Cardano Foundation CEO Frederik Gregaard has recently unveiled the interim constitution of Cardano. This represents a major change towards decentralization of governance in the Cardano community. The interim constitution will specify basic principles, including transparency, accountability, and responsible management. The objective of these guidelines is to provide each ADA owner with the possibility to actively act and affect the future of the blockchain.

This constitution is not the end of the thing but acts as an initial document only. It shall expedite the process of going through different phases of the evolution of government. With Cardano gearing up for a new formation, the provisional rules will serve to test and regulate governance. This method of governance is acceptable because all the stakeholders are adequately represented and involved in the decision-making process.

Chang Hard Fork Marks New Governance Era

The Unveiling of the Prospectus for the interim constitution is being planned simultaneously with arrangements for Chang hard fork, which is slated to occur in 2024. This event is a crucial moment during which the community will, for the first time, participate in governance and actively rule itself. The undisclosed method of ensconces, which will be developed, will result in the application of the hard fork. This technique will leave a stamp of its course of action on the Cardano management model in the future.

Following the hard fork, the community will see the introduction of Delegate Representatives (DReps). These officials will be on the front line of the governance model. They will be the community members who help form a fair and efficient voting system that would accept various proposals. This arrangement is intended to ensure that governance is kept both transparently and widely to include all community members.

Cardano Sees Bullish Trend Amid Updates

In view of the launch of the final constitution, the Cardano Foundation is scheduled to organize global workshops and a constitutional convention in late 2024, respectively. These events are key as they will provide ADA holders with a unique possibility of influencing the development of the platform and governance structure. The resultant constitution will be a community-initiated process that will include input from the whole user group at a global level.

The transitional phase serves a pivotal role as it provides the sharing community with a chance to try to polish the governance model that will later be put in place. This proactive action will be expected to build a governance system that can truly represent the different interests and aims of all ADA holders and, therefore, be strong.

In response to these governance updates, Cardano has exhibited a bullish trend in the cryptocurrency market. ADA price has risen by 4.39% and is currently trading at $0.4526. This rise is within the trading range between $0.4323 and $0.4599 observed in the last 24 hours. The market’s positive response to the movement reflects the community’s approval and positive expectations of the coming leadership change.

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The post Cardano CEO Unveils Interim Constitution, Signals New Governance Era appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am