The Cardano (ADA) blockchain is officially entering its long-awaited final roadmap phase, Voltaire, as it pushes toward its biggest network upgrade in two years. The forthcoming upgrade, known as Chang hard fork, seeks to introduce mechanisms for users to participate in on-chain governance.
As Cardano founder Charles Hoskinson recently indicated, Input Output Global (IOG) developers have now burnt the “Genesis Keys,” which were originally held by IOG and were used to finalize decisions and changes to the protocol.
Chang Hard Fork Confirmed
Cardano has burnt Genesis keys ahead of the Chang hard fork.
Genesis Keys are dead The Age of Voltaire is soon upon us pic.twitter.com/j17TT8IzG5
— Charles Hoskinson (@IOHK_Charles) August 30, 2024
The Genesis Keys were crucial during the initial stages of the Cardano blockchain, enabling its smooth rollout. Notably, these keys were useful in securing the network and facilitating operations until a more decentralized structure could be executed.
Hoskinson’s announcement comes amid the upcoming activation of the Chang hard fork, which was recently postponed to Sept. 1 so some exchanges, including Binance, could prepare their systems.
The main feature of Chang is to give Cardano the ability to introduce on-chain governance features. ADA holders will be able to elect Delegate Representatives (dReps) and vote on improvement proposals as well as future technical modifications to the blockchain network. Notably, all Cardano proposals and votes will occur on-chain.
The Chang upgrade is part of the Voltaire Era, the final era on Cardano’s current roadmap. Voltaire is supposed to “provide the final pieces required for the Cardano network to become a self-sustaining system,” the Cardano Foundation wrote in a blog post.
Binance has since announced it’s ready to support Cardano’s upcoming Chang hard fork after failing to adequately prepare for the original August 27 deadline promptly. The world’s largest cryptocurrency by market cap said it would temporarily pause token deposits and withdrawals on the Cardano blockchain to stem technical issues when the hard fork goes live.
Binance users need not worry as Binance will handle all technical requirements, which includes ensuring ADA is compatible with the new update. Deposits and withdrawals on Cardano will resume as soon as Chang is complete and the exchange considers the network stable.
Will Chang Be A Game Changer For Cardano?
The price of ADA was changing hands for $0.3432 as of publication time, reflecting a 10.7% drop over the last seven days and a further 5.3% fall on the day.
Amid the lethargic price action, ADA enthusiasts are closely watching forthcoming developments that could potentially reignite bullish momentum in the token.
Prominent crypto expert Dan Gambardello observed in an X post that Chang is more than just another technical upgrade; it represents a watershed moment in the history of crypto. Gambardello suggested that the hard fork will put over $600 million worth of ADA completely in the hands of its community — a number that could quickly grow to $5 billion or even $10 billion depending on ADA’s price movement.
“With such a governance model, Cardano could very well redefine what it means to be a leading blockchain, potentially attracting more developers, users, and investors,” he remarked.
Gambardello further elucidated that Chang is not all about technological advancements such as faster transaction speeds or lower transaction fees, but more about “unleashing the power of true decentralization”.
“No longer will Cardano be seen as yet another project run by some large organization; it will be a community-driven powerhouse. Cardano has been the underdog, underestimated by so many. But here it is, all going as planned as it remains a top ten crypto,” the pundit added.
