End Of An Era: Cardano Founder Announces ‘Genesis Keys Are Dead’

2 months ago 19

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In an announcement made via X on August 30, Charles Hoskinson, the founder of Cardano, proclaimed the end of the Genesis Keys, a set of cryptographic keys instrumental in the early stages of the blockchain’s development and operation. Hoskinson’s brief yet profound message, “Genesis Keys are dead :) The Age of Voltaire is soon upon us.”

Cardano Enters The Voltaire Era

The Genesis Keys were integral during the inception phases of the blockchain, facilitating its launch and initial configurations. These keys were held by the primary entities behind ADA’s development and promotion: Input | Output, the Cardano Foundation, and Emurgo. Their purpose has been to secure the early network and administer initial operations until a more decentralized model could be implemented.

Hoskinson’s announcement coincides with the upcoming activation of the first part of the Chang hard fork, scheduled for September 1. This fork represents a crucial evolution in ADA’s governance, shifting significant control and financial resources to the community itself.

Crypto analyst Dan Gambardello remarked via X: “The Cardano Chang hard fork isn’t just another upgrade; it’s an actual turning point in crypto history. Over $600 million will be entirely in the hands of its community, based on today’s ADA price. This could very quickly increase to $5 billion or even $10 billion. This is a paradigm shift in how we perceive blockchain governance.”

Gambardello further elucidated that with this governance model, the project is poised to redefine its position in the blockchain hierarchy, potentially attracting a broader base of developers, users, and investors. “Cardano has been the underdog, underestimated by so many. But here it is, all going as planned as it remains a top ten crypto,” he speculated.

Lloyd Duhon from GM Cardano recently detailed the operational specifics of the newly established Constitutional Committee during a YouTube episode of “Governance Matters.” According to Duhon, the committee is now fully formed and ready to ensure that on-chain governance actions align with the interim constitution.

🚀 Big news for #Cardano governance!

The Constitutional Committee is now formed and ready to roll! 🏛️

7️⃣ members, including community-elected reps 🗳️ 455M+ $ADA voted 🔍 Ensuring on-chain actions align with our constitution

Watch now to learn more! pic.twitter.com/IbLSkoz4Rp

— GM Cardano (@gm_cardano) August 28, 2024

The committee is composed of a mix of appointed representatives from the pioneer entities—IOG, the foundation, and Emurgo—and community-elected members from different regional councils like Cardano Atlantic Council, Cardano Japan, and Eastern Cardano Council.

The committee’s mandate is delineated in Article Six of the interim Constitution. It restricts the committee to voting on the constitutionality of proposed governance actions before these are implemented on the blockchain, thereby maintaining a rigorous check-and-balance system.

Duhon emphasized the importance of transparency in this process, noting that each decision must be publicly documented, with explanations provided when proposals are voted against, specifically citing constitutional conflicts.

After the Chang hard fork initiates, the community’s role will be crucial for the success of ADA. There are global workshops scheduled to draft the final Constitution. These workshops, starting in August, are set to culminate in a Constitutional Convention in Buenos Aires in December.

At press time, ADA traded at $0.3588.