointments, but now we are here. […] Now we are here today…a day where the entire ecosystem, the community, every holder of ADA stands shoulder to shoulder as equals and they all have a say in the future not just of this protocol, but what this protocol can do for everyone in the world.”
The report follows Hoskinson’s suggestion for a decentralized identity solution to fix cybersecurity problems on X. His idea came after the profile of famed artificial intelligence developer Ben Goertzel was compromised.
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