The post Cardano Moves to ICC: Prepares for Chang Hard Fork appeared first on Coinpedia Fintech News
The Cardano Foundation is gearing up for a new governance model ahead of the Chang hard fork upgrade, aimed at decentralizing control. To make the process fair they’ve officially introduced the Interim Constitutional Committee (ICC), which includes members like the Cardano Atlantic Council and others. Despite ADA’s price drop before the upgrade, Cardano aims to enhance transparency and effectiveness through this governance shift.
Here’s what it means and what impact will it have on ADA price. Read on.
Cardano Shifts Governance To ICC
With the upcoming Chang hard fork, Cardano’s governance will shift towards decentralization. The ICC will play a key role here in this transition, they will oversee all the protocol parameter changes and coordinate with stake pool operators (SPOs) on critical decisions like hard forks.
How it will be executed?
During the bootstrapping phase between Chang 1 and Chang 2 upgrades, three governance action types will be available: parameter changes, hard fork initiations, and info action. The Cardano Foundation will ensure network stability by becoming an ICC member and voting in the election.
Overall, the ICC is meant to protect this constitution. If necessary, particular governance measures can replace it, demonstrating a robust and adaptable governance system that prioritizes responsibility and adaptation.
Voting and Leadership
Candidates were selected based on criteria such as community engagement, technical expertise, and commitment to Cardano’s future. Notable figures like the Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone have emerged as prominent members.
ADA wipes out nearly 3%
Meanwhile, ADA’s market performance has shown volatility ahead of the Chang upgrade, with prices dropping by over 2% in the past 24 hours and 3% over the week, currently trading at approximately $0.379. Despite fluctuations, trading volume has seen a recent uptick, suggesting heightened investor interest.
Looking Ahead
As Cardano prepares for these governance changes and the upcoming hard fork, stakeholders and investors are closely monitoring developments. The shift towards decentralization and the establishment of the ICC signify Cardano’s commitment to enhancing governance transparency and effectiveness in managing its blockchain ecosystem.
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