GetBlock Magazine - What happened? Co-founder of the Ethereum and Cardano blockchains Charles Hoskinson announced the timing of the Chang hard fork. This Cardano update aims to achieve full decentralization of the network, and the developer calls it “a major milestone in the history of Cardano and the industry as a whole.” According to Hoskinson, update 9.0 will be released to node operators in June, and once 70% of participants have installed it, Chang may be implemented.
Source: x.com
What else is known? The Chang hard fork, first introduced in the 2024 roadmap, will introduce a new consensus mechanism to the network. As Hoskinson writes, Cardano “will have the most advanced systems for managing the blockchain, annual budgets and treasury, as well as the wisdom of the entire community to guide the project,” Hoskinson writes.
He also noted that almost ten years will pass from the launch of the blockchain until complete decentralization is achieved.
“I'm proud of all of you. Cardano gives me hope for our industry and the world. Let's spend the next decade making a big mark on the universe," the developer added.
The main part of the hard fork is the implementation of the Voltaire project and Cardano Improvement Proposal (CIP) number 1694, which are designed to increase the decentralization of network governance by forming several governing bodies such as a constitutional committee, delegated representatives (dReps) and staking pool operators (SPOs). , and to give every community member a say in the future direction of the project.
The native token of Cardano (ADA) occupies 11th place in the overall ranking of cryptocurrencies by capitalization with an indicator of over $15.75 billion and is trading at $0.4439, having gained 0.6% per day. The weekly drop was 2%, and since the beginning of the year the asset has lost 25.25%.
At the end of May, ADA fell out of the top 10 cryptocurrencies by capitalization for the first time in several years.
In early May, Hoskinson proposed integrating Cardano with the Bitcoin Cash (BCH) network. According to him, this will allow Bitcoin Cash to become the fastest and most useful blockchain with a Proof of Work (PoW) consensus algorithm. The initiative in the developer's X-account was supported by 69% of users.