Recap Cardano Meetup Online #7
Date and Time: November 26, 2024, 8:00 PM – 10:00 PM
Venue: Online via Zoom
Topic: Contributions to the Cardano Constitution – Preparations for the Global Constitution Summit
Participants: 18 attendees
Luma link: Cardano Meetup Online #7 · Zoom · Luma
I. Purpose of the Meetup
- Update Information: The Vietnamese delegation shared their preparation progress for the Global Constitution Summit, starting on December 3, 2024.
- Gather Feedback: Listen to community opinions to make decisions that align closely with the common interests of the community at the summit.
Vietnam Representatives at the Global Constitution Summit:
- Mr. Jimmy Lee and Mr. Quang Daniel: Constitution Delegates officially representing the Vietnam region.
- Ms. Ha Nguyen: Member of the Constitution Committee, supervising and advising the Constitution Delegates.
- Additional Constitution Delegates supporting community feedback collection:
- Mr. Sang Nguyen – Vcoincheck Team.
- Mr. Buck Nguyen – Cardano Asia TikTok.
II. Main Content
Topic 1: Fixed Timeline for Constitution Amendments
Question: Should the Constitution have a fixed timeline (e.g., every 1 or 4 years) for amendments?
Key Opinions:
1. Support for Fixed Timelines:
- Some members suggested fixed intervals, such as 1 or 4 years, to ensure the Constitution remains relevant.
- A 4-year cycle aligns with major events like U.S. presidential elections or crypto market cycles.
- However, flexibility is needed to handle emergencies.
2. Opposition to Fixed Timelines:
- The Constitution serves as a core framework and does not require frequent updates.
- Minor adjustments can be implemented via circulars or specific regulations without revising the entire Constitution.
- Fixed timelines could increase administrative burden and consume resources unnecessarily.
Conclusion:
- Adopt a Flexible Amendment Mechanism instead of fixed timelines:
- Proposal: Anyone can propose amendments with justified reasons after gathering community feedback.
- Conditions: Proposers must commit a fee (e.g., lock 100,000 ADA) when submitting governance action proposals.
- Process: Proposals will be evaluated and voted on through the on-chain governance system.
Other Opinions:
- Mr. Long: The Constitution should be well-constructed from the start. Necessary changes should be handled through governance proposals instead of fixed timelines.
- Mr. Jimmy Lee: Current Constitution drafts are regularly updated through periodic meetings and collective input from global delegates.
Topic 2: Budget for Cardano Blockchain Development
Question: Should the budget be fixed (based on the roadmap) or adjusted flexibly each year?
Members’ Perspectives:
1. Benefits of Flexible Budgets:
- Mr. Jimmy Lee:
- When ADA prices rise, a fixed budget could lead to surplus and waste.
- When ADA prices fall, a fixed budget might be insufficient to sustain operations.
- Ms. Ha Nguyen: Proposed setting “ceiling” and “minimum” levels to maintain balance. A reserve fund should be created to handle major fluctuations.
- Prioritizing Budget Allocation:
- Mr. Thành:
- Core development and research must be prioritized as they directly impact system stability.
- Governance and community activities can be adjusted flexibly if necessary.
- Mr. Sang: Budget planning should align with market cycles and annual demands.
3. Transparent Financial Management:
- Unused funds could be staked to generate returns, supporting the treasury.
- Major expenditures must be monitored via smart contracts to ensure transparency.
Conclusion:
- Budgets should be flexible annually, with a transparent evaluation process and reserves for contingencies.
- Surplus funds (due to ADA price increases) can be reinvested or carried over to the following year.
Topic 3: Role of Large Entities (e.g., Exchanges) in Governance
Question: Should the role of exchanges in governance be restricted?
Community Perspectives:
1. Risks from Large Entities:
- Large entities, such as major exchanges, could manipulate governance, especially during data snapshots.
- This could lead to imbalance and negatively impact the decentralization of the network.
2. Control Mechanisms:
- Establish Independent Oversight Committees:
- Monitor unusual behaviors or manipulation attempts.
- Major decisions should undergo multi-level approvals.
- Layered Approval System:
- Small decisions can be processed automatically via smart contracts.
- Significant decisions require independent committee review for transparency.
- Do Not Ban Exchanges:
- Instead, implement clear and transparent rules for exchanges to follow.
Conclusion:
- Large entities can participate but must adhere to decentralized mechanisms and community-approved governance rules.
III. Expectations and Next Steps
Global Constitution Summit:
- Date: Starting December 3, 2024.
- Locations: Two main venues in Argentina and Kenya.
- This marks a historic milestone as the global community votes to finalize Cardano’s first Constitution.
Vietnam Community Contributions:
- Feedback from the Vietnam community has been collected throughout the discussion series.
- Delegates commit to representing the majority voice at the summit.
Recording
The final discussion before the official summit concluded successfully with active participation from the community.
Sincere thanks to everyone who joined Cardano Meetup Online #7.
Looking forward to seeing everyone at future meetups!
On behalf of the Cardano Meetup Organizing Committee
Ha Nguyen
Cardano Ambassador
Cardano Vietnam Community