Update chapter-05-governance.adoc

Author: johnnygreeney

chapters/chapter-05-governance.adoc

@@ -32,7 +32,7 @@ The concept is developed as a written proposal and submitted as a pull request t
 
 image::5.1_cip_workflow.png[]
 
-*Figure 5.1:* CIP workflow from CIP-0001
+Figure 5.1: CIP workflow from CIP-0001
 
 CIPs are processed in a semi-formal manner. Editors of CIP proposals(((CIP proposals))) meet regularly to discuss and evaluate ideas. The fortnightly meeting http://github.com/cardano-foundation/CIPs/tree/master/BiweeklyMeetings[minutes] are publicly available.
 
@@ -131,7 +131,7 @@ The paper lists *seven properties* to assess different requirements for effectiv
 7. *Liveness*: how quickly can a blockchain’s governance mechanism produce outputs efficiently?
 
 image::5.2_governance_properties.png[]
-*Figure 5.2:* The partition map of governance properties from the ‘SoK: Blockchain Governance’ paper
+Figure 5.2: The partition map of governance properties from the ‘SoK: Blockchain Governance’ paper
 
 The paper concludes that while each blockchain displays some of the properties, no blockchain meets all the requirements for effective governance. It was food for thought just before the dawn of the _age of Voltaire_.
 
@@ -156,7 +156,7 @@ Early in 2022, IOG and the CF held workshops to hammer out a way forward for the
 The MBO is a central hub that unites different groups, including thousands of stake pool operators(((stake pool, operator))), Cardano ambassadors(((Cardano ambassadors))), open-source projects running on Cardano, IO, CF, EMURGO, and all ada holders. Members will own and run the MBO, staffing the steering committees.
 
 image::5.3_gov_concepts.png[]
-*Figure 5.3:* Governance concepts defined, based on the slide from ScotFest 2022
+Figure 5.3: Governance concepts defined, based on the slide from ScotFest 2022
 
 The MBO, later christened _Intersect_, is Voltaire's anchor institution, but it is not the only one. IOG has been steadily building out its presence in universities all over the globe, as well as opening the Hoskinson Center for Formal Mathematics(((Hoskinson, Center for Formal Mathematics))), the Zero-Knowledge Lab, and -- not forgetting -- the https://informatics.ed.ac.uk/blockchain/edi[Edinburgh Decentralization Index (EDI)].  Other institutions and MBOs will follow with different focuses and priorities.
 
@@ -356,7 +356,7 @@ How it works:
 * Upon approval, funds will be allocated from the Cardano treasury through on-chain voting.
 
 image::5.4_budget_roadmap.png[]
-*Figure 5.4:* Provisional Budget process timeline
+Figure 5.4: Provisional Budget process timeline
 
 *Product committee*
 
@@ -378,7 +378,7 @@ To learn more, head over to the Intersect https://intersect.gitbook.io/intersect
 Committees are elected by Intersect members only, using a one-member, one-vote system. Elections take place twice yearly. Half of each committee’s members were elected in the first elections in October 2024, and the remaining members were elected in 2025. The official final numbers for newly elected committees were made up of a 'Who’s Who' of Cardano’s brains trust:
 
 image::5.5_committee_election_results.png[]
-*Figure 5.5:* Committee Election results
+Figure 5.5: Committee Election results
 
 === Cardano governance: a three-part approach
 
@@ -487,7 +487,7 @@ On-chain voting is where the three voting groups (DReps, SPOs, and the CC) cast
 For a proposed governance action to be approved and implemented, it needs to meet specific voting thresholds set by Cardano. These thresholds may vary depending on the type of governance action being voted on. In simpler terms, some proposals might require approval from all three voting groups, while others might only need a certain percentage from a specific group.
 
 image::5.5_gov_actions.png[]
-*Figure 5.6:* Voting on governance actions (based on a table from Intersect’s https://docs.intersectmbo.org/[documentation])
+Figure 5.6: Voting on governance actions (based on a table from Intersect’s https://docs.intersectmbo.org/[documentation])
 
 Following the on-chain voting process, a governance action is considered approved (or ratified) if it meets the specific voting thresholds(((voting thresholds))) set for its type. These thresholds determine the level of consensus needed from the different voting bodies.
 
@@ -512,7 +512,7 @@ Ideally, the outcome should be communicated through the same off-chain channels
 SanchoNet was named after the character Sancho Panza, Don Quixote’s companion in Miguel de Cervantes’ literary classic. SanchoNet is ultimately about transforming an aspirational digital Barataria into an on-chain governance reality on the Cardano mainnet. Note that SanchoNet is not another incentivized testnet (ITN), but a testnet where test ada is used to stress test experimental features. SanchoNet was rolled out in six phases, with each Cardano node (cardano-cli) release enabling new governance capabilities.
 
 image::5.6_sanchonet_roadmap.png[]
-*Figure 5.7:* SanchoNet roadmap
+Figure 5.7: SanchoNet roadmap
 
 SanchoNet(((SanchoNet))) goes beyond simple testing. It also serves as a platform for:
 
@@ -541,7 +541,7 @@ and constitutional committee portal(((constitutional, committee portal))). Commu
 The Cardano Foundation released a https://voting.cardanofoundation.org/[voting tool] at voting.cardanofoundation.org where other tools built by the community(((tools, community))) are also listed.
 
 image::5.8_governance_tools.png[]
-*Figure 5.8:* Governance tools
+Figure 5.8: Governance tools
 
 === From theory to practice
 
@@ -593,7 +593,7 @@ The second and final stage of the Chang upgrade, the Plomin hard fork occurred o
 The ratified constitution was https://adastat.net/governances/8c653ee5c9800e6d31e79b5a7f7d4400c81d44717ad4db633dc18d4c07e4a4fd00[enacted] on February 23, 2025. It formalized the roles of ada holders, DReps, SPOs, and the Constitutional Committee(((formalized the roles of ada holders, DReps, SPOs, and the Constitutional Committee))) but importantly, remains a ‘living document’ not set in stone.
 
 image::5.8_lloyd_selfie.png[]
-*Figure 5.9:* Chair of Proceedings in Buenos Aires, Lloyd Duhon, marking the historic moment with a group selfie at the Buenos Aires
+Figure 5.9: Chair of Proceedings in Buenos Aires, Lloyd Duhon, marking the historic moment with a group selfie at the Buenos Aires
 *Liquid democracy*
 
 As a result of the Plomin hard fork, you can continue accumulating staking rewards but you cannot withdraw them unless you delegate your ada’s voting rights(((delegation))) to a DRep or a predefined voting option. The community made this decision way back at the first CIP-1694 workshop in Colorado in March 2023.
@@ -682,7 +682,7 @@ With ICC's fixed term expiring in September 2025 so the process to elect a new c
 Each ICC member agreed not to run for the new committee, allowing for a fresh start. As befits a permissionless, public blockchain, any ada holder could run for the CC. That said, each candidate’s credentials were scrutinized in a battery of ask me anythings (AMAs), roundtables and X spaces.
 
 image::5.10_cctimeline.png[]
-*Figure 5.10:* Constitutional Committee Election Timeline
+Figure 5.10: Constitutional Committee Election Timeline
 
 The seven members elected are: