Cardano co-founder Charles Hoskinson has praised the recent elections held by Intersect, the governance body guiding the Cardano ecosystem, as a key milestone toward decentralization.
Notably, the elections, which concluded on Wednesday, saw 574 unique voters cast 7,244 votes, achieving a 37% participation rate among eligible members.
In a tweet on Wednesday, Hoskinson congratulated the newly elected members and reflected on the progress made in community governance.
“Congratulations to everyone elected. Like all new organizations, Intersect has been a bumpy ride, but community governance is growing, and processes are improving.” He stated.
Hoskinson also hinted at a swift transition to Intersect’s next wave of staffing and leadership ahead of the Constitutional Convention in December, where 126 delegates and alternates from 50 countries are expected to convene.
This election marks Intersect’s first full-scale election for its committees and governing board, reflecting the Cardano community’s dedication to self-governance. In an official blog post, Intersect celebrated this achievement, highlighting the significant participation of over 140 candidates worldwide and noting that the election demonstrated Cardano’s commitment to inclusivity and global collaboration.
The elections are a part of Cardano’s broader shift toward decentralized governance, particularly through establishing a Constitutional Committee. This body will work with decentralized representatives (DReps) to guide Cardano’s governance framework as the ecosystem evolves. DReps, a central component of Cardano’s governance model, are community members who hold ADA and have registered on-chain to act as representatives, receiving delegated voting power from other ADA holders.
Moreover, on Thursday, Intersect further elaborated on the role of DReps in Cardano’s governance.
“Cardano’s current behavior and future are determined by the ADA holders with the most stake in its success. Individual holders can vote on governance actions, or they can choose to delegate their power to registered representatives.” Intersect noted.
As outlined by CIP-1694, these DReps carry significant responsibility, including submitting and reviewing governance actions, voting on behalf of their delegators, and ensuring that decisions reflect the community’s will.
It is important to note that Cardano’s governance is built on three foundational pillars: on-chain decision-making, a Cardano constitution, and institutions like Intersect, Project Catalyst, and Input-Output (IO). The recent Chang upgrade, expected to further decentralize governance processes, will see DReps play an even more significant role in future governance actions, strengthening their influence as Cardano moves towards a more equitable distribution of voting power.
Meanwhile, speaking at the Cardano Summit 2024 in Buenos Aires, Argentina, last week, Hoskinson expressed optimism about the network’s trajectory, predicting that Cardano would surpass Bitcoin and Ethereum within the next decade. He highlighted the network’s growth to an 11-figure valuation and its emergence as “the largest research group in the world.”
ADA traded at $0.3455 at press time, reflecting a 0.15% surge over the past 24 hours.
