Cardano just completed its Plomin hard fork, a major upgrade that founder Charles Hoskinson calls the “most powerful blockchain government in the world.” This upgrade marks a significant step towards full decentralization.
A Decade of Progress
Hoskinson celebrated Cardano’s ten-year journey, recalling its humble beginnings in Japan in 2015. He highlighted the massive community effort behind Cardano’s success, thanking engineers, stake pool operators, translators, and countless others for their contributions. The first block of the Plomin era was even created by a stake pool operator known as “Barry Barry,” perfectly illustrating the community’s central role.
Cardano’s Tripartite Government
The Plomin hard fork introduces a three-part governance system:
- The Constitution: A newly drafted constitution, already approved by 95% in a convention, now needs on-chain approval from the community.
- The Budget: A massive ~$1.5 billion ADA treasury is up for grabs, with community members, representatives, and the Constitutional Committee deciding how to allocate it. Multiple budget proposals will be debated and refined.
- The Roadmap: Input Output, along with the technical steering committee and other contributors, created a roadmap for future development. However, the community will have the final say on this roadmap through on-chain voting.
Hoskinson stressed that this system puts the power directly into the hands of ADA holders.
Decentralization and Beyond
Cardano now boasts top marks on the Edinburgh Decentralization Index (EDI), surpassing even Bitcoin in decentralization. Hoskinson sees this as a testament to Cardano’s growth and its ability to transcend its founder’s influence, while still benefiting from his continued involvement.
Looking ahead, Cardano plans to focus on:
- New Protocols: Input Output will continue developing new protocols like Minotaur and multi-resource consensus.
- Improved Voting: Further refinements to Cardano’s decentralized governance mechanisms are in the works.
- RealFi Initiatives: Expanding financial inclusion through RealFi projects.
- Midnight: Launching Midnight, a partner chain focused on privacy, regulatory compliance, and broader adoption.
- Bitcoin DeFi: Hoskinson aims to help Bitcoin integrate DeFi functionality, leveraging Cardano’s technology.
Challenges and the Road Ahead
While the future is bright, Hoskinson acknowledges potential challenges. Different stakeholders may have conflicting priorities regarding the constitution, budget, and roadmap. However, he’s confident that the community will work through these disagreements through discussions and compromise.
At the time of writing, ADA was trading at $0.97.
