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Cardano's (ADA) Major Improvement Proposal Reaches Important Milestone

Fri, 07/14/2023 - 16:15
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Gamza Khanzadaev
Cardano to make big leap in game-changing improvement
Cardano's (ADA) Major Improvement Proposal Reaches Important Milestone
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In a significant stride toward establishing a fully decentralized decision-making mechanism, Cardano nears a crucial milestone with the advancement of CIP-1694. The proposal has garnered extensive global attention as representatives from around the world convened to discuss its details. Thus, over the course of six months, more than 50 workshops involving nearly 1,000 community members were held to foster comprehensive discussions on the proposal.

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These workshops aimed to ensure that the governance system aligns with the needs and desires of the Cardano community. The feedback collected during this process has now been analyzed, leading to the emergence of a community-led proposal for the Minimum Viable Governance (MVG) framework that will be made available for voting to all ADA holders.

As CIP-1694 progresses toward its final form, the Cardano community will have the opportunity to participate in voting sessions to determine the acceptability of the proposed framework.

Community voting

The voting process will present several opportunities for community engagement, allowing members to shape the governance mechanism that best represents their collective interests. This participatory approach holds immense potential in advancing decentralized governance within the Cardano ecosystem.

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With the Voltaire era symbolizing the culmination of Cardano's development, the successful implementation of CIP-1694 assumes paramount importance. The fate of on-chain governance in Cardano hinges on widespread consensus among the community. With excitement mounting, all eyes are now on the forthcoming voting sessions, eagerly awaiting the next chapter in Cardano's journey toward full and true decentralization.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.