Cardano, developed by Charles Hoskinson, is a layer 1 blockchain, it progresses through 5 eras since its inception. These 5 eras are:- Byron, Shelley, Goguen, Basho, and Voltaire. After the final Voltaire era, Cardano's governance system will change to a token-based decentralized system.

Source: Cardano Roadmap  

Chang Hard Fork

     Currently Cardano is in the Basho era, the Chang hard fork has gone live to move it into the Voltaire era. Its goal will be achieved by early 2025 and with the Voltaire era, ownership of the Cardano blockchain will be transferred to the holders of its native ADA token.      

My Point

     Cardano is the first blockchain whose governance structure is changing according to the era and becoming decentralized. However, as far as I know, Charles Hoskinson is the largest ADA holder, so he will have the most votes after decentralization. This is also good for business as decentralized firms will not easily succumb to the increasing political pressure.  Also, other ADA hodlers can find their base in the constitutional committee, representative delegates and staking pool operators.

Originally published at Grill, and on Wubits as thread.