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Cardano Hits Major Governance Milestone Post-Plomin Hard Fork
In a significant development for the blockchain platform, Cardano has successfully reached a major governance milestone in its journey towards self-sustainability. The milestone marks the culmination of efforts to decentralize the network’s decision-making process and empower holders of the ADA token to direct technical changes and treasury withdrawals.
The achievement comes on the heels of the Plomin hard fork, which has fully enabled on-chain governance for the Cardano community. This shift in governance strategy hands responsibility from the Inter-Opera Group (IOG), the Cardano Foundation, and EMURGO, which had previously controlled the seven genesis keys.
As a result, the DReps, SPOs, and Constitutional Committee are now tasked with governing all aspects of the network via an on-chain voting and treasury system based on CIP-1694. The Plomin hard fork’s successful implementation has effectively transferred governance powers from centralized bodies to decentralized mechanisms.
In its announcement, the Cardano Foundation acknowledged this critical step forward in its statement: “Cardano is built for the people, by the people. With Plomin’s completion, we are one giant leap closer to realizing this vision.”
With on-chain voting now enabled, ADA holders can effectively participate in shaping the future of their network, a crucial component in achieving true decentralization.
Source: u.today
