The Cardano Foundation, responsible for developing the Cardano blockchain, released an updated proposal for the Cardano Constitution to improve the governance of the blockchain ecosystem. Creator Charles Hoskinson expressed optimism for the layer-1 network’s future.
The draft of the Constitution, created on July 29th, forms the basis of this updated proposal, which incorporates changes from constitutional workshops, social media discussions, and expert and community feedback. Incidentally, the updated proposal is to be made available in Japanese, Spanish, Hindi, Portuguese, and other languages for ease of use for the community.
Improving Accessibility and Transparency
The updated proposal aims to “improve the accessibility and clarity of the Cardano governance framework,” focusing on a less technical audience. The Foundation explained this approach allowed them to gather valuable input from various stakeholders. As the blockchain ecosystem transitions to more transparent governance, the Foundation wants broader participation.
The proposal includes specifications for governance actions, budget and treasury details, definitions, a reformatting of the Guardrails, a new table of contents, new sections, and additions to the Preamble and Tenets.
Hoskinson Bullish on ADA’s Future
Hoskinson shared his bullish outlook for Cardano and ADA in an X (formerly Twitter) post, citing new developments within the blockchain ecosystem. He believes on-chain governance has been successful and will continue to be so.
Read also: ADA and XRP Surge as Cardano and Ripple Plan DeFi Collaboration
Hoskinson stated these changes in the Constitution and on-chain governance “will create an extremely strong foundation for Cardano entering 2025.” As if to mirror the optimism, ADA token rose 12.38% within 24 hours and at the time of publication, the altcoin is trading at $0.885, eyeing the $1 price level.
As per CoinMarketCap data, the ninth-largest digital asset with a market cap of $31.02 billion has dropped a massive 71.39% from its all-time high of $3.10 witnessed during the previous bull run of 2021. In the past week, ADA has surged 43.95% while skyrocketing 140.72% in the past 30 days.
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