Cardano’s Pivotal Moment
This Wednesday marks a pivotal moment for Cardano as it prepares to roll out an important hard fork.
Key Highlights
- The Plomin hard fork is set to take effect later today.
- In anticipation of this shift towards complete decentralized governance, Cardano’s ADA token has seen a slight rise in value.
The Cardano Foundation, a non-profit organization dedicated to supporting the Cardano ecosystem, has announced that the completion of this transition to decentralized governance will coincide with the launch of the Plomin hard fork.
Voting Powers and Future Governance
With the execution of the Plomin hard fork, holders of the ADA token will gain significant voting powers over essential decisions like parameter adjustments, treasury disbursements, and future hard forks, as well as the overall trajectory of the blockchain.
The Cardano Foundation has hailed this development as a major milestone in blockchain governance.
As of now, ADA is trading at 93 cents, reflecting a modest 1.4% increase on the day, according to information from CoinDesk and TradingView.
A hard fork essentially introduces changes that render previous versions of the blockchain incompatible.
Ensuring a Smooth Transition
To ensure the Plomin hard fork goes off without a hitch, Stake Pool Operators must upgrade their nodes and achieve a minimum approval rate of 51%.
Impressively, nearly 80% of nodes had already completed the update as of last week.
Source: Coindesk
