Cardano’s Plomin Upgrade: A New Era of Decentralized Governance
Cardano, the innovative layer-1 blockchain launched in 2017 by Ethereum co-founder Charles Hoskinson, has successfully activated its much-anticipated “Plomin” upgrade on Wednesday. This upgrade marks a significant milestone in the ecosystem’s journey towards a truly decentralized governance system, a long-awaited feature for its community.
With the Plomin upgrade now operational, ADA token holders are empowered to actively participate in shaping Cardano’s future. This includes the ability to vote on critical treasury measures and decisions regarding hard forks, which are essential for the blockchain’s evolution.
The Plomin upgrade follows closely on the heels of the “Chang” hard fork, which was implemented just four months prior. The Chang hard fork set the stage for many of the mechanisms that have now come into play with the Plomin upgrade. To clarify, hard forks are substantial updates to a blockchain that render older versions obsolete, ensuring the network remains cutting-edge.
One of the most significant changes introduced by the Plomin upgrade is the full implementation of Delegate Representatives (dReps). These representatives will now have the authority to vote on governance issues on behalf of ADA token holders, a notable shift from the previous model where governance was managed exclusively by Cardano’s three founding entities: the Cardano Foundation, Input Output Global (IOHK), and Emurgo. Going forward, the responsibilities and keys held by these entities will be transitioned to newly established governance groups within the Cardano ecosystem.
In preparation for the Plomin upgrade, Stake Pool Operators were required to upgrade their nodes and achieve a 51% approval vote for the upgrade to proceed. As of this week, approximately 85% of nodes have successfully transitioned to the new version, enabling the network to implement the changes smoothly.
Looking ahead, the Cardano community is already addressing a series of new initiatives that are on the horizon. “In short, we want to make Cardano faster, we want to integrate privacy-preserving features, and we want to enhance utility for developers,” stated Giorgio Zinetti, CTO of the Cardano Foundation, during an interview with CoinDesk. “The development will be driven by the community’s desires and needs.”
