Guided by a principles-first approach, Cardano has reached a significant milestone in its development journey—the Voltaire phase. At the heart of this phase lies the Cardano Improvement Proposal 1694 (CIP-1694), which aims to revise Cardano's on-chain governance system. This proposal, which has garnered unprecedented community engagement, is now set to undergo a temperature check through the Cardano Ballot event. In this article, we will look at the key components of CIP-1694, the mechanics of the Cardano Ballot, and the insights shared by Charles Hoskinson, the co-founder and CEO of IOG.
CIP-1694 represents a substantial overhaul of Cardano's existing governance mechanisms, focusing on the Voltaire phase's requirements. The CIP-1694 introduces new fields in transaction bodies, including governance actions and votes, providing a more comprehensive framework for community participation. Open participation in governance is a cornerstone of CIP-1694, democratizing the process of proposing changes or new features in the Cardano ecosystem.
Constitutional Committee: This body oversees adherence to the core principles and rules of the Cardano network.
Delegate Representatives (DReps): These representatives act on behalf of specific segments of the Cardano community.
Stake Pool Operators (SPOs): The operators of nodes maintaining the Cardano network.
Every governance action proposed must be ratified by at least two of these three bodies, determined by the type of action and the state of the governance system. Once ratified, these governance actions are enacted on-chain following predefined rules, ensuring transparency and adherence to the established governance framework.
Cardano introduced the Cardano Ballot event to gauge community opinions on CIP-1694. This non-binding poll serves as a temperature check on the progress made in the Voltaire governance journey. The event is set to run from December 1st to December 11th, with results expected on December 16th. It counts stake and participating wallets, encouraging voters to provide feedback through a dedicated form.
Key dates for the Cardano Ballot event include November 20th as the last day to stake ADA, November 21st for the ballot power snapshot, and December 1st as the opening of the ballot period. The results are anticipated to be made public on December 16th.
In a recent broadcast, Charles Hoskinson shed light on the Cardano Ballot tool and outlined the roadmap for future developments. The tool, developed by the Cardano Foundation in collaboration with IOG and Intersect, plays a central role in the upcoming non-binding poll on CIP-1694.
Hoskinson emphasized the dual purpose of the initiative: to act as a temperature check for community opinions on various governance aspects and to develop an open-source platform for efficient governance-related polling. Notably, hardware wallet users can participate with a minimal amount of ADA.
Hoskinson also highlighted technical advancements within the Cardano ecosystem, such as the progress of Cardano Node 8.6 and the impending release of 8.7. SanchoNet, a testnet aligned with CIP-1694 specifications, is reaching maturity, indicating improvements in governance tooling and the ability to test scenarios like hard forks and parameter changes.
Community engagement and development were underscored, with active participation in governance discussions and a growing membership in Intersect reflecting robust community involvement. Hoskinson hinted at future developments, particularly in CIP-1694, involving updates related to the rotation of credentials for committee members and the transition of repositories from IOG to Intersect.
As Cardano enters the Voltaire phase, the CIP-1694 and the Cardano Ballot event mark pivotal moments in the evolution of its governance framework. The commitment to openness, transparency, and community participation underscores Cardano's principles-first approach, shaping the blockchain's future through collective decision-making.
CIP-1694 - Official Website
CardanoSpot - Article on CIP-1694
Bitcoin Insider - Article on Cardano Governance Ballot Launch
CryptoGlobe - Article on IOG CEO Charles Hoskinson
CryptoNews.net - Article on Cardano Governance Updates
YouTube Video - IOG CEO Charles Hoskinson