Cardano’s On-Chain Poll: The Path to Voltaire

Cardano’s journey towards a fully decentralized and self-sustaining network reaches a pivotal moment with the advent of Voltaire. To ensure an inclusive decision-making process, the Cardano Foundation recognizes the significance of giving a voice to all stakeholders. In line with the principles of Voltaire, the Foundation has introduced an on-chain poll experiment, inviting stake pool operators (SPOs) to actively shape the future of Cardano’s governance.

The Path to Voltaire

Embracing the spirit of Voltaire, where active participation and decentralization are key, the Cardano Foundation has initiated an on-chain poll designed exclusively for stake pool operators. This landmark initiative underscores the Foundation’s commitment to involving stakeholders and participants in the decision-making process. By leveraging blockchain technology, Cardano aims to demonstrate the advantages of effective governance and community involvement. The current on-chain experimental poll is just the start in a series of governance events over the coming weeks and months as we get closer to upcoming governance workshops and eventually the Voltaire hardfork.

Round 1: Insights into Decentralization

The first round of voting provided valuable insights into the preferences of stake pool operators. The focus was primarily on the k parameter, which determines the number of stake pools in the network. SPOs were presented with options reflecting different values for k and minPoolCost. Notably, the majority of participants expressed their support for raising the k parameter to 1000, signaling a strong desire for increased decentralization within the Cardano ecosystem.

Round 2: Refining Decentralization Parameters

Building upon the success of Round 1, Round 2 of the on-chain poll is currently in progress and around 50% of on-chain ADA has participated in the vote. This phase takes a deeper dive into the decentralization aspect by specifically addressing the k and minPoolCost parameters. Stake pool operators are presented with concrete options that demonstrate distinct variations in these parameters. This approach ensures a more informed survey while capturing the ecosystem’s preferences regarding potential changes in parameter values. Additionally, the inclusion of abstention and alternative options accommodates diverse perspectives, fostering a comprehensive and representative decision-making process.

The Role of the Parameter Committee and Consultation with Genesis Key Holders Driving the decision-making process, the Parameter Committee serves as a technical advisory group consisting of representatives from IOG, Emurgo, Cardano Foundation, and other community members. They meet regularly to provide recommendations before the ratification of CIP1694, ensuring a thorough evaluation of proposed parameter changes. Importantly, the committee will also consult with the genesis key holders after the conclusion of the current on-chain vote, seeking their support for the changes requested by the community. This collaborative approach ensures transparency, continuity, and alignment with Cardano’s principles.

Duration and Community Influence

The on-chain poll, initiated on May 17th, will conclude in Epoch 416 on June 3rd. Real time statistics of the poll can be found here. It is essential to highlight that the final outcome of the poll is determined by the community, with the Cardano Foundation facilitating the collection of community opinions. The committee’s ongoing meetings since April 6th demonstrate a commitment to an inclusive decision-making process, emphasizing transparency and the active involvement of the Cardano community.

Maximizing On-Chain Polls for Effective Governance

The on-chain poll for stake pool operators exemplifies Cardano’s dedication to effective governance through decentralized decision-making. By collecting stake-weighted opinions on parameter changes, the Cardano Foundation gains valuable insights into the needs and preferences of the community. This poll follows the proposed mechanisms outlined in CIP-0094 14 and aligns with action 7 of the governance actions detailed in CIP-1694. By maximizing the potential of on-chain polls and surveys, Cardano aims to serve the ecosystem better, paving the way for the successful implementation of Voltaire and a truly decentralized future.