As a seasoned old-timer in-dog crypto investorbitwiser in this Changstod, I’ve witnessed the Chang hard fork and observed the evolution of Cardano’s governance.
Recently, Cardano experienced a significant upgrade known as the Chang hard fork. This update, amongst its various aspects, incorporated novel on-chain governance structures enabling users to exercise control over the network’s administration via elected delegates, often called Delegated Representatives (DReps) in the community
This situation has sparked some curiosity, and now, its creator, Charles Hoskinson, has provided some valuable insights regarding key issues
Cardano Governance Following Chang Hard Fork
The Cardano blockchain’s development is divided into five distinct phases as outlined in their roadmap
The project started took, it began its development phase is now in the 1800’s era, which began around May this year. This stage of growth is centered on governance and administration, with arose to empower network governance, facilit allows network users and shareholders and network participants and backers and share and support the Cardano Improvement Proposal (CIP) through a staking and delegation system that’s already been established
This was made possible by the Chang hard fork, which took place just a few days ago.
It’s been noted by some users that ADA holders might find it confusing if they need to take part in the decision-making process to keep getting their staking returns
Charles Hoskinson Chips In
In his explanation about X, Hosheredbusthe users currently have access to three distinct choices, thus dispelling the myth that delegation is essential for earning staking rewards
He said that users wanting to withdraw their rewards have three paths ahead of them:
- A vote of no confidence
- Abstain
- Delegate to a DRep
It’s important to point out that each of these situations necessitates some form of action; simply doing nothing isn’t considered refraining from involvement in them
According to Hoskinson, when a user wishes to withdraw staking rewards from the network, they have three options: expressing no confidence, choosing to abstain, or designating a DRep as their representative. Wallets such as Lace will simplify this process by automatically selecting ‘abstain’ if a user opts for delegation only, thereby streamlining the user experience
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2024-09-05 11:00