Cardano is a public, permissionless blockchain platform that aims to create a more secure, scalable, and sustainable world. To achieve this vision, Cardano needs a governance system that not only accepts but actually encourages participation from the entire community. A governance system that allows the various members of the ecosystem to have a voice and a stake in the future of the network.
That's why the Cardano Foundation, one of the three entities behind Cardano, has launched an on-chain poll experiment for stake pool operators and delegators alike. The poll experiment is a way to test a mechanism that fosters discussions and collaborations among the ecosystem members, and that forecasts what will occur in the future governance system.
The poll experiment focuses on two parameters that affect the decentralization and rewards of the network: the k parameter and the minPoolCost parameter. The k parameter determines the optimal number of stake pools that can produce blocks and receive rewards, while the minPoolCost parameter sets the minimum amount of ADA that a stake pool has to charge per epoch. These parameters are crucial for ensuring that Cardano remains a truly decentralized and fair network, where no single entity can control or dominate it.
How Does The Poll Experiment Work?
The poll experiment consists of two phases: a testnet phase and a mainnet phase. The testnet phase took place in a testing environment, where stake pool operators and delegators could express their level of satisfaction with the current rewards and incentives scheme. This phase concluded on 10 May 2023, when the redelegation epoch closed.
The mainnet phase started on 15 May 2023, when a question was published on the mainnet for all stake pool operators to answer.
The question asks: Which setup would you prefer to be put in place from Q3 2023 onwards?
The question offers six options, four of which address different values for both k and minPoolCost parameters. The other two options are for those who want to abstain or disagree with the proposed values.
Stake pool operators can cast their ballot until the end of the epoch by changing their pool metadata. Delegators can also participate in the poll by checking how their stake pool operator voted and deciding whether or not to redelegate their stake to another pool. The Cardano Foundation will snapshot the results after two additional epochs and draft a report.
What Are The Challenges And Opportunities of The Poll Experiment?
The poll experiment is not a simple task. It involves many challenges and opportunities for the Cardano ecosystem. For instance, designing and conducting an on-chain poll requires careful consideration of various aspects, such as which questions to pose, how to phrase them, how to present the options, how to collect and analyze the data, how to interpret and communicate the results, and how to use them for decision making.
The poll experiment also offers a unique opportunity for learning and improvement. It allows the Cardano Foundation to test different mechanisms and tools for governance participation, such as Adastat's dashboard and Cardanoscan's dashboard, which display the poll results in real-time. It also allows the ecosystem members to share their opinions and feedback on the poll experiment, as well as on other critical aspects of Cardano's governance system.
Why Should You Care About The Poll Experiment?
The poll experiment is more than just a survey. It is a step towards a more democratic and decentralized governance system for Cardano. A governance system that empowers you to have a say in how Cardano evolves and grows. A governance system that enables you to collaborate with other stakeholders and contribute to Cardano's vision.
The poll experiment is also a way to show your support and commitment to Cardano. By participating in the poll, you are demonstrating that you care about Cardano's future and that you want to be part of it. You are also helping to create a more resilient and robust network that can adapt to changing needs and circumstances.