Cardano’s blockchain is on the verge of a major transformation with the activation of the hard fork Plomin, marking its transition to a completely decentralized governance system.
This upgrade allows ADA holders of direct voting rights to the crucial blockchain decisions, including protocol changes, treasury allowances and future upgrades.
Scheduled to be broadcast today, the Plomin Hard fork represents a central stage in the long -term cardano roadmap towards decentralized decision -making. With this implementation, the blockchain goes beyond its previous governance model, granting stakeholders an increased influence on its evolution.
The Cardano Foundation, the non -profit organization supporting the project, confirmed the preparation of the network for the transition. The Foundation stressed that the upgrade will introduce a more democratic framework, ensuring that ADA holders have a word to say in the adjustments of the protocol, the management of the treasure and the upgrades of the system.
The governance framework and the participation of stakeholders
The transition is not automatic – Pool operators (SPO) have played an essential role in the approval process. For the hard plomin fork to take place, at least 51% of SPOs had to vote in favor of upgrade. This threshold was exceeded, with almost 80% of the nodes already passed to the latest version before the official implementation.
In addition, the Interim Constitutional Constitutional Committee (ICC) examined the governance action, confirming that it met all constitutional and procedural requirements. This approval opens the way to the Cardano governance framework to include decentralized representatives (DREPS), who will now participate in key decision -making processes.
Key changes introduced by the hard fork
The Plomin Hard Fork incorporates several governance improvements designed to increase transparency and decentralization. These include the activation of the seven governance actions described in the CARDANO CIP-1694 improvement proposal. In particular, Ada holders can now vote on the withdrawals of the Treasury, constitutional amendments and votes without confidence.
Another significant change is to punctuate reward withdrawals. In the future, these withdrawals can only be made by accounts which delegate to a DREP, strengthening the decentralized governance framework. This modification is aligned with the wider objective of Cardano to establish an autonomous and community ecosystem.
Market reactions and future perspectives
Ada Price fought, Source: Bnc
Despite the importance of this transition, Ada’s price has struggled to take momentum.
The token has dropped in recent days, negotiating about $ 0.91 at the time of the editorial staff. While some analysts anticipate a potential price escape, the current feeling of the market remains cautious. It is a sign that the market remains distracted by the resilience of Bitcoin, the potential of XRP and the attraction of Dogecoin, while other Alt parts stagnating in comparison. However, if an ETF from Cardano is approved, the ADA’s news could quickly turn around.
