The release of Lace 1.14 marks a significant leap forward for Cardano, integrating new governance features that allow ADA holders to actively participate in shaping the future of the network.
With the introduction of GovTool, users can now engage in decentralized decision-making, delegate voting power, and propose governance actions, all within the Preview testnet.
This update not only enhances the user experience but also brings Cardano closer to its goal of full decentralization.
Major Update: Release of "Lace 1.14"
On August 16, 2024, "Input Output," the development company behind Cardano (ADA), announced the release of "Lace 1.14," the latest version of the Cardano wallet.
This update includes several significant improvements aimed at enhancing user experience and integrating new governance features.
One of the most notable updates is the introduction of "CIP-95," a Cardano Improvement Proposal that empowers ADA holders with governance-related voting rights through the wallet’s new voting function.
This update allows ADA holders to participate in Cardano’s governance on the testnet, marking a significant step toward more inclusive and decentralized decision-making within the Cardano ecosystem.
In addition to the governance features, the update also optimizes background updates and fixes several bugs, further simplifying the staking process and enhancing the overall user experience of the Lace wallet.
Engage in Cardano Governance via GovTool
With this update, Lace users can now participate in Cardano’s decentralized governance on the "Preview" testnet. Users who hold test ADA (tADA) in the Preview network can engage in governance activities through "GovTool," a platform developed by Intersect.
GovTool is a tool designed for participation in Cardano's network governance, enabling users to propose initiatives, vote on proposals, and delegate their voting power to others.
As of the time of writing, GovTool allows connections with both "Yoroi" and "Lace" wallets. To use GovTool, users need to update their Lace wallet to the latest version, switch the network to "Preview," and connect their wallet via the "Connect Wallet" button.
The voting power in this system is determined by the amount of ADA held, and the following features are available through GovTool:
- Delegate Voting Power: Find a Delegate Representative (DRep) who can vote on your behalf.
- Become a Delegate Representative (DRep): Accept delegated voting power from other ADA holders and combine it with your own to vote on governance actions.
- Register as a Direct Voter: Register to use your own voting power directly in governance actions.
- View Governance Actions: Check the governance actions submitted on-chain.
- Propose Governance Actions: Submit proposals for governance actions.
This update is a crucial milestone toward the realization of a "truly decentralized blockchain project." Cardano is currently in the final stages of its journey toward full decentralization, and preparations are well underway.
This progress is setting the stage for further developments, which will be closely watched by the community.
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