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IOG to Design Voting System for Cardano Improvement Proposals (CIP)

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This month Cardano's “d” parameter will reach a value of 0. With that, the blockchain will be completely decentralized. In preparation for this milestone, IOG CEO Charles Hoskinson made a video summarizing other Cardano parameters.

After the event, Hoskinson believes that Cardano will have 3 major milestones of equal importance: the delivery of a peer-to-peer network, the genesis of Goguen and the ultimate achievement, the delivery of a "democratic process." ADA holders will be able to vote to make changes to parameters such as k and d and choose whether they will be implemented as a soft fork or a hard fork using the combiner mechanism.

Cardano developer IOG sees these parameters as a “starting point” that will generate relevant data to understand the different properties of the system, such as its level of equality and other issues related to the blockchain. Hoskinson explained:

The idea is that this objective reality of the facts corresponds to the parameters of the protocol and the CIP process to change them or change the design of certain things. For example, when we talk about side chains, integrate an Ethereum side chain, a Yella side chain and that Catalyst is interconnectable with Cardano. It is very likely that the control protocol for this overlaps with the stakeholders' operators (…).

Cardano empowers its community

Hoskinson went on to say that the SPO should be compensated for by the additional work on these side chains. Therefore, he believes that the community should vote to modify the inflation parameter to reflect compensation. The IOG CEO revealed that they are designing a CIP specifically for this.

Hoskinson hopes this will be the first CIP that the community will vote on and approve directly with a bicameral model. The plan for this process is that the Catalyst sidechain will be the first voting item. If approved by the community, it will go to the mainnet to be voted on by the stakeholders of the group. Hoskinson stated:

So I think we will be in a good place to make good decisions about the ramifications of CIP and it needs a good start. This is a good example, changes in the inflation parameter. But by no means will it be the end, there will be ongoing discussions about the minimum transaction fees, the minimum amount committed, the K-factor and others.

The IOG CEO emphasized that Cardano's developer team is structured and adequately staffed to advance this and other projects relevant to Cardano, the launch of Plutus and the Goguen era components, performance enhancements, structure government, the design of the roadmap for Cardano 2025, and the partnerships related to these projects.

Hoskinson also expressed "sympathy" for the "frustration" felt by some in the community, but called the process complex and asked users to be patient while milestones are being developed. Hoskinson said:

There is a perception in certain circles that has been driven by the Ethereum community that we are a ghost chain and that there is no interest in Cardano. On the contrary, there is an overwhelming demand in Cardano (…).

(embed) https://www.youtube.com/watch?v=JJorRPk767s (/ embed)

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