Cardano’s community has initiated the voting process for the Interim Constitutional Committee (ICC), a significant step towards restructuring the platform’s governance model under the Chang hard fork. This development coincided with Cardano’s sudden rebound in the crypto market, with ADA experiencing a 4% surge before returning to the “red zone” at a trading price of $0.39.
The voting process allows ADA holders to choose three new members for the ICC and is being conducted through the Summon Platform, concluding on June 23 during Epochs 491 and 492.
Charles Hoskinson, the founder of Cardano, recently addressed concerns and provided clarity on the upcoming releases. In a tweet, he stated that the entire package, including the fork-ready candidate, the guardrail contract, and the interim constitution, would be released with the release candidate node, potentially by Friday.
While Hoskinson’s statement aimed to ensure transparency and preparedness within the community, there have been varying opinions among community members. Some argue that secrecy could be counterproductive in a decentralized ecosystem where trust and participation are essential. Lanningham, a community member, criticized IOG’s approach to handling early drafts and suggested alternative methods to foster a healthier dialogue about the evolving governance structure.
According to insights from the Mitrade platform, the Cardano Constitution, currently an off-chain informational document, aims to embody the core values of Cardano and ensure its long-term sustainability. Over time, it is expected to evolve into a smart-contract driven framework. The ICC serves as a guardian of this constitution, with mechanisms in place to replace it through specific governance actions if necessary, reflecting a robust and flexible governance framework that emphasizes accountability and adaptability.
As Cardano approaches the Chang hard fork, the dynamics within its community and the unfolding governance model are of critical importance. The outcomes of the current voting process and the subsequent integration of the interim constitution are expected to have lasting impacts on the operational and governance landscape of the blockchain.
At the time of writing, Cardano (ADA) is valued at $0.3866, with a 0.14% increase in the past day and an 8.39% decrease in the past week.