Cardano Chang Hard Fork in View as Node Operator Integration Soars

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As a seasoned researcher with over a decade of experience in the cryptocurrency realm, I must say that the upcoming Chang hard fork on the Cardano blockchain has piqued my interest significantly. Having witnessed the evolution of numerous blockchains and their respective forks, I can attest to the transformative power they hold.

The long-awaited Chang hard fork update for the Cardano (ADA) blockchain is set to be launched imminently. Latest reports from the Cardano Feed indicate that around 70% of Stake Pool Operators (SPOs) have already upgraded to Node version 9.1.0.

Cardano’s Chang Hard Fork Implementation

The upcoming Cardano’s Chang hard fork marks the beginning of the Voltaire era, emphasizing decentralized management. As reported by Coinspeaker, Cardano developers anticipate that this hard fork upgrade will drive progress in the network’s infrastructure, representing a substantial milestone.

The main intention behind the Chang fork update is to relieve Input Output Hong Kong (IOHK), Cardano’s development company, of their direct control over the seven-year-old blockchain. This move will pave the way for Cardano to become a fully decentralized blockchain, empowering ADA holders to participate in the network’s development. This transition is crucial for Cardano, especially since its main competitors have already made significant strides towards decentralization.

It’s important to understand that the Chang hard fork upgrade is divided into two main stages. In the initial stage, known as Intersect, a community group called Intersect for the Cardano ecosystem will launch a provisional version of the Cardano’s governing document, or constitution. This interim constitution will be overseen by an Interim Constitutional Committee (ICC) to make sure that all governance actions are in line with the enacted constitution during this phase.

Initially, the interim committee will consist of seven representatives – four from the Cardano Foundation, Input Output Global (IOG), EMURGO, and Intersect, while the remaining three seats will be filled by community members elected within the Cardano community itself.

In the second stage of the Chang hard fork, Cardano will appoint delegated representatives. As the blockchain evolves towards complete decentralization, ADA owners can assign their voting rights to these delegates (dReps) to advocate for their concerns.

During this stage, the number of members on the Constitutional Committee may increase from seven. In the future, it’s anticipated that the Cardano community will take charge of the blockchain’s continued evolution.

To trigger the activation of the hard fork, it’s necessary that at least 70% of Stake Pool Operators (SPOs) adopt the latest node version, which is Node 9.1.0. Now that this threshold has been reached, the Cardano community is excitedly anticipating the next step from the blockchain.

How ADA is Reacting in the Market

The digital coin called ADA, which is associated with the Cardano platform, seems to be benefiting from recent advancements within its ecosystem. Over the last day, ADA has risen by 2.9% to reach $0.3426. This price surge follows a rocky beginning to the week across all cryptocurrencies. Currently, ADA holds the position of the 10th largest cryptocurrency by market capitalization, with a total value of approximately $12.3 billion.

However, the trading volume declined by 1.5% in the past day, reducing investors’ interest. Notwithstanding, the Chang hard fork could cause a bullish spike for ADA.

As a researcher examining the dynamics of ADA, I found it surprising and beyond initial expectations when I witnessed a staggering 31% surge in trading volume within a 24-hour period, pushing the total daily volume to an astounding $800 million. This spike also triggered a substantial turnover of approximately $457.71 million in Cardano perpetual futures.

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2024-08-09 16:06