Cardano Blockchain Meetup #4 - Online - Vietnam - Recap

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Recap: Cardano Blockchain Meetup #4 – Online

Topic: Discussion on the Cardano Constitution - Shaping the Future of Cardano
Date: September 15, 2024, 20:00 - 22:00 (GMT+7)
Location: Online (Zoom)
Forum Post link: Cardano Blockchain Meetup #4 - Online
Host: Hà Nguyễn - Cardano Ambassador
Speakers: Cardano Constitutional Delegates from Vietnam: Hà Nguyễn, Trần Đăng Quang (Daniel), Jimmy Lee, Sang Nguyễn
Number of Attendees: 22

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On the evening of September 15, 2024, the Cardano Vietnam community successfully hosted its fourth online Meetup under the theme “Discussion on the Cardano Constitution - Shaping the Future of Cardano.” The event featured presentations and discussions led by Vietnamese Constitutional Delegates Hà Nguyễn, Quang (Daniel), Jimmy Lee, and Sang Nguyễn.

The goal of the Meetup was to help the community gain a deeper understanding of the Constitution’s key provisions while gathering feedback to refine the document ahead of the international Constitutional Convention set to take place in December in Argentina.

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Key Discussion Topics

Quang (Daniel) presented an in-depth overview of the Constitution’s structure and its key components, covering:

  • Network Parameters: Factors such as block creation time and block size.
  • Economic Parameters: Transaction fees, staking rewards, and economic elements affecting the ecosystem.
  • Technical Parameters: Security, node performance, and technical specifications.
  • Governance Parameters: Rules governing terms, the scope of governance bodies, and voting thresholds within Cardano.

Quang emphasized that the Constitution is still in its draft stage and will undergo further discussions and revisions before the final vote in December. Therefore, community feedback is essential to shaping the future of Cardano.

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Notable Questions and Discussion Points

  1. Question:
    “Should there be restrictions on the voting participation of centralized (CEX) and decentralized exchanges (DEX) in the Constitution?”

    • Discussion:
      Participants generally agreed that limiting the voting power of exchanges would protect user rights and prevent ecosystem manipulation. However, banning their participation would contradict the principle of decentralization. A proposed solution was to require exchanges to be transparent about their voting and to set up monitoring mechanisms to ensure their involvement is fair and does not undermine governance.
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  2. Question:
    “If restrictions are imposed, how should they be implemented to protect user rights while ensuring inclusive participation in decision-making?”

    • Discussion:
      It was suggested that exchanges and large wallets should be allowed to vote but with a capped voting power (e.g., 5% or 10%). Furthermore, exchanges should be required to disclose their voting decisions and ensure they represent user interests.
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  3. Question:
    “Is there a need for a specific progress monitoring process for proposals with large budgets in the Constitution?”

    • Discussion:
      Members unanimously agreed that a progress monitoring process is necessary to ensure projects stay on track. Some proposed setting regular checkpoints and establishing independent review committees for large-scale projects.
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  4. Question:
    “Should a specific threshold be established for large proposals to ensure strict oversight and avoid fund misuse?”

    • Discussion:
      Attendees recommended defining a threshold, such as proposals with budgets over 1 million ADA, to qualify as “large proposals” that require special monitoring and independent evaluation. This would help prevent misuse and ensure transparency.
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  5. Question:
    “Is it necessary to include separate regulations for large-budget proposals in the Constitution?”

    • Discussion:
      Participants suggested adding additional guidelines to clearly define the responsibilities of stakeholders involved in large proposals, along with clear procedures for addressing issues. This would ensure that funds are used effectively and protect community interests.

  6. Question:
    “How will the implementation of the Constitution’s regulations be carried out on the blockchain?”

    • Discussion:
      Not all rules need to be encoded on-chain. The Constitutional Committee will ensure compliance and support proposers in adhering to the Constitution. Some rules can be managed off-chain to maintain flexibility and effective implementation.

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Conclusion

The Meetup concluded successfully with valuable insights and contributions from the community. All feedback will be consolidated and presented at the Cardano Constitutional Convention in December. Sincere thanks to all Cardano enthusiasts for taking the time to participate. Every voice matters. Your involvement will help build a better Constitution and contribute to the sustainable development of the Cardano ecosystem.

The event not only provided a clearer understanding of the Constitution but also created an open platform for exchanging ideas and proposing improvements. The community is encouraged to continue discussions on Intersect’s official Discord channel to help shape the future of Cardano together.

On behalf of the Organizing Committee,
Ha Nguyen
Cardano Ambassador
Constitutional Delegate
Cardano Vietnam Community