The Cardano Foundation is at the forefront of a move to further decentralize the Cardano network and will vote “YES” in an ongoing poll to that effect.
Efforts to introduce decentralized governance on the Cardano blockchain are well underway, with the independent Cardano Foundation throwing its weight behind CIP-1694. The landmark proposal, among other things, allows ADA holders to play a key role by voting on major developments involving the network.
In the latest move to make CIP-1694 a reality, the Cardano Foundation announced Tuesday that it will vote “YES” in a poll event that seeks to weigh public interest in the proposed adjustments. The Cardano Foundation will leverage a wallet with 11,429,000 ADA (approximately $4.2 million) to vote in the poll.
The Cardano Foundation is unwavering in its commitment to furthering the goals of CIP-1694 and steering #Cardano towards a fully decentralized on-chain governance system. Explore the specifics of our involvement in the Cardano ballot. #CIP1694
— Cardano Foundation (@Cardano_CF) November 20, 2023
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It is notable that the results of the current poll are non-binding and only seek to gauge public sentiment. Meanwhile, the poll is conducted using the Cardano Ballot solution developed by the Foundation.
Other ADA users can vote using a browser extension wallet that supports CIP-30 and would have had at least 1 Lovelace staked before November 21st to be eligible to vote. Lovelace is the smallest unit of Cardano’s ADA coin, with the low requirement indicating the Foundation’s intent to involve as many voters as possible.
As revealed on the official voting website, the poll is expected to open to the public on December 1 and will be live until December 11. The outcome of the event will help the Cardano Foundation prioritize “governance activities and development” going into the year.
Cardano Blockchain Ecosystem Advances
Beyond the move to adopt on-chain governance, the Cardano blockchain ecosystem has made other significant strides in recent times. For instance, the network is set to welcome its first privacy token protocol by the end of November.
Such consistent innovations and longevity have helped ADA cement its position as one of the most valuable crypto assets, further paving the way for the current move to adopt a more efficient governance mechanism.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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