Charles Hoskinson introduces Cardano’s ‘Bill of Rights’, which sets out eleven blockchain principles for governance, privacy, efficiency and user protection.
In a recent broadcast, Charles Hoskinson, founder of Cardano, outlined a framework for blockchain governance that he described as a “Bill of Rights” for the Cardano ecosystem.
His announcement marks a significant development in the evolution of the blockchain, with the aim of establishing a governance model that ensures user rights and expectations are clearly defined. The move is part of an ongoing effort that has seen more than 50 workshops held and elected representatives helping draft a comprehensive constitution for Cardano.
Cardano Blockchain Principles https://t.co/SnpR98Rt3S
— Charles Hoskinson (@IOHK_Charles) October 13, 2024
The eleven Blockchain principles
Hoskinson introduced a set of 11 fundamental blockchain principles intended to guide the design and operation of decentralized systems. These principles are intended to uphold the rights of users and contributors in blockchain environments.
The first principle focuses on freedom from censorship and emphasizes that blockchain transactions must remain uncensored and cannot be delayed. This parallels the right to freedom of expression and ensures that transactions proceed quickly and without interference.
Predictability of transaction costs is the second principle, which is essential for companies that rely on blockchain technology. By emphasizing the need for stable and reasonable transaction costs, Cardano The goal is to provide long-term cost predictability, enabling better business planning. In line with these principles, the third principle supports censorship-free applications.
Fair contributions and efficient systems
Another part of Hoskinson’s proposal concerns the fair treatment of contributors. The fourth principle addresses the need to recognize and compensate for all contributions within the system, whether in governance or transaction processing.
By ensuring fair rewards, Cardano strives to maintain an engaged and motivated community. Hoskinson noted that failure to do so could discourage participation in the system.
The fifth principle focuses on preserving user value and data, ensuring that assets are protected from locking or processing without consent. This is in contrast to traditional banking systems, where users may encounter such problems.
Meanwhile, the seventh principle points to the importance of efficient resource use, emphasizing that blockchain systems must continuously optimize their processes. For example, the transition from Plutus V1 to V2 has greatly reduced transaction sizes.
Governance, privacy and transparency
It says in his address Hoskinson also emphasized user privacy and compliance with local regulations, the ninth and tenth principles. These principles promote privacy while providing users with the tools they need to stay compliant without the government gaining control of the system.
Decentralized governance is another essential aspect, with the eighth principle calling for a system in which the community, rather than a centralized entity, governs the ecosystem.
The final principle is the need for transparency and predictability within the system. Cardano will prevent the creation of unfair advantages for any user group by ensuring that all processes are clear, verifiable and fair.
Together, these principles form the basis of Hoskinson’s vision for a decentralized and fair blockchain ecosystem, which applies beyond Cardano to the broader blockchain scene.
