Cardano (ADA) is nearing the completion of its highly anticipated Chang hard fork. Today, Stake Pool Operators (SPOs) responsible for verifying transactions on the Cardano blockchain began upgrading to the network's new software, Node 9.1.0. The Chang hard fork aims to transfer control of the $14 billion blockchain to ADA holders and will be activated when at least 70% of SPOs move to the new node. Discover how Cardano's Chang hard fork will transform blockchain governance and decentralization.
Cardano's Latest Update: What You Need to Know
The Cardano blockchain is heading towards the Chang hard fork, which means a major transformation. This update aims to transfer the governance structure to ADA owners from three main organizations such as Cardano Foundation, Emurgo and Input Output Global (IOG). Currently, 27% of node density has been updated to Node 9.1.0, according to ADA staking platform PoolTool.
Hard forks introduce radical changes to a blockchain's software, making it incompatible with previous versions once the transition is complete. Major blockchains such as Bitcoin and Ethereum have gone through similar processes in the past; For example, Ethereum's 2022 hard fork changed the network's consensus mechanism from Proof of Work to Proof of Stake.
The Chang hard fork is named after Phil Chang, an early proponent of Cardano, and aims to offer a decentralized governance framework similar to DeFi DAOs. With this change, decision-making authority will be transferred to ADA owners instead of central entities. This transition is considered an indication that Cardano has proven its development and maturity over the years. ADA holders will have the right to vote on various changes to the blockchain and will also have an impact on the project's budget and treasury. Those who do not prefer to actively participate can transfer their voting rights to other participants.
Why Is Chang's Hard Fork a Turning Point for Cardano?
The Chang hard fork represents Cardano's fifth major network update and emphasizes the decentralization of the network, ushering in the "Voltaire" era. The previous phases, Goguen and Basho, had provided significant improvements in scalability and smart contract functionality.
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