According to U.Today, Charles Hoskinson, the founder of Cardano, has addressed recent rumors about the anticipated Chang hard fork. He clarified that contrary to circulating claims, the hard fork was never scheduled for June. Instead, he explained that a fork-ready node is available, and the next step requires 70% of stake pool operators to test and update their systems, which typically takes about a month.
In a previous communication, Hoskinson outlined that in June, the Cardano node would reach the necessary version, making it ready for the Chang hard fork. He stated, 'I never said June. That's a misquote. A fork-ready Node is ready and waiting for 70 percent of the stake pool operators to test and update. As I said, in the video, this generally requires a month.'
The Chang hard fork aims to transform Cardano into a fully decentralized entity, with a comprehensive blockchain governance system, annual budgets, and a community-driven treasury worth nearly $700 million. This update is significant as it introduces the concept of fully decentralized, community-run governance to Cardano. This includes an on-chain community consensus governed by its own constitution.
There will be three main stages in this governance process. The first stage is the introduction of delegate representatives, allowing ADA holders to delegate their shares instead of having a traditional vote. Registration for delegate representatives is expected to begin in the second quarter of 2024.
The second stage is the Cardano Constitutional Convention. Government representatives will draft the first version of the document in Argentina. The community will then vote on this draft at the end of the year. If approved, this constitution will set the direction for Cardano's decentralized governance processes.
