Cardano

DeFi

Planet

<div class="intro-text">
 Cardano has successfully completed its Chang upgrade, marking a transition to a decentralized governance system that empowers ADA holders to shape the network’s future. 
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This upgrade introduces a significant change: decentralizing Cardano’s governance via on-chain voting.
<a href="https://docs.cardano.org/about-cardano/evolution/upgrades/chang/" rel="noopener noreferrer nofollow">According to the Cardano team,</a> the blockchain is entering the “Conway ledger era,” which introduces a concept called “liquid democracy.” This system allows ADA holders to either vote directly on governance matters or delegate their voting power to trusted representatives, known as Delegate Representatives.
Also, in addition to Delegate Representatives (dReps), two other user-led governance bodies – the Constitutional Committee and Stake Pool Operators – will now oversee and implement governance actions. These responsibilities were previously managed by Cardano’s three founding entities: the Cardano Foundation, Input Output Global, and Emurgo.
The transition to Cardano’s new governance model is set to unfold in two phases. The first phase already is ongoing and involves forming an Interim Constitutional Committee with limited authority to temporarily oversee governance. This phase is designed to ensure security and stability while the new governance framework develops, allowing dReps to register and garner support.
Following this initial phase, the network will gradually transfer power to the new governance bodies over 90 days. The second phase, expected to begin in early 2025, will fully empower the dReps, Stake Pool Operators, and the Constitutional Committee to make critical decisions, including voting on proposals and managing the treasury.
Notably, the development makes Cardano the first major blockchain network to transition from a centralized governance structure to a token-based decentralized governance system.&nbsp;
In a video <a href="https://x.com/IOHK_Charles/status/1830292210706948531" rel="noopener noreferrer nofollow">posted to X</a>, Charles Hokinson, the founder and lead of the development team, expressed gratitude for the community’s support for the network’s growth over the years. He stated, 
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 “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.”
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The post <a href="https://defi-planet.com/2024/09/cardano-transitions-to-on-chain-governance-as-chang-hard-fork-goes-live/" rel="noopener noreferrer nofollow">Cardano Transitions to On-Chain Governance As Chang Hard Fork Goes Live</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Cardano Transitions to On-Chain Governance As Chang Hard Fork Goes Live

DeFi Planet

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