The cryptocurrency world is abuzz as Binance, the largest exchange globally, has confirmed its support for the upcoming Cardano hard fork, known as "Chang." This highly anticipated network update is set to take place on Sunday, Sept. 1, at approximately 9:45 p.m. UTC.
In preparation for the event, Binance will temporarily suspend all deposits and withdrawals of ADA, Cardano's native token, starting an hour before the hard fork. However, trading of ADA will continue without interruption.
What Makes the Chang Hard Fork Significant?
Dubbed as Cardano's "most significant" update to date, the Chang hard fork will propel the network into full decentralization. Until now, Cardano has been governed by three main entities: the Cardano Foundation, IOHK, and EMURGO. These organizations have played a crucial role in making decisions that affect the blockchain and the price of ADA, currently the 10th largest cryptocurrency by market cap.
The Chang update is set to change this dynamic fundamentally. Post-hard fork, the control mechanisms and decision-making keys will transition into the hands of the Cardano community and ADA holders, who can delegate their tokens to staking pools. This shift marks a new era of governance where the community has a direct say in the future of the network.
Key Changes and What to Expect
The decentralization process under the Chang hard fork includes several key features:
- Community Governance: Blockchain enthusiasts and ADA holders will have the power to elect representatives and vote on proposals for network improvements, giving the community a greater voice in the blockchainâs future.
- Treasury Management: The Cardano community will gain control over the networkâs treasury, which currently holds about 1.5 billion ADA (equivalent to nearly $540 million). This will allow for more transparent and community-driven allocation of resources.
- Cardano Constitution: As part of the Voltaire Era, which the Chang hard fork belongs to, the Cardano Constitution will be adopted. This document will outline the core principles and governance structures of Cardano in its final, fully decentralized form. The presentation of the Constitution will take place in Buenos Aires, Argentina, marking a significant milestone for the project.
This hard fork represents a pivotal moment for Cardano, as it transitions from a network governed by a few entities to one controlled by its community. Binance's support for this monumental event highlights the exchange's commitment to the continued growth and evolution of the Cardano ecosystem.
Stay tuned as Cardano takes this bold step towards full decentralization, with the community at its helm!
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