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Crypto News Flash (EN)

06/30/2024

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Cardano Prepares for Major Governance Shift with New Constitutional Committee

Cardano has elected the Interim Constitutional Committee (ICC) in prep for its major decentralization push. Cardano’s ADA stands to benefit from this community initiative and future plans in the long...

Cardano Prepares for Major Governance Shift with New Constitutional Committee
  • Cardano has elected the Interim Constitutional Committee (ICC) in prep for its major decentralization push.
  • Cardano’s ADA stands to benefit from this community initiative and future plans in the long term.

The Cardno ecosystem is moving towards a decentralized governance structure by establishing a Constitutional Committee. This development comes in preparation for the Voltaire upgrade, as revealed in a YouTube video by Charles Hoskinson, Cardano’s founder.

Cardano Forms Constitutional Committee

Hoskinson noted that the Constitutional Committee is similar to a blend of a Supreme Court and a Senate. This committee will work alongside the Decentralized Representatives (DS) selected by the community to guide the network’s evolution.

The Cardono founder disclosed that the decision to build a robust governance system has been in the works for the past two years, with more than 25 workshops held globally. According to Hoskinson, the first step toward activating this governance system was the election of the Interim Constitutional Committee. 

This temporary committee, consisting of three community-elected members, will help transition the Cardano ecosystem toward a new constitution. Expectations are high that the new constitution will be adopted by the end of this year or early next year. 

For the first time, the Cardano community had the opportunity to vote and campaign for roles within the ecosystem. Twenty-one candidates worldwide ran for three open seats, representing various coalitions. 

As tallied and audited by community members, the three winners were from the Cardano Atlantic Council, Cardano Japan, and the Eastern Cardano Council. These groups represent diverse countries, including the United States, Norway, Canada, Brazil, Japan, New Zealand, Australia, South Korea, and Vietnam.

The elected members have been invited to a Constitutional Committee training workshop in Colorado to prepare for their roles. They will discuss how to collaborate with institutions like the Cardano Foundation, Emurgo, and Input-Output.

A key committee responsibility is coordinating with DS to ensure effective governance and representation. They will also oversee the budget process, which will manage a treasury of over 1.5 billion ADA. Furthermore, the committee will engage in discussions about remuneration and support for committee members and DS. Another duty pointed out by Hoskinson is to facilitate the Constitutional Convention in Buenos Aires, Argentina, this December.

The Road Ahead for Cardano

Charles Hoskinson believes that Cardano’s approach to governance is unique and has the potential to be better than traditional systems. He, however, acknowledges that there are challenges ahead and that it will take time to build a perfect system.

The interim constitution is just a starting point, and the final document will be shaped by input from 50 workshops worldwide. These workshops will elect delegates to finalize the constitution in Argentina. Hoskinson concluded by thanking the people who participated in the election and expressing his optimism for the future of Cardano.

Reiterating Crypto News Flash’s earlier reports, Hoskinson reminded the skeptics that the Voltaire upgrade would propel increased adoption of ADA. At the time of this writing, ADA is trading at $0.3942, up by 2.3% in the past 24 hours, with a market cap of $14 billion.

Based on ADA’s current trend, market analysts believe the token could soar to $24, as Crypto News Flash had earlier detailed.


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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

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