Charles Hoskinson, the founder of Cardano and a prominent figure in the cryptocurrency space, has made a significant announcement that has ignited excitement within the Cardano community. In a recent social media post, Hoskinson revealed that the much-anticipated Chang Hard Fork upgrade is expected to be finalized this June. This upgrade marks a critical milestone for Cardano, ushering in the "Age of Voltaire" and significantly advancing its governance model.
Key Details of the Chang Hard Fork Launch
In his latest post on X, Hoskinson announced that the Cardano Node would soon reach version 9.0. This development indicates that Cardano is ready for the Chang Hard Fork, with the upgrade slated for completion in June. Hoskinson further explained that the hard fork will be initiated once 70% of Stake Pool Operators (SPOs) update to the new node.
The Chang Hard Fork is essential for transitioning Cardano into the "Age of Voltaire," introducing a groundbreaking governance model for the blockchain. Hoskinson emphasized that this upgrade is one of the most significant in Cardano’s history, envisioning the future Cardano as a decentralized civilization supported by millions worldwide.
Revolutionary Governance Model
The upgrade aims to implement the most sophisticated blockchain governance system, featuring annual budgets, a treasury, and community-driven decision-making processes. Hoskinson expressed his vision and pride in Cardano’s journey, stating, "In nearly a decade, we’ve built a nation."
This transformation will enable Cardano to function with a high degree of decentralization, distributing power and decision-making across its global user base. Hoskinson’s remarks addressed concerns about potential centralization, clarifying that the governance, treasury, and budgeting processes are managed by tens of thousands of participants from over 100 countries, highlighting Cardano's commitment to decentralization.
Impact on Cardano's Ecosystem
As Cardano progresses towards implementing its new governance model, it aims to contrast sharply with centralized systems by involving a vast and diverse group in its decision-making processes. This approach underscores Cardano’s focus on decentralized finance (DeFi) as it continues to evolve and grow.
Market Response
As of this writing, Cardano’s price has increased by 0.35% to $0.4415, after hitting an intraday low of $0.436. Over the past 24 hours, its trading volume has decreased by 7.6% to $360.69 million, while data from CoinGlass shows that ADA futures open interest fell by 1.08% to $253.36 million.
Conclusion
The upcoming Chang Hard Fork represents a pivotal moment for Cardano, setting the stage for its evolution into a decentralized governance powerhouse. As the community eagerly anticipates this upgrade, Cardano's commitment to decentralization and innovative governance continues to shape its path forward in the blockchain industry.
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