I am looking to understand the 7 special keys that control all the parameters for cardano. How it's controlled, who gets to control it, and what each parameter means.
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1Right now it's IOG. Eventually we will be able to vote on changes.– nalyd88Commented May 26, 2021 at 20:45
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The parameters are controlled by IOG currently. There are a number of keys that govern update proposals. Update proposals are special certificates posted to the chain that can change the parameters. Each update proposal is required to have 5 signatures in order to become active. These signatures have to be in place 1.5 days before the end of the epoch in order for them to become active at the next epoch.
If you do a ledger state dump using cardano-cli, you can view the parameter change proposals and how many signatures they have.
CIP that talks about the process https://github.com/cardano-foundation/CIPs/blob/master/CIP-0009/CIP-0009.md
answered May 27, 2021 at 23:04
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Do the CIP-9 Updatable Parameters require 5/7 signing keys too? I heard only 4/7 and of course no hardfork. Is this true? Any reference (i'm digging but can't find)? Thanks! Commented Oct 27, 2022 at 3:13