Cardano Transitions to Decentralized Governance with Plomin Hard Fork
In a significant development for the proof-of-stake blockchain Cardano, the Plomin hard fork will take effect later today, marking a pivotal shift towards decentralized governance. The Cardano Foundation, a non-profit organization dedicated to supporting the Cardano project, announced this milestone on X, emphasizing the transformative nature of this upgrade.
“The Plomin hard fork takes effect, marking the transition to full decentralized governance. ADA holders will gain substantial voting power – influencing decisions on parameter changes, treasury withdrawals, hard forks, and the overall future of the blockchain,” stated the Cardano Foundation. This transition represents an important leap forward in blockchain governance, enabling community involvement in decision-making processes.
As of the latest updates, Cardano’s ADA token was trading at 93 cents, reflecting a 1.4% increase within the day, according to data sourced from CoinDesk and TradingView. A hard fork is defined as a non-backwards compatible update to the blockchain’s programming, indicating a major change that requires consensus among its participants.
For the Plomin hard fork to be successfully implemented, Stake Pool Operators must upgrade their nodes and secure a minimum of 51% approval for the upgrade. Encouragingly, as of last week, nearly 80% of nodes had already transitioned to the new version, showcasing robust support within the community.
