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In the cryptocurrency sector, Cardano founder Charles Hoskinson has provided an update on the next steps for the Cardano ecosystem following the recent Chang upgrade. Just a day after declaring Cardano an independent blockchain, Hoskinson shared insights into the network's direction during the bootstrap phase in a video posted on X.
The Bootstrap Phase and New Governance Structures
Hoskinson announced that Cardano (ADA) has entered the bootstrap phase, characterized by the formation of new governance structures under the Voltaire era. He emphasized the establishment of new governments and roles essential for a fully operational community-driven governance model. The newly introduced governance entities include the Constitutional Committee (CC), Stake Pool Operators (SPOs), and Decentralized Representatives (DReps).
During this phase, Cardano’s government will draft a provisional constitution through global workshops, with a finalized legal constitution expected to be created at a constitutional convention in Argentina this December. According to Hoskinson, each delegate at the convention will have one vote, ensuring equal participation in the process.
Post-Bootstrap Developments and Governance Maturation
Hoskinson elaborated that the Voltaire era would see a fully functional government emerge after the bootstrap phase concludes, which is expected to take around 90 days. The newly established CC, DReps, and SPOs will be instrumental in shaping the governance, overseeing constitutional amendments, and managing hard forks. Hoskinson noted that the fully formed Cardano government would implement an annual budgeting process to fund new community-voted initiatives.
The Cardano Treasury, which holds approximately $600 million in ADA, will play a key role in funding these initiatives, with all activities subject to oversight and audits to ensure transparency and accountability.
Cardano's Ongoing Decentralization Efforts
Looking ahead, Hoskinson highlighted that the Cardano network would regularly assess its levels of decentralization to ensure the new governance system meets its objectives of being distributed, effective, and efficient. He described this phase as the "last mile" of Cardano's journey toward complete decentralization, fully realizing the potential of its consensus algorithm, Ouroboros.
Hoskinson also mentioned that institutions like Intersect would support the operations of the new governance, utilizing modern management techniques to streamline decision-making processes.
Community Involvement in Cardano's Governance
While outlining these future steps, Hoskinson stressed the importance of community participation, urging ADA holders to support the evolving governance processes. He emphasized that the success of Cardano’s governance relies on active involvement from the community, which he described as crucial for achieving the network's decentralization goals.
“The point of governance is to give the freedom to express ideas and actions,” Hoskinson stated, highlighting the need for persuasive and community-driven leadership to guide the Cardano network forward.
