Aug 28, 2024
According to recent report by coindesk. Cardano, the blockchain platform launched in 2017 by Ethereum co-founder Charles Hoskinson, is on the verge of its most significant upgrade in two years. The network is poised to undergo a transformative change, enhancing its capabilities with new on-chain governance features that will allow its community to play a more active role in decision-making.
Dubbed the "Chang hard fork," this upgrade represents a major milestone in Cardano's ambitious roadmap. It comes after the much-anticipated introduction of smart contracts in 2021, a move that significantly expanded the platform's functionality. Initially scheduled for this week, the Chang hard fork has been delayed to September 1, giving exchanges like Binance additional time to prepare their systems for the transition.
Hoskinson, known for his candid commentary, expressed a mix of urgency and humor about the delay on social media platform X: "The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving."
Ranked as the 30th largest blockchain by DeFiLlama, Cardano may not be at the top of the leaderboard, but it is a project that consistently draws attention in the cryptocurrency world. This is partly due to Hoskinson's high profile—he's a frequent presence in videos and podcasts, where he shares his vision for Cardano and the broader blockchain industry. His history with Ethereum, which he co-founded with Vitalik Buterin in 2014 before parting ways, adds an additional layer of intrigue to Cardano's journey.
A hard fork represents a significant change to a blockchain's protocol, rendering older versions obsolete. These changes can be contentious, but they are often carefully planned and coordinated to bring about new features or address existing issues. The Chang hard fork is no exception, aiming to empower ADA holders—the native token of Cardano—to participate directly in the network's governance. Holders will be able to elect representatives, known as Delegate Representatives (dReps), and vote on improvement proposals and future technical changes.
"This will mark the first step towards a minimum-viable community-run governance structure outlined in CIP-1694," the Cardano Foundation, the primary organization supporting the blockchain, explained in a recent blog post. "The Cardano community will be responsible for maintaining and shaping the blockchain network."
At the heart of this upgrade is CIP-1694, a Cardano Improvement Proposal that introduces a new governance framework to the ecosystem. It establishes several governing bodies, including a Constitutional Committee, dReps, and Stake Pool Operators (SPOs). Once implemented, these groups will have a say in any changes made to the Cardano blockchain, effectively placing the future of the network in the hands of its community.
The Chang upgrade is a critical component of the Voltaire Era, the final phase in Cardano's current roadmap. According to the Cardano Foundation, the Voltaire Era aims to "provide the final pieces required for the Cardano network to become a self-sustaining system," positioning it as a fully decentralized and community-driven platform.
As the Cardano community eagerly awaits the rollout of the Chang hard fork, the upgrade promises to usher in a new era of decentralization and governance, marking a pivotal moment in the blockchain's evolution.
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