Cardano transitions to decentralized governance witch Chang hard fork
The Cardano blockchain, co-initiated by Ethereum's Charles Hoskinson, has successfully executed its highly anticipated Chang hard fork, stepping into the pivotal Voltaire era. This era represents the project's culmination phase, emphasizing decentralized governance and autonomy within its blueprint.
This significant technological advancement was finalized on September 1, at 21:44 UTC, at the specific block height of 10764778. The update paves the way for a novel governance framework within Cardano, enabling ADA proprietors to partake or vote in decisions concerning governing policies.
In a statement shared on the social platform X, the Cardano Foundation, the not-for-profit engine behind the Cardano ecosystem, celebrated the occasion.
The completion of the Chang hard fork is a watershed event for the Cardano blockchain, its ecosystem, and its vibrant community, ushering in the fulfillment of a truly autonomous, self-regulated network.
According to the official Cardano documentation, the Chang upgrade activates the blockchain's improvement protocol-1694. This mechanism empowers ADA stakeholders to cast their votes directly or allocate their voting rights to chosen delegate representatives (DReps).
The implementation of Chang will unfold in two distinct phases. Initially, within the ensuing 90 days following the upgrade, preliminary governance functionalities will be rolled out, supervised by a provisional committee. This period allows for DReps enrollment and the delegation of voting powers by token holders.
Subsequently, the baton of authority will be passed to the Cardano community. In this next phase, various stakeholders, including DReps, SPOs, and the provisional constitutional committee, will have the authority to vote on governance motions.
Despite the technological leap, ADA, Cardano's flagship cryptocurrency, encountered a tepid response. Post-upgrade, the currency witnessed a more than 4% decline, trading at $0.3297.
This lackluster performance resulted in ADA slipping from the top 10 cryptocurrency leaderboard, now sitting behind competitors like TRON and TRX.
Nonetheless, several indicators hint at a potential surge in ADA's value, should the cryptocurrency market trend upwards once again. Further insights on this topic can be found here.
