Cardano’s Plomin Hard Fork and Decentralization
Cardano is gearing up to activate the Plomin hard fork by 21:44 UTC on Jan. 29, marking a significant milestone in the network’s journey towards decentralization.
Direct Voting Power for ADA Holders
The upgrade, as per a statement shared with CryptoSlate on Jan. 29, will empower ADA holders with direct voting power over crucial network decisions. This includes the ability to make decisions on parameter adjustments, treasury withdrawals, and hard forks.
Exploring the Plomin Hard Fork
Intersect, a Cardano member-based organization, highlighted that the Plomin hard fork will introduce on-chain voting, a crucial step towards achieving complete decentralization.
With the implementation of CIP-1694 finalized through this hard fork, Cardano is moving towards the Voltaire era, aiming to establish a self-sustaining blockchain. Through on-chain voting, the community will have control over network parameter changes, treasury allocations, and protocol upgrades.
Governance Participation Options
ADA holders now have two options for governance participation – voting directly or delegating their rights to representatives (DReps). This system is backed by Cardano’s liquid staking mechanism, allowing users to adjust their delegation every five days.
Community-Led Decisions
The Plomin upgrade paves the way for community-led decisions, with Cardano members set to vote on ratifying the network’s constitution. They will also determine the first formal budget for the ecosystem in the first quarter of 2025, influencing how treasury funds are allocated and withdrawn.
Jack Briggs, the Ecosystem Director at Intersect, emphasized the significance of Plomin in placing the network’s future directly in the hands of ADA holders. He highlighted the potential of decentralized governance to drive innovation by translating community debates into tangible progress.
Future Prospects for Cardano
Having entrusted governance to its users, Cardano’s future development will be steered by community-driven priorities.
Input Output Global (IOG), the core development team behind the blockchain, has put forth a proposal outlining the network’s next phase. The focus areas include scalability, usability, and interoperability to bolster Cardano’s infrastructure and cater to an expanding user base, enhancing capabilities for decentralized applications (DApps) and smart contracts.
The ultimate goal is to enhance cross-chain functionality, making Cardano more integrated with the broader blockchain ecosystem.
This roadmap aligns with Cardano founder Charles Hoskinson’s vision for the network’s evolution. Plans include integrating Bitcoin into Cardano’s DeFi ecosystem, enhancing network performance, and expanding cross-chain interoperability. There are also hints at a potential collaboration with Chainlink to boost connectivity and the blockchain network’s stablecoin supply.