IOG designs voting system for Cardano Improvement Proposals (CIPs)

  • The community will vote on CIPs for the first time to change the inflationary parameter of Cardano.
  • The democratic process will be a “bicameral” voting system for community and stake pool operator participation.

This month Cardano’s d parameter will reach a value of 0. With that, the blockchain will be completely decentralized. In preparation for this milestone, IOG CEO Charles Hoskinson has made a video in which he summarized other parameters of Cardano.

After the event, Hoskinson believes that Cardano will have 3 major milestones of equal importance: the delivery of peer-to-peer network, genesis of Goguen, and the ultimate achievement, the delivery of a “democratic process”. ADA holders will be able to vote to make changes to parameters such as k and d and choose whether they will be implemented as a soft fork or a hard fork using the combinator mechanism.

Cardano’s developer IOG sees these parameters as a “starting point” that will generate relevant data to understand the different properties of the system, such as its level of equality and other issues related to the blockchain. Hoskinson explained:

The idea is for that objective reality of facts to be matched to protocol parameters and the CIP process to change them or change the design of certain things. For example, when we talk about sidechains, integrating an Ethereum sidechain, Yella sidechain, and for Catalyst to be inter-connectable with Cardano. It’s very likely that the control protocol for that will overlap with stake pool operators (…).

Cardano empowers its community

Hoskinson continued to say that the SPO should be compensated for the additional work in these sidechains. Therefore, he believes the community should vote to make a modification to the inflationary parameter to reflect the compensation. IOG’s CEO revealed that they are designing a CIP specifically for this.

Hoskinson expects this to be the first CIP that the community will directly vote on and approve with a bicameral model. The plan for this process is that the Catalyst sidechain will be the first voting item. If the community approves it, it will go to the main network to be voted on by the stake pool operators. Hoskinson stated:

So, I think we will be in a good place to make good decisions on CIP ramifications and you need a good start. This is a good example, changes to the inflation parameter. But by no means will it be the end, there will be ongoing discussions about minimum transaction fees, minimum pledged amount, K-factor and others.

IOG’s CEO emphasized that the Cardano developer’s team is structured and adequately staffed to make progress on this and the other projects relevant to Cardano, the launch of Plutus and the Goguen-era components, the performance improvements, the governance structure, the design of the roadmap for Cardano 2025, and the partnerships related to these projects.

Hoskinson also expressed “sympathy” for the “frustration” felt by some in the community, but called the process complex and asked users to be patient while the milestones develop. Hoskinson said:

There is a perception in certain circles that has been pushed by the Ethereum community that we are a ghost chain and that there is no interest in Cardano. On the contrary, there is an overwhelming demand in Cardano (…).

Der Beitrag IOG designs voting system for Cardano Improvement Proposals (CIPs) erschien zuerst auf Crypto News Flash.

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