Cardano has established its Interim Constitutional Committee (ICC) as a crucial step towards its extensive decentralization initiative. This move is set to significantly benefit Cardano’s ADA in the long term.
The Cardano ecosystem is progressing towards decentralized governance with the formation of a Constitutional Committee, a pivotal preparation for the upcoming Voltaire upgrade, as outlined in a YouTube presentation by Charles Hoskinson, the founder of Cardano.
Formation of Cardano’s Constitutional Committee
Hoskinson described the Constitutional Committee as a hybrid akin to a Supreme Court and a Senate. This committee will collaborate with the community-elected Decentralized Representatives (DS) to steer the network’s development.
Hoskinson disclosed that the groundwork for a robust governance system has been ongoing for the past two years, involving more than 25 global workshops. The initial step towards activating this governance system was the election of the Interim Constitutional Committee.
Comprising three members elected by the community, this temporary committee will facilitate the transition of the Cardano ecosystem towards a new constitution. There are high expectations that this new constitution will be ratified by the end of this year or early next year.
For the first time, the Cardano community participated in voting and campaigning for roles within the ecosystem. Twenty-one candidates from various coalitions contested for three open seats, with community members from the Cardano Atlantic Council, Cardano Japan, and the Eastern Cardano Council emerging victorious. These groups represent a diverse array of countries including the United States, Norway, Canada, Brazil, Japan, New Zealand, Australia, South Korea, and Vietnam.
The elected members have been invited to a training workshop in Colorado to prepare them for their roles on the Constitutional Committee. They will strategize on collaboration with entities such as the Cardano Foundation, Emurgo, and Input-Output.
A primary responsibility of the committee will be to coordinate with DS to ensure effective governance and representation. Additionally, they will oversee the management of a treasury exceeding 1.5 billion ADA, including discussions on remuneration and support for committee members and DS. Hoskinson also highlighted their role in facilitating the Constitutional Convention in Buenos Aires, Argentina, scheduled for December.
Future Prospects for Cardano
Charles Hoskinson believes that Cardano’s approach to governance is distinct and potentially superior to traditional systems, although he acknowledges there are challenges ahead and emphasizes the need for time to refine the system.
The interim constitution marks the beginning rather than the endpoint, with the final document shaped by feedback gathered from 50 workshops worldwide. These workshops will elect delegates to finalize the constitution during the Buenos Aires convention. Hoskinson expressed gratitude to all participants in the election and optimism for Cardano’s future.
Echoing earlier reports from Crypto News Flash, Hoskinson reassured skeptics that the Voltaire upgrade will drive increased adoption of ADA. As of the latest update, ADA is trading at $0.3942, reflecting a 2.3% increase in the past 24 hours, with a market cap of $14 billion.
Based on current trends, market analysts predict that the token could potentially reach $24, aligning with previous analyses by Crypto News Flash.
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