The Cardano blockchain community participated in the final Edinburgh CIP-1694 workshop on Cardano on-chain governance, attended by various members of the community including Cardano developers, projects, academics, and organizations such as EMURGO, Cardano Foundation, and Input Output Global.
The goal of the CIP-1694 workshops was to raise awareness about decentralized blockchain governance, and for community members to give their feedback on Cardano governance features to ensure Cardano’s future sustainability.
In this blog, we’ll go over the key takeaways and insights from the Edinburgh CIP-1694 workshop.
- Success metrics for Cardano governance
To measure the success and growth of effective Cardano governance by the community, workshop participants stressed the need for specific KPI benchmarks and data metrics to use to assess member voting performance and other voting-related activities. Over time, these metrics would incentivize and measure voting participation and the impact of this participation.
- Accessible community tooling
As in the previous Tokyo and Switzerland CIP-1694 workshops, community tooling has been a popular topic. To make governance as accessible as possible to everyone in the Cardano ecosystem, tooling should be made user-friendly to encourage non-technical users to actively participate and inform people with relevant data about the latest in Cardano governance.
- Access to educational content and additional Cardano governance workshops
Another recurring recommendation by the community was for the needed information to be created and distributed in a timely and accessible manner. As many people are still unaware of Cardano governance mechanisms and concepts, this information must be created, reviewed, and made accessible through websites, wallets, and other mediums for the global Cardano community to make informed decisions. Additional workshops on Cardano governance were also mentioned to keep raising awareness and educating the community on the latest topics in Cardano governance.
- A minimum viable Cardano Constitution
There has been much discussion about the Cardano Constitution, a proposed document that would outline duties and policies and serve as the foundation for Cardano on-chain governance. The community has mentioned a need for the inclusion of the Cardano community in the Constitution and the need for a minimum viable document to use as a starting point for governance.
- DRep compensation
Delegated Representatives (DReps) are one of the main governing bodies in Cardano governance. There were many different opinions on how to incentivize DReps to ensure they were fulfilling their responsibilities with differing ideas on incentives and non-financial compensation.
- Potential security risks
Several potential security risks to Cardano on-chain governance were discussed including the loss of a DRep’s keys, voter collusion, wallet hacks and distrust, and voting proposal overload. These are some areas where more discussion and solutions will need to be identified to strengthen overall governance.
- Treasury withdrawal
This is another recurring governance topic as it has been difficult to agree on treasury withdrawal limits. Project Catalyst has been mentioned as a benchmark to get started on withdrawing funds from the treasury for governance purposes.
- Identity and KYC
Verified and secured personal identity is important for on-chain governance to uphold reliability and trustworthiness. However, the community also voiced that the need for KYC (Know-Your-Customer) also poses potential security and legal risks depending on jurisdictions.
- Swift governance measures and changes
Sometimes, there could be a need to enact fast changes to governance in response to security threats, collusion, etc. The Cardano network and voting must be interconnected to ensure that swift changes for network sustainability can be implemented when necessary.
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