Cardano, the blockchain network, just made history! They’ve officially ratified their first constitution with a whopping 85% approval rating – way above the required 75%. This marks a huge step forward for Cardano’s governance.
A Historic Vote
The results were announced live by Cardano founder, Charles Hoskinson. He revealed that the vote overwhelmingly favored the new constitution, replacing the temporary one. Even the Constitutional Committee, made up of seven members, voted unanimously in favor. This wasn’t just a simple vote; it involved a massive community effort.
The Road to Ratification
Getting to this point took a long time – about two years! The process involved over 65 workshops, more than 1800 participants, and a dedicated constitutional convention. Hoskinson emphasized the incredible level of consensus needed to achieve such a high approval rate.
A Decentralized Government
With the new constitution, Cardano now boasts a fully decentralized governance layer. Think of it like Bitcoin’s decentralization, but with a formal voting system for future updates. This system includes a significant treasury holding 1.5 billion ADA, which the community can control through on-chain votes.
Initially, a Constitutional Committee will manage things, but later this year, they’ll be replaced through a fully decentralized election process.
What’s Next?
The work isn’t over yet! The community will now vote on Cardano’s product roadmap and budget. Hoskinson highlighted that the constitution itself is designed to evolve, meaning future updates and improvements are expected. Discussions are already underway on improving voting mechanisms, such as exploring quadratic voting.
Cardano’s Future
This achievement puts Cardano at the forefront of decentralized governance in the crypto world. Hoskinson believes this allows for efficient decision-making and rapid development while maintaining full decentralization. He envisions a future where Cardano can crowdsource ideas and strategies, reaching consensus on important decisions. This contrasts sharply with other cryptocurrencies that often struggle with slow or contentious upgrades due to a lack of formal voting systems.
The new constitution sets the stage for smoother, more coordinated development, focusing on improvements like faster transaction speeds, better tools for decentralized apps, and enhanced interoperability. In short, Cardano is now a self-governing entity, with every ADA holder having a voice.
