IO Clarifies Intention To Relinquish Seat In Cardano Leadership After Governance Elections
IO informed the crypto community that it will relinquish its post after the Cardano Constitutional Committee elections. The development company clarified that it’s not seeking reelection in Cardano’s on-chain...
- IO informed the crypto community that it will relinquish its post after the Cardano Constitutional Committee elections.
- The development company clarified that it’s not seeking reelection in Cardano’s on-chain governance.
- The decision drew mixed sentiment from members of the crypto community.
Input Output (IO), a company that develops blockchain-powered platforms, announced via its social media account that it will step down from its role at the Interim Constitutional Committee of Cardano (ADA) in the aftermath of its next on-chain election. The move comes ahead of the body’s poll to determine the composition of the chain’s governance starting on June 10 this year.
IO Not Seeking Post in the On-Chain Governance of Cardano After Elections
The developer of the Cardano blockchain clarified that it is not seeking reelection for the post it relinquished. The company believes that it has already fulfilled its role during the crucial stages of the chain’s Chang Hard Fork transition.
The Chang Hard Fork in July last year marked Cardano’s renaissance to the Voltaire era. The new epoch inspired by Voltaire of the French Enlightenment period, also known as the “Age of Reason,” signaled the chain’s transformation into a self-sustaining and fully decentralized ecosystem.
A way to achieve this was through the integration of a Constitutional Committee guided by its bylaws. The delegation is composed of elected members tasked to oversee on-chain governance under the community-drafted constitution of Cardano. The chain’s token-weighed voting will run for a whole month, and the seven successful candidates will take their seats between July 10 and August 1.
The winners will be subject to formal ratification, including an on-chain governance action to recognize the composition of the post-Chang Hard Fork transition committee. The three elected winners with the highest votes will serve a two-year term, while the remaining will have a year.
“We are confident that the Cardano Community has a wealth of talent to choose from, both amongst incumbent ICC members and aspiring candidates,” said IO.
Charles Hoskinson, founder of Cardano and IO, mirrored the same statement on X. He claimed that it’s about time to adopt a renewed vision for the future of the chain.
“Our last official role soon ends. It’s been an honor and the privilege of my career to serve with you all,” Hoskinson commented. “Time for new ideas and blood.”
Reaction from the Cardano/ADA Community
IO and Hoskinson’s announcements have somewhat generated mixed reactions from the Cardano/ADA community. Some saw it as a noble decision to draw a clear line between its role as a developer within the chain and its influence over its governance. For its supporters, the distinction reinforces the decentralization that the Voltaire era aims to achieve.
The other side, however, saw it as IO slithering its way out of its responsibilities and accountability in Cardano. The critics argued that it was too early for the group to leave the chain’s governance committee.
Despite the latest developments, IO ensured the members of the crypto community that it will continue to discharge its duties within Cardano’s Constitutional Committee until the finality of the elections. Furthermore, it will remain focused as an open-source developer for the chain even after the occasion.
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Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.
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