- Cardano is preparing for the “Chang hard fork,” a major upgrade that will introduce on-chain governance and empower ADA holders to participate in network decisions.
- This upgrade, delayed to September 1, 2024, is a key step in Cardano’s journey towards becoming a fully decentralized, self-sustaining blockchain.
Cardano, a blockchain platform founded in 2017 by Ethereum co-founder Charles Hoskinson, is gearing up for its most significant upgrade in two years: the “Chang hard fork.” This update promises to revolutionize the network’s structure, particularly by empowering users to participate directly in on-chain governance.
Delayed but Promising
Originally scheduled for this week, the Chang hard fork has been rescheduled to September 1, 2024. This delay, as announced by Hoskinson, was to allow major exchanges like Binance to prepare their systems for the transition. “The magic of deadlines is that people who aren’t taking upgrades seriously suddenly say damn we got to get moving,” Hoskinson quipped on X, signaling the urgency and importance of this upgrade.
A Step Towards Decentralization
The Chang hard fork is not just a technical upgrade; it marks a significant shift towards decentralizing the governance of the Cardano blockchain. With this upgrade, Cardano introduces the ability for ADA holders, the native cryptocurrency of the platform, to elect Delegate Representatives (dReps). These representatives will have the power to vote on improvement proposals and future technical changes, thus placing the control of the network more firmly in the hands of its community.
“This will mark the first step towards a minimum-viable community-run governance structure outlined in CIP-1694,” the Cardano Foundation stated in a recent blog post. The CIP-1694 proposal is at the core of this upgrade, establishing new governing structures such as the Constitutional Committee, dReps, and Stake Pool Operators (SPOs). Once implemented, these groups will be responsible for maintaining and shaping the future of the Cardano blockchain.
The Voltaire Era: A Self-Sustaining System
The Chang hard fork is a crucial part of Cardano’s Voltaire Era, the final phase in the platform’s current roadmap. The Voltaire Era aims to provide “the final pieces required for the Cardano network to become a self-sustaining system,” according to the Cardano Foundation. This era will enable the network to operate independently, driven by the decisions and governance of its community members.
As Cardano continues to evolve, the Chang hard fork represents a pivotal moment in its journey towards becoming a fully decentralized and community-governed blockchain. With this upgrade, Cardano is not just enhancing its technical capabilities but also laying the groundwork for a more democratic and resilient ecosystem.
