What would you put into a Cardano Constitution?

Although I’m sure this has nothing to do with the Cardano constitution, I’m happy to clarify what happened here. So let’s recap:

1… @Dettox screenshot-quote me (people usually do this when they expect the author will delete the tweet) stating, “CF does not vote on Catalyst projects. At all.” (which is a fact btw), but he was claiming, “I do not even have my facts straight”. His Tweet: https://twitter.com/Dettox/status/1602367014030409730

2… So I tried to shed light on this, assuming he was mixing up “vote on challenges” vs “vote on projects”, (I’m still convinced this is true) and also linking a primary source on why CF does that and how: Cardano Foundation: Encouraging active participation on Catalyst My Tweet: https://twitter.com/adatainment/status/1602374528633655296

3… After realizing with his answer here: https://twitter.com/Dettox/status/1602374957631246336 that he wants to refer to something completely different than he was screenshot quoting me, I felt it made no sense to go down into this discussion any further and ended it with this lovely “OKAY”-gif. https://twitter.com/adatainment/status/1602375895226155008

From there on @Dettox is trying to bring this reaction to all kinds of discussion. Even after weeks now, I don’t have anything to add. If you quote me claiming my facts are not right, then please expect me to react exactly to that quote and to nothing else what you think up afterwards.

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@adatainment I see.
Thanks for taking the time to clarify something this petty.

@adatainment You come at me with a BS response.
I clearly said “stop voting in catalyst with genesis ada” and your reply is
“CF Does not vote on Catalyst projects. At all.”
What kind of answer is that ? Why are you trying to deflect ? It’s even worse when CF votes on challenges, it’s way more impactful than simple projects as it dictates the agenda for the following round.
Why are you being dishonest and trying to deflect the underlying issue ?

I’m glad you did this. I was going to make a comment about changing the constitution because I had not yet seen it discussed. Amendments will be very important. The constitution should probably be able to change as the protocol, itself, gains new abilities and functionality over time.

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Phew - just “one”? :grin:

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I agree there should be a process by which one can change or amend the constitution. Once in place the constitution should not be easily changed so some though needs to go into this. There can be a second document with a method of temporary changing or interpreting parts as needed. For example, a change in the economy may warrant a change in allocations for one year and then that change expires, and the constitution goes back to the original status. Just some thoughts around this topic.

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What will we put into a Constitution is an additional way to frame the question which may provide the space to be more inclusive in the thought around the idea.

There are great answers above and it will be an interesting journey in 2023 and hopefully the Constitution can be community sourced and discussed.

On April 21st, 2022, a group formed in the Gimbalabs discord and created a Cardano Constitution Working Group and produced this research and output.

I see comments from many participants of this conversation such as @Colm_Byrne, @HeptaSean @Neo_Spank @adatainment and others discussing “Principles” and “Values” and the technical implementation. If a Constitution is to “live” on-chain, does it need to be “born/created” on-chain as well?

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I think it’s important to also recognize that while CF does not vote on proposals, other than challenges, in catalyst, it is very likely that employees, staff, friends and family of CF vote in Catalyst, not on behalf of Cf but as individuals, and I believe this is expected and acceptable.

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Just found out through this Tweet:

… that there is a working document already:

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Rick just dropped his version of a constitution on Twitter:

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Hi Colm,

I believe the work produced by this effort may be of interest.

It’s not possible for me to agree with this more, and I wish I had a way to upvote this (and @gjlite’s simple and enthusiastic response to it) harder and with moar gusto than just ‘hearting’ it…

I’ve been a web developer for nearly 20 years now, and here’s my illustration for why the WHY is so much more important than anything else…

When I’m attempting to fix a bug, or to implement a new feature (etc) I often run into existing code that I need to modify (or possible remove/replace, etc)… And I can see the history in source control as to WHO wrote that code and WHEN, and WHO has since modified it and WHEN… I can read the code and see WHAT it’s doing, and HOW it’s doing it… But none of that tells me WHY the dev wrote it, and/or WHY others modified it, and/or simply WHY it’s doing what it’s doing as it is today… You need in-code comments and documentation for that, and nothing irks me more than to see code comments that tell me WHAT the code is doing, and/or HOW it’s doing it, but not WHY… It’s like, I can read the code, and run it and debug it too, to see the WHAT & HOW… I needed you, other dev(s) in the past, to explain to me WHY it’s doing what it’s doing, and WHY you chose to implement it the way you did, etc…

Similarly, a Cardano constitution must be a document that explains to future Cardanians WHY things are they way they are… In 20 years – or 50, or 100, etc – people will be able to see WHAT Cardano can do, and HOW it’s doing it, etc… What the constitution must do, first and foremost, is give the needed context as to what the driving values and principals were that led all those WHOs to do WHAT they did HOW they did it, etc…

Anyway, I know I’m diving-in a bit late here, but I would add a few choice things from the https://why.cardano.org essay here, because it’s already the founding document that explains, literally, WHY Cardano :smiley:

Proposed cryptocurrencies such as [Tezos] (https://www.tezos.com/) provide an interesting model to examine where a cryptocurrency protocol is treated like a constitution containing three sections (Transaction, Consensus and Network) with a set of formal rules and process to update the constitution. Yet there remains much work to be done with incentives and over how exactly to model and change a cryptocurrency with a formal language.

The use of formal methods, [machine understandable specifications] (http://www.kframework.org/index.php/Main_Page) and merging a treasury with this process for financial incentives are being explored as possible avenues for inspiration. Ultimately, just the ability to propose a protocol change in a transparent, censorship free way with blockchain based voting should improve the process, even if more elegant solutions cannot be designed.


Like all financial systems, the Cardano protocol must have an opinion in its design over what is fair and reasonable. We have chosen to divide between individual rights and the rights of a marketplace.

Individuals should always have sole access to their funds without coercion or civil asset forfeiture. This right has to be enforced because not all governments can be trusted not to abuse their sovereign power for the personal gain of corrupt politicians, as seen in Venezuela and Zimbabwe. Cryptocurrencies have to be engineered to the lowest common denominator.

Second, history should never be tampered with. Blockchains provide a promise of immutability. Introducing the power to roll back history or alter the official record introduces too much temptation to change the past in order to benefit a particular actor or actors.

Third, the flow of value should be unrestricted. Capital controls and other artificial walls diminish human rights. Outside of the futility of attempting to enforce them16, in a global economy with many citizens in the least developed nations traveling outside of their jurisdiction to find a living wage, restricting capital flows usually ends up harming the poorest in the world.

These principles stated, markets are distinctly different from individuals. While the designers of Cardano believe in individual rights, we also believe that markets have the right to openly state their terms and conditions, and if an individual agrees to do business within this market, then they must be held to those standards for the sake of integrity of the entire system.


Since the Sancho Ponza testnet started yesterday I started a draft on a constitution myself just to see what I could come up with. I think ofcourse this is a project for many people to do together but interesting to see if there are some similarities or differences.

Version - Authors : Eystein Magnus Hansen

We the users of Cardano have within this document strived for computational constitutionalism.
The purpose of this type of constitution is to ensure the security, inclusiveness, decentralization and opennes of the Cardano protocol to the public.
Where possible this social contract will be encoded into the node software and we will strive to further the computational constitutionalism as technology advances.

Article I - Highest order law.
The constitution is the highest order of law in the Cardano ecosystem and has priority over any smart contract, and any bi-laws created from the constitution or otherwise.

Article II - Openness
The Cardano protocol itself will remain open to any user who wants to participate in the protocol by purchasing Lovelaces. Any changes to the protocol against this article will be consider unconstitutional.
Note that this does not limit any sidechains or otherwise from deviating from this openness requirement.

Article III - Duty of remaining a decentralized protocol.
The Cardano protocol will remain sufficent decentralized as per the state of the art knowledge of what decentralization entails, per the writing of this article the Edinburgh Decentralization Index. It will be the duty of the
Constititon comitte to interprit what is suffient decentralization based upon the values of security, inclusiveness, openness and decentralization. Note that this does not limit any sidechains or otherwise from deviating from the decentralizastion requirement.

Article IV - Inclusiveness
The Cardano protocol will remain inclusive to users who wish to adopt its usage. This includes making the Cardano Protocol a public good that remains open source and that anyone can modify or build upon without any form of commercial terms enforced upon them.

Article V - Duty of security of the Cardano protocol
The users of Cardano has a obligation to ensure the Cardano protocol is secure to use in the sense that it has sufficent encryption as well as sufficient protection against known attacks of the protocol such as the double spend attack or long range attack.
As technology progresses what is considered a secure protocol will change and it will be up to the constitutional committee in collabration with domain experts to fill this article with the current state of the art knowledge.

Article VI - Rights to create proposals
Any user of the Cardano protocol will have the ability and rights at the protocol level to be able to create a proposal, currently known as creating a governance action. The whole protocol relies upon this for its other values of openness and inclusiveness.

Article VII - Right to participate
Any owner of the Cardano protocol shall at the protocol level be able to participate in the protocol as a staking pool operator, a direct representative, or as a member of a membership based organization of the Cardano protocol.
All users shall at the protocol level be able to participate freely in transactions on the Cardano protocol.

Article IX - Right to exit
Any owners of the Cardano protocol shall have the right to voluntarily exit the Cardano protocol by ceasing actions and selling their share of the protocol in Lovelace. This includes situations such as a state of no-confidence in the constitution committee.

Article X - Right to vote
All owners of the Cardano protocol shall have the rights to delegate voting power in the protocol to a direct representative.

Article XI - Duty to participate in voting
Direct representatives and owners have a duty to participate in voting and this is encoded into the protocol by the fact that no user can withdraw rewards from staking without also being delegated to a direct representative. Note that the duty to participate
in Cardano protocol governance includes delegating to a protocol level direct representative such as abstain vote and no-confidence vote thus upholding the values of openness and inclusiveness in the constitution.

Article XII - Rights to Lovelaces
No owners of the protocol shall be taken away his rights to any owned Lovelaces exempt when the user(s) agree to do such. Burning of tokens as a volunterly act is considered users agreement to give away his rights to Lovelaces.

Article XIII - Users and owners of the Cardano protocol
All entities either human or otherwise owning a single Lovelace or more are considered owners of the Cardano protocol. All entities utilizing the protocol in any way such as transaction or reading information from the protocol are considered users of the protocol.

Article XIV - Priority of updating the constitution
Updates to the constitution shall have the highest order of priority of actions on the Cardano protocol when submitted and having reached the established tresholds for doing so. Enactment by the constitution committee on any new constitution rules will happen immediately in the
epoch the updates / new constitution was enacted. The constitution committee shall be given sufficient time to read and understand any new proposal but shall not vote or act on behalf of an old constitution when a new or updated constitution is in effect.

Article XV - Process of new constitutions
Any updates of the constitution has to be voted in by the Constitution Committee as well as the Direct Representatives. In a state of no confidence a new constitution committee has to be formed and state of no-confidence has to be ended before any updates to the constitution.
In the case where there is no bad faith in the constitution comitteee but the users express a vote of no confidence in the constitution itself the constitution shall draft a new proposal for a constitution together with a prosal for the constitution committee that can remain unchanged if the voters accept this.

Article XVI - Freedom of lovelace movement
At the protocol level there will be no built in cencorship of transactions and lovelaces shall have the freedom of movement. This does not stop users or owners of the Cardano protocol to build solutions on top of this if they agree to have other rules for theire usage of the protocol.

Article XVII - Sustainability
Treasury mangement of the protocol shall be sustainable, meaning that over time it shall replenish any Lovelaces held due to fees and/or inflation. The owners of the protocol are free to vote on usage as they see fit but with regards to the value of sustainability over time.

Article XVIII - Transparency
At the protocol level all Cardano transactions shall be transparent, indexable, searchable and freely available to any users of the protocol.

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Think there should be a clouple of influences outlines

Think we can learn alot about other web 3 and internet constitutions out there.

And also constitutions created for international basic human rights.

And of course the constitution of governments.

Have clear voting threasholds outlined

Reference the steps that can be had durring a period of no confidence.

Voting timelines and procedures

max time for drep or cc members to be in their position, what happens to dreps that never check in or show as active.

The various options for moving votes between epochs to delegate to different dreps or go to no confidence. To protect against flip-flop(untrustworthy) dreps

CC procedures and genisus key best practices and requirments,
Transparency metrics to keep keys and memebers in check.

Protections for Governance tooling and accessibility. Wallet accessiblity.

Protecting the backwards compatability if the projects and spos to some type of standard or ability to have the time to catch up in upgrades and updates before being left behind.

Based on reviewing the post from December 2022 until now, even though no one asked, these main problems present with respect to Cardano governance:

  • A US-centric approach to Cardano governance, such as basing a constitution on the US constitution, is too biased if Cardano is serious about being a global blockchain project. How do you imagine, in light of all the problems caused by the overreach of the US government in international affairs, that citing the US Constitution would attract users to Cardano on a global scale?
  • Within the Cardano community, confusion and conflict continue to exist about whether “values” means “numbers or the results of calculations” or “principles or standards of behavior; judgment of what is important in life.”

As Charles Kettering said, “A problem well stated is half solved; a problem poorly stated is unsolvable.”

Good luck.

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Greetings @ParadoxicalSphere,

There is nothing wrong with the US Constitution except that the U.S Government ignores its intent and has workarounds for its provisions.

Most in the blockchain industry including Satoshi Nakamoto himself would agree that the problem with the United States is that it has been captured by the central banks and the various industrial complexes which keep the central banks in power.

If fact, Satoshi put the following in the Bitcoin genisis block:

00000080 01 04 45 54 68 65 20 54 69 6D 65 73 20 30 33 2F …EThe Times 03/
00000090 4A 61 6E 2F 32 30 30 39 20 43 68 61 6E 63 65 6C Jan/2009 Chancel
000000A0 6C 6F 72 20 6F 6E 20 62 72 69 6E 6B 20 6F 66 20 lor on brink of
000000B0 73 65 63 6F 6E 64 20 62 61 69 6C 6F 75 74 20 66 second bailout f
000000C0 6F 72 20 62 61 6E 6B 73 FF FF FF FF 01 00 F2 05 or banks

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

So if we are to be true to the original vision of Satoshi then we must use the Cardano Constitution to protect us both from the central banks and from becoming like the central banks.

Posted in a separate thread I have proposed the following Constitutional Amendments for the Cardano Constitution which might be appropriate for the United States Constitution as well. These amendments are to protect Cardano governance from suffering the same destruction as our United States Government at the hands of the central banks.

An updated list can be found at this link and is repeated below for convenience.

Constitutional Amendments: Protecting Cardano From Becoming Like The Central Banks Or From Being Enslaved By Them

  • Right in the Bitcoin genesis block is a reference to a newspaper article about the abuse of central banks.
    So right from the beginning we know the purpose of blockchain is to offer humanity a decentralized alternative to central bank tyranny.
    Now we need to ask, what is it the central banks do which is so harmful?
    The central banks take commodities and turn them into receipt money, then fractional money, and finally into fiat money.
    Then they print as much money as they want which is the exact same thing as stealing because it devalues the citzen’s money in the exact same amount as they print.
    Then they use this money to destabilize the world because speculation is most gainful during times of hardship and fear.
    The article “All Wars Are Banker’s Wars” is linked here.
    The video presentation of the same article is linked here.
  • With BlackRocks new Bitcoin ETF we are now seeing the conversion of Bitcoin from commodity to fiat.
    This video queued up at the relevant time shows one scenario of which the central banks have many.
    You can see in the video that BlackRock maintains the option to choose which fork of Bitcoin they will honor.
    Basically, BlackRock maintains custody of customers Bitcoin - Now Bitcoin is receipt money not a commodity.
    Now BlackRock can take in more Bitcoin investment than it holds and lend it out - Now Bitcoin is fractional money.
    Finally, BlackRock starts a panic by making investors aware that there is not enough Bitcoin to cover all investors.
    Blackrock saves the day by forking Bitcoin with some changes that allow Blackrock to print more Bitcoin. - Now Bitcoin is Fiat money.
    Extra surprise! Bitcoin is now a CBCD.
  • Decentralization Alone Can’t Stop Cardano Governance From Becoming Like The Central Banks Or From Being Enslaved By Them.
    • Constitutional Amendments Required:
      • The Free Market Will Determine The Price Of ADA

        • The price of ADA will not be set in relation to any other commodity nor any other currency by any authority.
      • No Oracles Will Be Used To Decide Any Governance Issues

        • Community members are responsible for determining what is true and expressing it with solicitations, debate, votes, and delegation
        • The free market will determine prices - not oracles
      • Constitutional Committee members will be compensated with ADA and will agree to hold only ADA in their portfolio and no other assets of any kind.

        • This helps ensure that the incentives of the Constitutional Committee are in alignment with their responsibility of adding utility and value to the protocol.
      • ADA To Be The Only Form Of Currency Accepted Into The Treasury

        • No receipt money shall be accepted into the treasury:

          • Receipt money means you get a receipt for a commodity being held somewhere presumed to be safe
          • History shows that all banks will eventually succumb to the temptation of lending out the commodity backing the receipt, either in secret or publicly as fractional reserve banking.
          • This started in the middle ages when goldsmiths would hold gold in their safe for customers and provide a receipt which could be redeemed for the gold. Eventually the receipt became accepted as payment for commodities. But the goldsmiths would always lend out the gold to gain interest without telling the owners and would eventually default when the community discovered, leaving the customers with nothing. The most recent example of commodity-backed money was the US dollar which up until 1933 could be redeemed for gold at at $20.67 per troy ounce. Then it transitioned to fractional money when the price was changed to $35 per ounce in 1934, effectively reducing the value of the dollar by almost 41%. Then it transitioned to fiat money in 1971 - not redeemable for anything, but which citizens are required by law to accept. This is not the exception, this is the absolute rule. All commodity-backed money is a commodity in transition to fiat money. My understanding is that history has no exceptions to this rule. This information comes from The Creature From Jekyll Island.pdf. The transition may take several years but history shows that commodity-backed money always transitions to fiat money eventually. This has been going on since the middle ages and we now stand in a place where we can stop it.
        • No Stable Coins shall be accepted into the treasury

          • Stablecoins are just commodity or fiat backed overcollateralized receipt money in a new slick package. We have all seen what happens to stablecoins. Worse, all stablecoins that I know of are centralized money and require an oracle to function. So if spending requires using a stablecoin then the exchange must occur at the point of sale. Forbidding centralized currency forbids stablecoins and receipt money and commodity-backed and overcollateralized money. But we should forbid these explicitly. One thing we can not do is accept commodity-backed and overcollateralized money and stablecoins and then forbid centralized money because this is a contradiction - these are all centralized money.
        • No Algorithmic Stable Coins shall be accepted into the treasury

          • With Djed for example, we hear from Shahaf Bar-Geffen who is the COTI CEO that Djed may be collateralized with a basket of different coins not just ADA. Another coin called Shen is already used in the process. I can’t find much out about Shen - I don’t know if it is a blockchain or a DAG like COTI. Further more, Djed is pegged to the dollar. So if you put $20 ADA in to the contract then you get $20 of Djed minus a fee for the exchange. When you want to cash out then you give your Djed back and get your $20 dollars worth of ADA back minus fees again. But what about inflation? Your $20 minus the fees is worth less because of inflation. So you suffer a loss because the dollar will be worth less when you go to get your ADA back. And if the dollar tanks then you are really in bad shape. Another concern is that Coti was associated with Ardana, and we all know how that went. Seems like the only reason to hold Djed in the Cardano treasury is if you think the price of ADA is going to fall. Does Cardano want to bet against itself? Reminds me of The Big Short. With all these questions about Djed and with all the bad history we have with stable coins it seems we should explicitly forbid holding them in the treasury.
        • Nothing that has physical existence such as buildings, land, equipment, timber, or gold shall be accepted into the treasury

          • Physical things can be confiscated or associated with a country or a government.
          • Right now in the news we are seeing that Binance is surviving Choke Point 2 because Binance has no physical offices.
        • No Central Bank Digital Currencies shall be accepted into the treasury as these can be disappeared by the issuing authority.

        • No digital commodities other than ADA will be accepted into the treasury

          • Receipt money, commodity-backed money, overcollateralized money, fiat money, fractional money, stable coins, algorithmic stable coins and CBDCs. That leaves only digital commodities like Bitcoin and ADA. But holding Bitcoin is betting that it will surpass ADA in value. It’s betting against our own project.
        • No digital commodities from within the Cardano ecosystem other than ADA will be accepted into the treasury - No other tokens and no NFTs

          • So the only money left standing is ADA, NFTs and perhaps Midnight when that arrives. ADA is preferable to Midnight because ADA is completely transparent which is very good for governance.
          • History has shown that when a treasury holds more than one commodity (gold and silver) in the treasury it was difficult to establish a fixed price ratio between the two metals. This problem is known as the bimetallic standard problem. The problem arose because the relative values of gold and silver fluctuated over time, depending on supply and demand factors. The problem with the bimetallic standard was eventually resolved with the adoption of the gold standard, which established gold as the sole standard for currency. This made it easier to maintain a stable value for the currency and reduced the risk of currency fluctuations. We should remember this lesson from history and only accept ADA into the treasury - not NFTs nor anything else except ADA.
        • There are times when Cardano governance will need to handle currencies other than ADA. For instance, we are required by law to accept fiat money like US dollars. But all currencies must be converted to ADA immediately upon receipt before going into the treasury. If spending requires using anything other than ADA then the exchange must occur at the point of sale. The whole point of ADA is to end slavery to the central banks. We must not give the banks a backdoor into our economy. We must not allow any form of money into the Cardano treasury except ADA.

        • Why so explicit on only allowing ADA into the treasury: If we are not explicit that only ADA is to be accepted into the treasury and if we don’t explain why then future generations who have forgotten the horrors caused by other forms of money will allow them into the Cardano treasury.

      • Treasury Will Never Engage In Borrowing Or Lending Of Any Kind

        • No lending using promissory notes. This should be impossible if payments and donations are only made in ADA but should be explicitly stated so there is never a temptation to lend with promissory notes. Same as saying no double spending but banks make their money by double spending (Fractional Reserve Banking).
        • The treasury shall only receive ADA from protocol services such as staking fees and transactions fees. It will never borrow.
        • The treasury will only disperse ADA to make donations or to purchase services for the community in transactions which are ratified in governance elections.
        • Why Prohibit Cardano Governance From Borrowing and Lending: Big Bank engages in predatory lending at the nation state level. This is how they enslave poor countries and poor people. Lets protect the Cardano nation from both becoming the prey or becoming the predator:
        • Why so explicit about never engaging in borrowing and lending?
          • The power to print fiat money was never explicitly granted to the federal government in the Constitution. In fact the authors voted against granting that power. Sadly they never specifically prohibited fiat money. So the power to print fiat money was reserved for the states or the people by the Tenth amendment. But of course the federal government does it anyway. The back door was Article I, Section 8, Clause 2 which reads as follows: “The Congress shall have Power To… borrow Money on the credit of the United States.” Because you have to issue a note to acknowledge the debt, this opened the door for fiat money. The courts have upheld this interpretation.
          • So it is not enough to not grant a power - some powers must be explicitly revoked.
      • Explicitly recognize in the constitution that governments are complex adaptive systems that will learn to create the very problems they were instantiated to solve if money or benefits dispersed are allowed to feedback into the government agencies from which these originate.

        • This is discussed in detail on our own Cardano governance forum at this link here. The software to run Cardano governance is a complex system. But the Cardano governance as it helps the community manage itself is a Complex Adaptive System. Complex Adaptive Systems are living, learning, feeding, growing, evolving things. The United States Bank/Government is a Complex Adaptive system which learned to create the very problems it was built to solve in order to feed and grow. This is why we have never ending financial crises and never ending war. Voltaire now makes the Cardano Complex Adaptive System a Bank/Government too. It is a new living thing. It doesn’t have to grow up learning to create the very problems it was built to solve like the US Bank/Government did. Bee colonies store honey and make decisions in democratic elections. They are simple Bank/Governments and they are Complex Adaptive Systems too. But Bee Democracy has evolved structure and feedback mechanisms which prevent bee government from learning to create the problems it evolved to solve. The Bee Democracy structure enforces that bee politicians must earn delegation through honest debate on every proposal using information they verify for themselves. The Human Democracy structure enforces that politicians earn delegation once by saying what they are told to say and then exploit this power for the rest of their careers.
    • Supporting Documentation on constitutional issues
      • There must be a link from Cardano Constitution to the following document so that future generations will remember the horrors of fiat money and the central banks and never permit their return
      • The Creature From Jekyll Island
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What belongs in a Cardano constitution? Here’s a hint:

We should provide natural settings for ourselves and our children to exercise their social skills and learn how to socialize.

Was thinking about treaury funds.
Were going to put it to work by investing, pledging to pools, potentially lending it out. Longing other tokens or shorting

Just had some concerns about risks involed and also conflict of interests.

Well vote to decide what to do with it. But there should be some limitations. Ie: there should be a block on taking unlimited risk investments. Selling naked calls, shorting.
There should always be hedge or safeguards to potential loss.

And there needs to be braud framework go allow for transparency and auditability for the invesments. So we can see who we are lending to, borrowing from and to see the funds at all times.

Im on the boarder when considering if we would allow the treasury to take on debt, issue debt, or buy debt related assets.


I agree. If Google translate is correct that you wrote:

I think limiting the term of Drep is a very critical point.

But please keep it in English here.