Cardano Sets Stage for Significant Governance Transformation by Establishing a New Constitutional Committee

Cardano has announced the formation of the Interim Constitutional Committee (ICC) in preparation for a significant move towards decentralization.
ADA, the native cryptocurrency of Cardano, stands to gain from this community-driven initiative and future developments over the long term.
The Cardano ecosystem is progressing towards a decentralized governance model through the establishment of a Constitutional Committee. This strategic move is in anticipation of the Voltaire upgrade, as revealed by Charles Hoskinson, the founder of Cardano, in a recent YouTube video.
Hoskinson described the Constitutional Committee as a hybrid of a Supreme Court and a Senate. This committee will collaborate closely with the Decentralized Representatives (DS) elected by the community to steer the network’s evolution.
According to Hoskinson, the groundwork for establishing a robust governance framework began two years ago, involving more than 25 workshops held worldwide. The initial step towards activating this governance framework 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 global Cardano community had the opportunity to participate in elections and campaign for roles within the ecosystem. Twenty-one candidates from various coalitions worldwide competed for three open seats.
Following a tally and audit conducted by community members, the winners emerged from the Cardano Atlantic Council, Cardano Japan, and the Eastern Cardano Council. These groups represent a diverse range of countries, including the United States, Norway, Canada, Brazil, Japan, New Zealand, Australia, South Korea, and Vietnam.
The newly elected committee members have been invited to a training workshop in Colorado to prepare for their responsibilities. They will collaborate with institutions such as the Cardano Foundation, Emurgo, and Input-Output in fulfilling their roles.
One of the committee’s primary tasks is to coordinate with the DS to ensure effective governance and representation. They will also oversee the budget process, managing a treasury that currently holds over 1.5 billion ADA. Additionally, the committee will engage in discussions regarding remuneration and support for its members and the DS. Hoskinson highlighted another significant duty, which is to facilitate the Constitutional Convention scheduled for December in Buenos Aires, Argentina.
Looking ahead, Charles Hoskinson believes that Cardano’s approach to governance is distinctive and has the potential to surpass traditional systems. Nevertheless, he acknowledges the challenges ahead and emphasizes the time required to refine the system.
The interim constitution serves as a starting point, with the final document set to be shaped by feedback gathered from 50 workshops worldwide. Delegates elected during these workshops will finalize the constitution during the convention in Argentina. Hoskinson concluded by expressing gratitude to all who participated in the election and sharing his optimism for Cardano’s future.
Reaffirming previous reports by 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, marking a 2.3% increase in the past 24 hours, with a market cap of $14 billion.
Based on ADA’s current trajectory, market analysts speculate that the token could potentially rise to $24, aligning with earlier insights from Crypto News Flash.
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