- Cardano makes the long-awaited hard fork Plomid
- ADA holders gain control over the development of the network
Cardano makes the long-awaited hard fork Plomid, which introduces a new era in Cardano governance. It shifts the power of governance to the community and gives ADA holders more control over the future of the network.
Cardano Hard Fork Plomid Details
Earlier, co-founder Charles Hoskinson argued for the Cardano Foundation governance structure, and it seems to have resonated as the long-awaited hard fork Plomid is happening.
Under CIP-1694, it promises fundamental changes to Cardano governance, significantly expanding the role of the community in decision-making and managing the future of the project.
More specifically, ADA owners are now allowed to submit a governance action through three distinct governance bodies that have specific functions in this new governance framework:
- A constitutional committee
- A group of delegated representatives (henceforth called DReps)
- The stake pool operators (henceforth called SPOs)
Among such governance actions:
- ADA holders can delegate voting power to DReps
- Governance participants can propose and vote on treasury fund allocations
- SPOs and community members have a direct say in Cardano’s future
Conclusion
This is the first hard fork in Cardano’s history, which already makes it an extremely significant event, and its goals are of great importance to the community.
We’ll be watching closely to see how this will affect Cardano’s development, as the battle between it and other key blockchains like Ethereum and Solana is pretty tough right now.
Be aware and stay tuned.
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