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11.4 Million ADA Wallet Votes for Governance: Cardano Foundation Backs Move

source-logo  u.today 21 November 2023 13:00, UTC

The Cardano Foundation has stated its unrelenting dedication to advancing the goals of CIP-1694 and pushing Cardano toward a completely decentralized on-chain governance structure.

In keeping with this goal, the Cardano Foundation announced that it would use its 11.4 million ADA wallet to vote in the upcoming Cardano ballot event.

The Cardano Foundation is unwavering in its commitment to furthering the goals of CIP-1694 and steering #Cardano towards a fully decentralized on-chain governance system. Explore the specifics of our involvement in the Cardano ballot. #CIP1694
🧵(1/7) pic.twitter.com/HMKajPaXcX

— Cardano Foundation (@Cardano_CF) November 20, 2023

As the Cardano blockchain's ecosystem of users and applications has evolved over the past few years, the focus has now switched to Cardano's decentralized governance policies to ensure its long-term viability.

The CIP 1694 is an on-chain decentralized governance mechanism for Voltaire, or the Cardano governance age, which will offer the final pieces required for the Cardano network to become self-sustaining.

CIP-1694 has a significant impact on the future of Cardano governance. Given this, the polling event on CIP-1694, using the "Cardano Ballot" developed by the Cardano Foundation in partnership with Input Output and Intersect, is a temperature check on the Voltaire governance journey thus far.

The "Cardano Ballot" is a non-binding poll that allows the community to provide more formal feedback on Cardano's on-chain governance process. Aside from voting, the feedback provided will help define 2024 plans and priorities in governance and development initiatives.

In tandem with this, the Cardano Foundation says it will actively participate in the upcoming Cardano Ballot event by voting yes with one wallet of 11,429,000 ADA.

Given the stake-based nature of the Cardano Ballot, participation requires a browser extension wallet (software wallet) that supports CIP-30 and a minimum of one Lovelace staked before November 21.

The polling for the Cardano ballot event starts on December 1 and runs until December 11.