The Cardano network is ready for the Chang hard fork with the latest release of node validator software. The hard fork is part of the transition to the Voltaire era of decentralized network governance.
The latest version of the validator node, Node 9.1.0, is an upgrade of Node 9.0 released on July 8. Besides fixing some bugs, the new node requires the use of the Conway Genesis file on the mainnet, which will enable the crossover to the Chang hard fork. The hard fork can be implemented when 70% of validators have upgraded to the new node.
Chang hard fork promises big changes
Validators are upgrading fast, with 11% upgraded at the time of writing, but an observer noted that scripts and tooling remain to be upgraded. The Intersect Cardano user group commented that the upgrade will bring about a “significant transformation” of the Cardano ecosystem:
“This release signifies the completion of primary development work for the bootstrap phase of on-chain governance. […] This milestone marks the installation of the core elements of decentralized governance, rolled out across two distinct phases.”
The second phase of the Chang upgrade will be initiated later this year, Intersect added. The first phase will see “bootstrap governance” as the ecosystem becomes accustomed to the new features, as foreseen in Cardano Improvement Proposal 1694, published in November 2022.
Related: Cardano updates MiCA compliance indicators 6 months ahead of the curve
Cardano decentralization going as planned
According to Cardano documentation, the Chang hard fork will create on-chain governance mechanisms for a constitutional committee and delegate representatives that will vote on behalf of individual Cardano’s Ada coin (ADA) holders and give a new governance role to stake pool operators. Proposals and votes will take place on-chain.
The last upgrade to Cardano was the Vasil hard fork in September 2022, which allowed for faster block creation and improved smart contract performance. The Alonzo hard fork in September 2021 brought smart contracts to the ecosystem.
The launch of the Chang software was delayed by a month, possibly because of upgrades to the Node 8 series necessitated by a distributed denial-of-service (DDoS) attack on June 25.
Voltaire is the final era planned for the network and is marked by the transition of governance from the Input-Output Hong Kong company to the community. Cardano has a market cap of about $14 billion.
Magazine: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide
