Summary: Cardano Online Meetup #5 – AMA on Cardano Constitution
Date: October 6th, 2024
Time: 20:00 – 21:30 (GMT+7)
Platform: Zoom
Participants: ~25 attendees
Host: Ha Nguyen, Cardano Ambassador
Special Guests: Sang Nguyen and Jimmy Lee (Constitutional Representatives for Vietnam at the Cardano Constitutional Conference)
Agenda and Key Topics
- Overview of the Cardano Constitution and its importance.
- Exploring the roles and requirements for DReps (Delegated Representatives).
- Managing fund disbursements for large-scale projects.
- Discussing the role of centralized exchanges (CEXs) in governance.
- Preparation for the Cardano Constitutional Conference in Argentina.
- Interactive Q&A session.
Presentation Summary
The meetup began with an introduction by Ha Nguyen, emphasizing the importance of the Cardano Constitution as a core foundation for decentralized governance and community participation. The AMA aimed to collect valuable feedback from the Vietnamese community to contribute to discussions at the upcoming Cardano Constitutional Conference in Argentina.
Sang Nguyen provided insights into Cardano’s evolving governance model, highlighting that community involvement is critical to building a sustainable and inclusive ecosystem.
Key Discussions
Topic 1: Should specific requirements for DReps be included in the Cardano Constitution?
Main Question:
Currently, anyone with 500 ADA can become a DRep. Should the Constitution set specific requirements for DReps, such as technical expertise or community experience?
Community Feedback:
-
In Favor of Requirements:
- Ha Nguyen: Suggested minimum criteria to ensure DReps possess technical knowledge, economic analysis skills, and ethical responsibility.
- Sang Nguyen: Emphasized the importance of understanding governance proposals, such as block size changes, to make informed decisions.
- Jimmy: Proposed adding codes of conduct and periodic evaluations to ensure DReps maintain standards.
-
Against Strict Requirements:
- Ngoc: Expressed concerns that strict requirements might discourage participation, especially from newcomers. Suggested a more open and flexible approach.
- Long Ho: Recommended using a decentralized identity (DID) system to track and evaluate DReps’ contributions without imposing mandatory criteria.
Conclusion:
Most participants agreed on the need for minimum standards but emphasized flexibility to avoid limiting participation. Transparency and self-governance were encouraged as alternative solutions.
Topic 2: Should the Constitution include detailed processes for large-scale fund disbursement?
Main Question:
For projects with large budgets (over 1 million ADA), should milestones, progress checks, and detailed disbursement processes be mandatory?
Community Feedback:
- Ha Nguyen: Suggested using smart contracts to disburse funds in phases, ensuring transparency and accountability.
- Sang Nguyen: Supported dividing payments into smaller increments to ensure funds are used effectively.
Conclusion:
All participants agreed on the need for detailed disbursement processes, including milestone tracking and smart contract technology.
Topic 3: Should the power of centralized exchanges (CEXs) in governance be limited?
Main Question:
Centralized exchanges (CEXs) hold significant ADA and wield considerable influence. Should the Constitution limit their power to prevent manipulation?
Community Feedback:
-
In Favor of Limitation:
- Ha Nguyen: Proposed restricting CEXs’ power to maintain Cardano’s decentralization.
-
Against Limitation:
- Jimmy: Warned that excessive restrictions could affect liquidity and user access. Suggested balanced governance rules instead.
Conclusion:
A balanced approach is needed to control CEXs’ influence while protecting decentralization. Further discussions and community feedback are required.
Highlights from the Q&A Session
Question: How are the voting powers distributed among DReps, SPOs, and the Constitutional Committee?
- Answer:
- Sang Nguyen: Voting power is equally distributed, and any proposal requires the agreement of at least two of the three governing bodies to pass.
Question: Should Fiat (e.g., USD) be used as a reference in economic parameters?
- Answer:
- Jimmy: ADA should remain the primary unit to maintain decentralization. Fiat should only be used as a reference if necessary.
- Jimmy: ADA should remain the primary unit to maintain decentralization. Fiat should only be used as a reference if necessary.
Question: How can urgent decisions be addressed without undermining decentralization?
- Answer:
- Ha Nguyen: Emergency mechanisms are necessary but must be tightly controlled to prevent misuse.
Conclusions and Next Steps
The meetup facilitated lively discussions, enabling the community to voice opinions on critical governance topics. Feedback from this AMA will be compiled and presented at the Cardano Constitutional Conference in Argentina.
Next Steps:
- Continue discussions on Discord (Vietnam channel) and Telegram.
- Develop a Telegram bot for governance-related document lookup.
- Organize additional meetups to address remaining topics.
Acknowledgments
A heartfelt thank you to everyone who participated and shared their insights. Together, we are building a robust governance foundation for Cardano’s future.
Recording
See you at the next Meetup!
