SanchoNet has recently undergone a significant upgrade, transitioning from protocol Version 9 to Version 10. But what exactly does this entail? Currently, to enhance our esteemed blockchain, our Stake Pool Operators (SPOs) must collectively adopt and implement the latest node version before a Hardfork can be executed, requiring the consensus of at least 5 out of the 7 genesis keys. Naturally, a substantial majority of SPOs (75% or more) must consent to the update before such a Hardfork can proceed.
Now, let’s delve into the intriguing part. Following the Chang Hardfork, the authority to initiate subsequent Hardforks rests solely with members of the Constitutional Committee and SPOs, through a governance action termed “Hardfork Initiation.” This pivotal step paves the way for our forthcoming Delegated Representatives (DReps) to register on-chain, empowering community members to delegate voting power to them. Once a critical mass of active DReps is established, we can pursue a second Hardfork, enabling DReps to actively engage in Cardano’s governance.
Indeed, this is precisely the milestone we’ve recently achieved on SanchoNet. By successfully ratifying the “Hardfork Initiation” governance action, we’ve seen the participation thresholds crossed by SPOs and the Constitutional Committee, thereby advancing the protocol to Version 10. Such a feat would have been unattainable without the dedicated involvement of our SPOs and community members who assumed the crucial role of the Constitutional Committee on SanchoNet.
As a natural consequence of the Chang Hardfork, the 7 genesis keys will cease to hold significance, ushering in a new era where the full power of the Cardano blockchain resides within its community. Any future Hardforks or protocol parameter updates will be orchestrated through our robust governance system, subject to submission and democratic voting by DReps, SPOs, and the Constitutional Committee.