• Charles Hoskinson, the Cardano and Input Output Global (IOG) founder, addressed certain tweets about Cardano’s governance on Twitter.
• He shared the concept behind the CIP-1694 governance mechanism in response to a tweet by crypto writer A Nerd on a Wire.
• The self-proclaimed „King of the Rats“ highlighted that CIP-1694 allows for a voting class to make decisions about one of the seven governance events.
Cardano’s Governance System
Charles Hoskinson, the Cardano and Input Output Global (IOG) founder, recently addressed certain tweets about Cardano’s governance on Twitter. The topic of governance has been hot in the Cardano (ADA) ecosystem lately, with many conversations taking place across Crypto Twitter around Cardano’s governance system and CIP-1694.
CIP-1694 Governance Mechanism
In response to a tweet by crypto writer A Nerd on a Wire, Hoskinson shared the concept behind the CIP-1694 governance mechanism. According to him, this mechanism allows for a „voting class“ to make decisions about one of the seven governance events. This is also being „discussed and debated in an increasingly open way.“ In his video reply, he also spoke about drama „floating over Twitter“ surrounding Cardano’s governance processes and associated decision-making procedures.
Cardano Improvement Proposals (CIP)
A Cardano Improvement Proposal (CIP) is a formalized design document for ideas submitted by members of the community regarding potential improvements or features that could be added to Cardano’s platform. These proposals are then discussed and debated openly among members of the community before they are accepted or rejected based on consensus. Furthermore, material from Cardano workshops is publicly available so everyone can remain informed throughout this process.
The Age Of Voltaire
Cardano’s Age of Voltaire is set to remove IOG’s control completely from its ecosystem and shift all decision making power into decentralized hands through its voting class system outlined with CIP-1694 . This will ensure that all decisions taken in regards to changes made to its blockchain are made democratically through transparency between its stakeholders rather than solely relying on IOG’s discretion as it has done until now .
Hoskinson used A Nerd on a Wire’s tweet as an example of “materially untrue” drama floating over Twitter concerning decision making processes within its network; urging people not jump into conclusions without understanding nuances surrounding CIP 1694 first hand . Ultimately , this new age looks set give all stakeholders more say than ever before when it comes down important changes which should encourage positive growth within ADA ecosystem going forward .