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Cardano Community Initiates ICC Voting for Chang Hard Fork Governance

source-logo  crypto-news-flash.com 21 June 2024 04:17, UTC

Cardano community begins voting for the Interim Constitutional Committee (ICC).

  • The voting process is a crucial step towards governance restructuring under the Chang hard fork.

In a recent update on Cardano, as reported by CNF, the crypto market saw a sudden rebound with Cardano (ADA) surging by more than 4% before dipping back into the “red zone” to trade at $0.39.

This fluctuation coincides with the beginning of the voting process for the Interim Constitutional Committee (ICC) on June 13, marking a pivotal step towards restructuring Cardano’s governance model under the upcoming Chang hard fork.

This voting allows ADA holders to select three new members for the ICC and is conducted through the Summon Platform, concluding on June 23, covering Epochs 491 and 492.

Charles Hoskinson’s Clarification

In a recent tweet, Charles Hoskinson addressed the current concerns:

“My understanding is that the entire package will be released with the release candidate node. This includes the fork-ready candidate, the guardrail contract, and the interim constitution. I’d bet on or before Friday.”

My understanding is that the whole package was going to be released with the release candidate node. So that's the fork ready candidate, the guardrail contract, and the interim constitution.

I'd bet on or before Friday.

— Charles Hoskinson (@IOHK_Charles) June 19, 2024

Hoskinson’s statement aims to clarify the timeline and content of the upcoming releases, ensuring transparency and preparedness within the community.

Community Reactions and Suggestions

The community, however, has varied opinions. Some members argue that secrecy could be counterproductive, especially in a decentralized ecosystem where community trust and participation are paramount. Lanningham further criticized IOG’s approach to handling early drafts and suggested alternative methods to foster a healthier dialogue about the evolving governance structure.

Lanningham proposed that IOG should proactively discuss the motivations behind controversial provisions and the rationale for their inclusion. By doing so, they could address potential controversies preemptively, reducing speculative noise and building a more resilient governance framework.

The Cardano Constitution and Governance Model

According to insights by the Mitrade platform, the Cardano Constitution—currently an off-chain informational document as per CIP-1694—is intended to encapsulate the core values of Cardano and ensure its long-term sustainability. It envisions evolving into a smart-contract driven framework over time.

Meanwhile, the ICC is designed to act as a guardian of this constitution. Mechanisms are in place to replace it through specific governance actions if necessary, reflecting a robust and flexible governance framework aimed at both accountability and adaptability.

As Cardano approaches the Chang hard fork, the dynamics within its community and the unfolding governance model remain of critical importance. The outcomes of the current voting and the subsequent integration of the interim constitution will likely have long-lasting impacts on the blockchain’s operational and governance landscape.

At the time of writing, Cardano (ADA) is priced at $0.3866, with an increase of 0.14% in the past day and a decrease of 8.39% in the past week. See price chart of ADA below.