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Charles Hoskinson, the founder of Cardano, has provided key insights into the next developmental and governance phases of Cardano and its Chang hard fork. With these plans set in motion, ADA, the native token of the Cardano ecosystem, has also seen a significant rise in a new metric, indicating a surge in investor interest and confidence.
Upcoming Developments In The Cardano Network
In a recent YouTube video, Hoskinson revealed that the Cardano network is currently in a key stage, which he describes as a “90-day bootstrap phase,” where essential components of the network’s governance framework will be progressively activated. The Cardano founder provided a detailed update on the Chang hard fork road map, highlighting how the network will progress through the interim and bootstrap phases to transition finally into the age of Voltaire.
He also stressed the importance of the bootstrap phase, noting that during this initial phase, the registration of Delegated Representatives (DReps) will occur, and the interim Constitutional Committee will also begin taking shape. Hoskinson also announced that after the bootstrap phase, Cardano will launch the “Chang +1 upgrade, at which point the network will achieve a fully decentralized governance.
He disclosed that Cardano will also implement a tripartite governance consisting of three parties including the DReps, the Constitutional Committee and the Stake Pool Operators (SPOs). This transition is anticipated to occur roughly in December 2024, depending on the 90-day timeline for the Chang plus one upgrade.
Around the same timeline, Cardano will enter into its final phase of full decentralization, featuring a node Genesis and significant improvements in the overall network. Hoskinson has revealed that while this stage is ongoing, Cardano will be developing its first formal constitution.
He revealed that this initiative is already in progress, with more than 50 workshops held across different countries to discuss and draft the constitution. Each workshop will elect a singular delegate, which will collectively form a constitutional convention, where the Cardano team will meet in Argentina this December. The Cardano founder also disclosed that during the convention the “proposed V1 constitution“ will be developed.
Hoskinson also noted that Cardano’s treasury, currently worth about $600 million in ADA, will undergo an annual budgeting process aimed at addressing the needs of the ecosystem, including marketing, development and more. In a major shift, the Cardano founder emphasized that the network will be moving towards greater decentralization, at which point, Input Output Global (IOG) will terminate its governance role within Cardano, and DReps will no longer be available.
All of these changes will have a significant and positive impact on the Cardano network, facilitating the development of its new governance and marking a historic milestone in the ecosystem.
ADA Address Activity Hits Historical High
Whilst developments for Cardano’s governance and Chang upgrade are underway, market intelligence platform, Santiment has revealed in an X (formerly Twitter) post that Cardano’s native token, ADA, has recently seen a significant surge in address activity. Historically, when crypto assets have witnessed a continual value decrease, it often indicates a strong likelihood of a price rebound.
Recently, ADA has been performing relatively well despite the decline in its market share and the price of Bitcoin (BTC). At the time of writing, Cardano is trading at $0.328, reflecting a 2.38% increase in the last 24 hours and a 5.12% surge over the past week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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