$ADA: Charles Hoskinson on the Future of Cardano Post-Chang Upgrade

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As a researcher with a keen interest in blockchain technology and decentralized governance systems, I find Charles Hoskinson’s latest update on Cardano’s development incredibly intriguing. His insights into the bootstrap phase of Cardano’s governance model, the planned transition to full decentralization, and the upcoming Constitutional Convention paint a promising picture for the future of this innovative ecosystem.

In a recent video named “Next Steps Post-Chang,” Charles Hoskinson, the Co-Founder and CEO of IOG, offered an extensive update on the progress of the Cardano ecosystem, focusing on developments following the completion of the Chang roadmap milestone. Hoskinson explained that the current stage is called the bootstrap phase, a crucial step towards fully activating governance within the Cardano network

To start off, Charles Hoskinson outlined that the Cardano governance structure is moving towards a significant juncture, where the bootstrapping phase is now active. This phase is instrumental in familiarizing all parties involved, such as ADA holders who delegate, the Constitutional Committee, stake pool operators (SPOs), and other governance roles, with the process before they can fully implement Cardano’s decentralized governance system. Hoskinson emphasized that this current phase is essential for facilitating a seamless shift from centralized governance to a fully functional decentralized model, known as Chang plus one. He projected that the complete transition could take approximately 90 days, with full operational governance expected around December 2024

In this initial stage, we’re primarily focusing on a select number of governance tasks. Charles Hoskinson outlined the functions that can be executed, which encompass initiating hard forks and adjusting protocol settings. However, actions such as withdrawals from the treasury and amending the Constitution are off-limits at this time. This setup is intended to provide participants with an opportunity to understand the governance system thoroughly before we fully activate it

The upcoming significant step is referred to as “Chang +1.” Following this point, the Cardano administration will activate fully, enabling all users to perform advanced governance tasks. As per Hoskinson’s statement, this comprehensive governance activation will also correspond with the approval of a fresh Cardano Constitution. Currently, workshops are being held in approximately 50 countries, during which delegates are collaborating on and refining the draft of this Constitution. Hoskinson clarified that these delegates, representing various segments of the global community, will gather in Argentina in December 2024 for a Constitutional Convention, where version one of the Constitution will be proposed, discussed, and finalized through voting

As a crypto investor, I’m always eager to stay updated on developments within my chosen projects. Recently, Charles Hoskinson discussed the Cardano Treasury, a substantial reserve of around $600 million in ADA. He proposed two methods for managing this wealth: either making withdrawals as needed or establishing an annual budget. Hoskinson personally favors the latter, arguing that it offers a more systematic approach, with the budget allocated across areas like development, marketing, research, and legal matters. He underlined that this annual budgeting process would streamline our long-term strategy and planning

Cardano’s founder, Hoskinson, proposed the concept of assembling a unified team of development companies. This team, known as the Cardano 2.0 coalition, will spearhead the vision for the future of Cardano. The coalition encompasses diverse entities, ranging from small startups to large corporations. They will establish and pursue development and research objectives, such as designing innovative nodes, enhancing scalability, and incorporating technologies like rollups. Hoskinson emphasized that this coalition’s primary focus is accountability, with stringent auditing and supervision procedures in place to guarantee that projects meet their commitments

Charles Hoskinson suggested expanding marketing and branding efforts for Cardano. He acknowledged that there’s been a lot of curiosity about this topic, and conversations are underway among the marketing and communication teams at Intersect. These teams are brainstorming creative strategies to boost Cardano’s international recognition and encourage more user adoption

As a crypto investor in Cardano, I’m closely following the discussion about Catalyst, the community-led innovation fund. Charles Hoskinson mentioned that its future hinges on whether it’s included in the proposed budget. If the community decides to finance Catalyst through voting, it will carry on; otherwise, Catalyst might be phased out. It’s important to note that the ultimate decision regarding the allocation of funds lies with the Delegated Representatives (DS) and the Constitutional Committee, who hold the final authority in these matters

Hoskinson emphasized the need to coordinate the budget process with Cardano’s long-term vision, stating that a unified strategy for 2025 and beyond cannot be attained through piecemeal treasury withdrawals. Instead, he urged the community to concentrate on developing an annual budget that reflects Cardano’s overall objectives, thereby ensuring the ecosystem remains robust in the future years

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2024-09-05 18:13