In an announcement made via X on August 30, Charles Hoskinson, founder of Cardano, announced the end of Genesis Keys, a set of cryptographic keys that played a key role in the early stages of blockchain development and operation. Hoskinson’s brief but profound statement message“The Genesis Keys are dead 🙂 The era of Voltaire is coming soon.”
Cardano enters the era of Voltaire
Genesis keys were an integral part of the initial phases of the blockchain, facilitating its launch and initial configurations. These keys were held by the main entities behind the development and promotion of ADA: Input | Output, Cardano Foundation, and Emurgo. Their purpose was to secure the early network and administer initial operations until a more decentralized model was implemented.
Hoskinson’s announcement coincides with the upcoming activation of the first part of the Chang tough fork, scheduled for September 1. This fork represents a significant evolution in ADA’s governance, handing over a significant amount of control and financial resources to the community itself.
Cryptocurrency analyst Dan Gambardello he noticed via X: “The Cardano Chang hard fork is not just another update; it is a true turning point in cryptocurrency history. Over $600 million will be entirely in the hands of the community, based on today’s ADA price. This could very quickly grow to $5 billion, even $10 billion. It is a paradigm shift in the way we view blockchain governance.”
Gambardello further explained that with this governance model, the project is poised to redefine its position in the blockchain hierarchy, potentially attracting a wider base of developers, users, and investors. “Cardano was an outsider, underestimated by so many. But here it is, everything is going according to plan as it remains in the top ten cryptocurrencies,” he speculated.
Cardano GM Lloyd Duhon recently detailed the operational specifics of the newly formed Constitutional Committee during a “Governance Matters” YouTube episode. According to Duhon, the committee is now fully formed and ready to ensure that on-chain governance activities are in line with the interim constitution.
🚀 Great news for #Kardano governments!
The Constitutional Commission is now formed and ready to act! 🏛️
7️⃣ members, including community elected representatives 🗳️ 455 million+ $ADA voted 🔍 Ensuring compliance of chain activities with our constitution
Watch now to find out more! photo:twitter.com/IbLSkoz4Rp
— GM Cardano (@gm_cardano) August 28, 2024
The committee is comprised of representatives from pioneering organizations: IOG, foundations, and Emurgo, as well as community-elected members from various regional councils such as the Cardano Atlantic Council, Cardano Japan, and the Eastern Cardano Council.
The mandate of the commission is set out in Article Six of the Interim Constitution. It limits the commission to voting on the constitutionality of proposed governance measures before they are implemented on the blockchain, thus maintaining a demanding system of checks and balances.
Duhon stressed the importance of transparency in the process, noting that every decision must be publicly documented and in the case of votes against proposals, explanations must be provided, especially citing constitutional conflicts.
After the Chang tough fork is initiated, the community’s role will be crucial to the success of ADA. A global workshop has been planned to develop a final Constitution. This workshop, starting in August, is expected to culminate in a Constitutional Convention in Buenos Aires in December.
At the time of going to press, the ADA rate was $0.3588.
Featured image is from YouTube, chart is from TradingView.com
