As a seasoned crypto investor with a knack for spotting promising projects, I’ve always kept a keen eye on Cardano. The upcoming Chang hard fork has piqued my interest, not just because of its technical potential but also due to its philosophical significance.
Charles Hoskinson’s proof-of-stake blockchain project, Cardano, is gearing up for its significant update in nearly two years. Dubbed the Chang hard fork, this upgrade, slated for September 1, represents a key step towards Cardano’s long-term goal of empowering its community to self-govern.
Deadlines have a unique ability to motivate those who aren’t prioritizing updates into realizing “we need to act now.” Once they’re spurred into action, progress comes swiftly. It seems like Binance and a few others may require some additional time to tidy up their operations, so the launch will be postponed until then…
— Charles Hoskinson (@IOHK_Charles) August 23, 2024
Hoskinson announced that there would be a slight postponement in the launch, which was originally scheduled for this week. This is to provide cryptocurrency platforms such as Binance with additional time to make necessary updates to their systems. He humorously mentioned the stress of meeting deadlines, underscoring the importance for all parties involved to finalize their preparations promptly.
The “Chang hard fork” update is a continuation of the smart contract introduction by Cardano in 2021. Even though it ranks at number 30 on DeFILlama’s DeFi tracker, Cardano continues to hold significant appeal within the cryptocurrency market. This enduring interest can be attributed in part to Charles Hoskinson’s charismatic personality and his frequent appearances in media, which keep him and Cardano in the spotlight.
Cardano’s On-Chain Governance Breakthrough
In simpler terms, a hard fork within the context of blockchain means a significant change that makes older versions obsolete and incompatible. Although it can be controversial, carefully executed hard forks, such as Chang, often bring considerable advantages to both users and developers. The main objective here is to strengthen the Cardano community by introducing on-chain governance tools.
Owners of ADA, the native cryptocurrency of the Cardano blockchain, will acquire the authority to elect Delegate Representatives (dReps) and take part in decision-making processes regarding significant proposals. These matters may encompass enhancements to the network as well as future technical adjustments.
In a recent blog post, the main entity behind Cardano’s blockchain, known as the Cardano Foundation, underscored:
This action signifies the initial phase of establishing a community-led governance model, as detailed in proposal CIP-1694.
Essentially, it’s up to the Cardano community to decide how their blockchain network should look and function. They have control over its development and management.
CIP-1694 Powers Cardano’s Decentralization
The proposal CIP-1694, which is associated with the Chang update in the Cardano system, lays out a framework for diverse governance models within the Cardano network. This includes entities like the Constitutional Committee, dReps, and Stake Pool Operators (SPOs). Upon the adoption of CIP-1694, these groups will shape the evolution of the Cardano blockchain.
With the Chang update, we’re stepping into the Voltaire Phase, the concluding part of Cardano’s existing development plan. As outlined by the Cardano Foundation, Voltaire is where the crucial elements are added that will enable the Cardano network to operate independently and sustain itself.
With the Chang hard fork, this self-governing model empowers the Cardano community to play an active role in deciding the network’s direction, fostering a more community-led and decentralized ecosystem.
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2024-08-28 16:10