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06/27/2024

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Cardano Shifts Governance To ICC And Reveals Readiness For Chang Hard Fork

Highlights Cardano Foundation has unveiled its new governance role as Cardano prepares for Chang hard fork. The foundation Interim Constitutional Committee (ICC) and participation in the ICC election....

Cardano Shifts Governance To ICC And Reveals Readiness For Chang Hard Fork

Cardano Shifts Governance To ICC And Reveals Readiness For Chang Hard Fork

Highlights

  • Cardano Foundation has unveiled its new governance role as Cardano prepares for Chang hard fork.
  • The foundation Interim Constitutional Committee (ICC) and participation in the ICC election.
  • Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone are ranking members.
  • ADA price continues to drop ahead the major upgrade.

Cardano Foundation has unveiled its new governance role as Cardano to become more decentralized following the Chang hard fork, a major upgrade to the Cardano blockchain. The proposed governance model will foster a robust and transparent governance framework, ensuring the long-term success and integrity of the Cardano ecosystem.

Cardano Foundation’s Governance Action Amid Chang Upgrade

In an official announcement on June 27, Cardano Foundation reveals its role in the Interim Constitutional Committee (ICC) and participation in the ICC election. With Cardano’s governance going decentralized after the Chang hard fork, a governance model is proposed to make key decisions for the ecosystem.

“The proposed governance model will ensure inclusivity and diversity while providing checks and balances through delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee,” said the foundation.

Three governance action types — parameter changes, hard fork initiations, and info action — will be available during the boostrapping phase between the Chang 1 and Chang 2 upgrades. The Cardano Foundation will help ensure stability in the network by becoming an Interim Constitutional Committee (ICC) member and voting in the ICC election.

The ICC will have the authority to approve protocol parameter changes independently and work with SPOs on hard forks. Moreover, the ICC will manage governance actions, ensure transparency and fairness, support initial governance structures, and guide the transition to a fully established Constitutional Committee.

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Cardano Foundation’s Voting Decision

The foundation has voted in the ICC election and revealed candidates based on multiple factors. These include engagement with the Cardano community, transparency, technical expertise, and commitment to Cardano.

The ranking candidates are Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone.

The Cardano Foundation revealed that it voted with 20 million ADA and maintained transparency throughout the process. The stake can be tracked through pool.pm.

Also Read: Custodia Bank CEO Predicts “Rip Roaring” Bitcoin Bull Market, Slams Warren Wing

ADA Price Performance

ADA price fell over 2% in the past 24 hours and more than 3% in a week, with the price currently trading at $0.379. The 24-hour low and high are $0.378 and $0.393, respectively. Furthermore, the trading volume has increased by 10% in the last 24 hours, indicating a rise in interest among traders.

Cardano futures open interest has also been on a downward trend for over a week now, with a 2.84% drop in the last 24 hours to $202.46 million. Traders must wait for recovery signs such as increase in volume for continue trading ADA.

Also Read: Governments Selling Bitcoin Is Nothing But Plain FUD, Here’s Why

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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