The Cardano Foundation, responsible for developing the Cardano blockchain, has published an updated proposal to the Cardano Constitution aimed at improving governance of the blockchain ecosystem. Creator Charles Hoskinson expressed optimism about the future of the Tier 1 network.
The draft Constitution, created on July 29, forms the basis of this updated proposal, which includes changes made as a result of constitutional workshops, social media discussions, and expert and community feedback. By the way, the updated offer will be available in Japanese, Spanish, Hindi, Portuguese and other languages for ease of use by the community.
Improving accessibility and transparency
The updated proposal aims to “improve the accessibility and clarity of Cardano’s governance structure” by targeting a less technical audience. The Foundation explained that this approach allowed them to obtain valuable information from various stakeholders. As the blockchain ecosystem moves toward more transparent governance, the Foundation wants greater participation.
The proposal includes management action specifications, budget and treasury details, definitions, reformatting of the Guardrails, new content, new sections and additions to the Preamble and Principles.
Hoskinson is optimistic about the future of ADA
Hoskinson shared his bullish outlook for Cardano and ADA in an X (formerly Twitter) post, citing new developments in the blockchain ecosystem. He believes that management within the network has been successful and will continue to be so.
Read also: Growth of ADA and XRP as a result of cooperation between Cardano and Ripple Plan DeFi
Hoskinson said these changes to the Constitution and on-chain governance “will create an extremely strong foundation for Cardano’s entry into 2025.” As if to confirm the optimism, the ADA token is up 12.38% in 24 hours, and at the time of publication, the altcoin is trading at $0.885, targeting a $1 price level.
The ninth-largest digital asset, with a market capitalization of $31.02 billion, is down a whopping 71.39% from the all-time high of $3.10 recorded during the previous 2021 bull rally, according to data from CoinMarketCap. Last week, ADA rose by 43.95. %, skyrocketing 140.72% in the last 30 days.
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