Up to 72% of Cardano's nodes have adopted the new 9.1.0 software ahead of the Chang hard fork, marking significant progress.
The Chang hard fork introduces a new governance model with increased ADA holder participation and a seven-member committee.
Cardano's ADA price has dropped 5.79% recently, trading at $0.3308, influenced by anticipation of the upcoming Chang hard fork.
Cardano's much-anticipated Chang hard fork aims to boost decentralization and node coordination, potentially transforming the network's governance structure. This update will require nodes to run version 9.1.0, with widespread adoption being critical for its success. Currently, up to 72% of network nodes, known as stake pool operators (SPOs), have installed the latest software. This marks a crucial milestone as the network prepares for the upgrade.
https://twitter.com/CardanoFeed/status/1822637237172900232 Decentralization Goals and Governance Model
The Chang hard fork represents a pivotal moment for Cardano. Its primary goal is to improve decentralization by reducing central oversight. As part of the update, the network will rely on nodes operating version 9.1.0, and broader node adoption will determine its success.
Although several exchanges have updated their nodes, major services like Coinbase and Binance still need to complete their upgrades. Consequently, the community remains eager for these key updates.
In the second phase of the Chang hard fork, Cardano will introduce a new governance model proposed by the Intersect organization. This model includes a seven-member interim constitutional committee with community representatives.
Furthermore, ADA holders will gain more involvement in governance, moving beyond mere staking to actively proposing and voting on future changes. This shift signifies a move towards a more decentralized and participatory governance model.
Future Vision and Market Impact
The founder of Cardano, Charles Hoskinson, is still leading the initiative with a goal of creating a completely decentralized network. His goal is for the network to draft its own constitution eventually.
The total supply of ADA is capped at 45 billion, with a 1 billion ADA treasury to be allocated based on community votes. This approach aims to balance any potential dilution effects and ensure the network's long-term stability.
Moreover, the Chang hard fork is set to usher in the Voltaire Era, emphasizing decentralized governance. This transition is crucial for Cardano, as competitors are already advancing in this direction.
While the estimated arrival time for the upgrade remains unclear, it is expected before the end of August. Recent reports show an increase in SPOs installing the Cardano Node 9.1.0. As of Thursday, 69% had completed the update, which has now risen to 72%.
The price of ADA has fluctuated as a result, with a 5.79% drop in market value on the most recent day. CoinMarketCap reports that the current trading price of ADA is $0.3308. The anticipation of the Chang hard fork upgrade has influenced this market movement, reflecting the broader impact of network upgrades on cryptocurrency prices.
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