- The CEO of IOHK has announced the development of a Cardano voting system
- On 27th July, an updated proposal was initiated and its countdown process began
- The proposal will transfer the current Cardano mainnet from the previous federated Byron network into a new decentralised Shelley network
Charles Hoskinson, the CEO of IOHK has announced the development of a Cardano voting system. Initially, the voting system would be only limited to the project funding of the Cardano community. Cardano is a renowned Blockchain platform based on distributed ledger technology (DLTs). Cardano’s signature cryptocurrency is ADA which is ranked 12th in terms of the total market capitalisation by CoinGecko. Currently, it is valued at $0.091709 and is up by 1.2% in the last 24 hours.
30% of Cardano Blocks are Issue From Their own Staking Pool
Recently, Hoskinson revealed the future plans and governance model regarding Cardano protocol. He mentioned that currently 30% of the blocks are issued by the community’s staking pool, however, the figure is set to increase to 50% by the end of this year’s November. On 27th July, an updated proposal was initiated and its countdown process began. The proposal will transfer the current Cardano mainnet from the previous federated Byron network into a new decentralised Shelley network. Consequently, the Shelley testnet was launched and it mainly aimed at testing the community participation.
Community-Based Platform Governance Proposed by the CEO
The most recent upgrade is supposed to introduce a voting and treasury system as mentioned above.The voting system will enhance the governance of the Cardano network. The participants will be allowed to look after future development of the protocol by deciding to vote or not. However, Hoskinson clarifies that in order to reach the height, they initially require ‘training wheels’. Consequently, institutions like DC Fund and the Catalyst project have come forward to fulfill the lack of ‘training wheels’. Initially, the ADA users would be able to decide on small treasury funds of USD 250,000. Gradually, the amount of these funds would rise.
Cardano may Become the Most Powerful Cryptocurrency
Cardano users may choose to vote or not vote on every proposal that is raised at an interval of 6-8 weeks. In short, the entire community would be in charge of all the parameters and the design of the system as per Hoskinson. If Cardano manages to pull this off they may be one step closer to becoming the most valuable cryptocurrency in the world.