Charles HoskinsonFounder of Cardano, presented key information on the next phases of development and management of Cardano and its Chang demanding forkWith the implementation of these plans, ADA, the native token of the Cardano ecosystem, has also seen significant augment in modern metricwhich indicates increased investor interest and confidence.
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In the recent YouTube videoHoskinson revealed that the Cardano network is currently in a key stage that he describes as a “90-day bootstrap phase,” where the core elements of the network’s governance structure will gradually be activated. The Cardano founder provided a detailed update Chang Demanding Fork Road Mapemphasizing how the network will go through a transition and start-up phase to eventually move to the age of Voltaire.
He also stressed the importance of the bootstrap phase, noting that in this initial phase, there will be registration of delegated representatives (DReps) and provisional Constitutional Commission will also start to take shape. Hoskinson also announced that after the bootstrap phase, Cardano will launch a “Chang +1” update, at which point the network achieve completely decentralized management.
He revealed that Cardano will also implement a tripartite governance consisting of three parties, including DReps, the Constitutional Committee, and Rate Pool Operators (SPO)This change is expected to occur around December 2024, depending on Chang’s 90-day timeline plus one update.
At the same time, Cardano will enter its final phase full decentralizationwith the Genesis node and significant network-wide improvements. Hoskinson revealed that while this stage is underway, Cardano will be developing its first formal constitution.
He revealed that this initiative is already underway, with over 50 workshops in different countries to discuss and draft a constitution. Each workshop will select a single delegate who will collectively form a constitutional convention, where the Cardano team will meet in Argentina this December. The Cardano founder also revealed that the convention will draft a “proposed V1 constitution.”
Hoskinson also noted that Cardano Vaultcurrently worth around $600 million in ADA, will undergo an annual budgeting process to meet the needs of the ecosystem, including marketing, development, and more. In a significant change, the Cardano founder emphasized that the network will move toward greater decentralization, at which point, Input and Output Global (IOG) will end its governance role at Cardano and DReps will no longer be available.
All of these changes will have a significant and positive impact on Cardano Networkfacilitating the development of a modern way of governance and marking a historic milestone in the ecosystem.
ADA Activity Hits Record Highs
While the development Cardano’s reign and Chang update are in progress, market intelligence platform Santiment revealed on X (formerly Twitter) fasting that Cardano’s native token, ADArecently saw a significant augment in address activity. Historically, when crypto assets saw a sustained decline in value, it often indicated a sturdy probability of price recovery.
ADA has been doing relatively well lately, despite decline in market share and the price of Bitcoin (BTC). At the time of writing, Cardano is trading at $0.328, reflecting a 2.38% augment in the last 24 hours and a 5.12% augment in the last week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
