Key Points:
- Cardano starts a 90-day “bootstrap phase” after the Chang hard fork.
- Full governance begins with the next hard fork, “Chang plus one.”
- Cardano is working on its first constitution and budget plans.
Charles Hoskinson, the founder of Cardano, has shared the next steps for the ADA network. This comes after the successful Chang hard fork. In a YouTube update, Hoskinson explained what’s coming next. The network is now in a 90-day “bootstrap phase.” During this time, important parts of the new governance system are being set up. This phase is crucial for moving Cardano towards decentralization.
The 90-Day Bootstrap Phase
In this bootstrap phase, the network is building its new governance system step by step. Delegated representatives, called DReps, are being registered. At the same time, the interim Constitutional Committee is starting its work. These steps are important for a smooth changeover to the new system. Full governance power will be activated with another hard fork called “Chang plus one.” This is expected to happen in December. After that, all seven key governance actions, like treasury withdrawals and protocol changes, will be fully active.
Hoskinson stressed how important this transition is. He said, “We are in the bootstrap phase. We need to be careful as we set up this new government.” Taking this careful approach helps ensure that the new system will work well from the start.
Building Cardano’s First Constitution
Cardano is also working on its first formal constitution. Over 50 workshops are being held around the world to draft this important document. The process will end with a constitutional convention in Argentina in December. Delegates from different regions will come together to vote on the proposed constitution. Each delegate will have one vote, making the process fair and equal.
“These delegates will form a constitutional convention. Each delegate gets one vote, so everyone is equal,” Hoskinson explained. This effort is crucial to creating a strong foundation for Cardano’s governance.
Managing Cardano’s Treasury and Future Plans
Cardano has a large treasury, worth about $600 million in ADA. Hoskinson talked about a proposed annual budgeting process. This process will decide how much money goes to different needs, like development, marketing, and research. However, the details of the budget, like the amount and who gets the money, are still being worked out. An open budget committee process is underway through the Intersect group. This will help ensure the process is transparent and fair.
Hoskinson also talked about concerns that Cardano might be too centralized. He confirmed that Input Output Global (IOG), the organization he leads, will step back from governance roles. “At this point, [IOG] will be completely out. We will have no role. We will not have any DReps or serve on any constitutional committee,” he said.
Instead, Hoskinson proposed forming a “coalition of DevCos.” These are development companies that will present ongoing development plans to the community. This move aims to further decentralize the network and give more power to the Cardano community.
Looking Forward
Hoskinson reflected on how important the Chang hard fork was. He called it the most significant milestone in Cardano’s history. He encouraged more people to take part in the new governance processes. He stressed that the future of Cardano is now in the community’s hands.
“It’s in your hands now. There are no excuses. Everything you need is there,” Hoskinson concluded. This marks a new chapter for Cardano. The community will play a key role in shaping the network’s future.
As Cardano enters this new era, the next few months will be crucial. The focus is on building a decentralized and self-governing network. The community will be at the heart of this change.
