Published: December 13, 2024 at 11:15 pm
Updated on December 13, 2024 at 11:15 pm
Alright, folks, we need to talk about Cardano. This blockchain is raising the bar when it comes to governance, and I think it’s time to pay attention. With the Constitutional Convention wrapping up and a whopping 95% of the draft getting the thumbs up, Cardano is on a mission to go fully decentralized by 2025. But let’s break it down, shall we? What does this mean for us in the crypto space?
The Constitutional Convention was a big deal. Think of it as a two-year, worldwide team effort with people from over 50 countries. That’s right, over 50. We’re talking hundreds of workshops and thousands of participants all around the globe. And the result? A draft constitution that got a 95% ratification from elected delegates. Sounds pretty solid, right?
“These people come from different parts of the world: Africa, South America, Australia, New Zealand, Asia, Europe, and North America—all six continents. We tried to find someone from Antarctica, but we just couldn’t send the short notice.”
This quote from Charles Hoskinson, founder of Cardano and CEO of Input Output Global (IOG), really captures the essence of what Cardano is about. They’re all in on inclusivity and global representation.
Now, looking ahead to 2025, Hoskinson made it clear that moving to a completely decentralized governance model is crucial. But there’s a divide among the community. Some want to decentralize now, while others are cooler with a gradual transition. A little bit of controlled institutional involvement could be in play.
“We have some challenges, and those challenges are going to be that we have to fully decentralize the governance of Cardano”, he said.
He’s got a point. And his vision? Establishing member-based institutions and integrating on-chain governance so that key roles are elected and stick to both algorithmic and constitutional laws. Sounds like a plan, right?
Looking back, Hoskinson admitted to some early governance missteps. Who hasn’t been there? But he also pointed out that Cardano has built a solid technical foundation, thanks to a huge team of scientists and engineers.
“Others feel that there needs to be a longer transition period and there needs to be institutions […] that are not subject to the democratic whims and will of the ecosystem.”
Cardano is gearing up for 2025 and is focused on tackling governance challenges. They’ve got a roadmap to enhance the protocol for sustainable and decentralized operations.
As for the market? Well, the current price of Cardano (ADA) is $1.102 USD, down 1.87% in the last 24 hours. But don’t let that fool you—over the month, ADA has jumped 93.35%, and it’s up 85.86% year-to-date. The upcoming release of 18,530,000 ADA tokens on December 16 could stir things up, as it represents about 0.05% of the circulating supply.
So, what does this all mean? Cardano’s strategy for 2025 is full of promise. If they pull this off, it could make them a go-to digital currency exchange platform, drawing in more users and investors.
In short, Cardano is shaking things up with its governance model. The focus on inclusivity and community is refreshing, and I think we might be witnessing the future of blockchain governance. With the challenges they’re facing, it’ll be interesting to see how they adapt and evolve.
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