As a researcher with years of experience in the cryptocurrency market, I have witnessed numerous hardforks and blockchain network developments, but none quite like the Cardano Chang hardfork. This event marks a significant milestone for decentralized governance on the platform, as ADA holders now have control over the network’s decision-making process. The implementation of this hardfork represents a bold step towards true freedom and self-governance, which is truly empowering to see.
The long-awaited hardfork for Cardano‘s Chang has been activated within the blockchain network, marking the beginning of the Voltaire phase. On Sunday, September 1, Cardano commenced the transition of management over its $13 billion blockchain to the owners of ADA coins, its native digital currency.
One method of rephrasing for easier understanding: Cardano is among the first blockchain systems to adopt a governance model based on tokens. The development of this blockchain has been primarily overseen by Charles Hoskinson, founder of Input Output Global, in conjunction with EMURGO and the Cardano Foundation, which is its official commercial arm. Romain Pellerin, the IOHK CTO, praised this advancement as a demonstration of “true freedom”.
#Chang upgrade was successful 🚀
“The power to decide, and the liberty to act, is the only true freedom.” — Voltaire
As a Cardano investor, I’ve taken notice that the decentralized governance has been initiated. Now, the control over the protocol’s future lies in the hands of us, the Cardano holders, on-chain. This means we have the power to make decisions and shape the course of this cryptocurrency collectively.
I have nothing more powerful…
— Romain Pellerin (@rom1_pellerin) September 1, 2024
As a result of the Chang hardfork activation, ADA owners will now be the decision-makers in the administration of Cardano, allowing them to vote on crucial development initiatives and choose their representatives. Moreover, Cardano Improvement Proposal (CIP) 1694 sets up three user-driven governance entities: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs). Consequently, the Cardano Foundation, IOHK, and EMURGO will no longer possess the authority to implement additional hardforks or chain upgrades.
In the initial stage of the Cardano Chang Hardfork, the Interim Constitutional Committee is introduced, taking over some of the previous committees’ authority to modify the blockchain’s code. The second phase, set to roll out within the next 90 days, will grant more power to the newly established governance bodies.
ADA Price Gives a Disappointing Move
Amid a broader downturn in the market, the price of Cardano (ADA) has fallen by approximately 5%, reaching $0.3281. This decrease has caused its market capitalization to dip below $12 billion. However, it’s worth noting that the daily trading volume for ADA has significantly increased by 68%. Unfortunately, this price drop has resulted in weekly losses extending beyond 13.3%.
Although the Chang Fork launch was successful for Cardano, the price of ADA has dropped. This drop could be due to broader market factors, investors cashing out, increased competition, and regulatory issues. While the fork is a notable achievement, its impact on ADA’s price may not become obvious right away.
Over the past few weeks, Tron’s TRX token has managed to surpass Cardano’s ADA due to its strong performance, causing ADA to drop from the 10th position on the cryptocurrency market rankings.
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2024-09-02 10:59