Cardano Eyes Plomin Hard Fork Amid Push For Community Governance

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The cryptocurrency Cardano, represented by ADA ($0.92), is progressing toward widespread usage. This advancement is due to the upcoming Plomin hard fork set for release later this month. This update is an important milestone in Cardano’s mission to establish a completely decentralized blockchain without any central authority.

The time preceding the hard fork is a thrilling period, as the Cardano community anxiously looks forward to the results of their governance votes.

Cardano’s Plomin Hard Fork: A New Era for Blockchain Governance

The Plomin hard fork represents a significant advancement within the Cardano network, signifying the conclusion of a significant development stage and the beginning of an even larger endeavor. This upgrade intends to embed fully decentralized governance at its core, thus eliminating the need for central authority in critical decision-making processes.

The proposed change, detailed in CIP-1694, represents a major advancement for the Cardano protocol. Should it be implemented successfully, Cardano would evolve into a fully autonomous system, gradually diminishing the need for the core team to make crucial decisions over time.

On December 20, 2024, a proposal for the Plomin upgrade was put forward, initiating the voting period. The decision on whether to move ahead with the upgrade lies in the hands of the Stake Pool Operators (SPOs).

In order to be approved, both SPOs and the Intersect Constitutional Committee (ICC) need to give their endorsement for the proposal. It’s important to note that this process is not solely about garnering the necessary votes. Instead, it guarantees that there is sufficient stake (or collective ADA voting power) backing the proposal.

Voting will take place in multiple stages, with deadlines on January 14th, 19th, and 24th sequentially. The conclusion of this process is anticipated by January 29th. As we stand on January 6th, approximately 79% of Staking Pool Operators (SPOs) have already upgraded to Node version 10 and are supporting the planned hard fork.

Out of the 213 SPOs who have cast their votes so far, a majority of 209 have shown approval for the upgrade. This equates to approximately 17% of the total stake at hand. To officially endorse the hard fork, a minimum of 51% of the stake’s vote is required. The backing from SPOs appears robust, and the community’s excitement for the proposed change continues to surge each day.

Approximately one out of five stakes has been cast for the Plomin hard fork so far, with a total of 227 SPOs participating in the vote. Out of these 227, 224 have expressed support for the change, indicating a strong affirmative response.

The threshold is 51%. Deadline is January 24th.

— Cardano YOD₳ (@JaromirTesar) January 7, 2025

DApp and Exchange Signal Readiness

The buzz surrounding the Plomin update extends far beyond just Cardano. A multitude of decentralized applications (dApps) are preparing themselves for this transition, as it may significantly alter their functioning within the network.

It has been reported that Intersect is informing about the dApps and exchanges ready for the upgrade. Some initial backers include Danogo, Fluid Tokens, Genius Yield, Minswap, Snek.fun, Splash, Summon, Tempo, and Wanchain.

Key trading platforms such as Coinbase, Crypto.com, and Kraken are prepared for the upcoming change. Once it’s finalized, this update signifies a fresh era for Cardano.

This update signifies both a technological advancement and a transformation in culture, possibly serving as an example for other blockchains to emulate. Various blockchain networks and protocols, such as Ethereum, Polkadot, Scroll, and Avalanche, have embraced governance models.

Regardless of the specific structures they employ, each strives to establish decentralized decision-making mechanisms for the community and to implement protocol enhancements collaboratively.

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2025-01-08 23:30