As a seasoned analyst with years of experience in the cryptocurrency market, I have witnessed numerous hard forks and network updates. However, the upcoming Chang hard fork on Cardano is one that truly stands out.
In just a few days, one significant enhancement is planned for the Cardano network. This update will introduce new functionalities and complete the shift of the blockchain towards a community-managed system.
Originally planned for activation on Tuesday, August 27, as stated in a declaration on August 20, the Chang hard fork has been unexpectedly postponed. Charles Hoskinson, the founder of Cardano, announced on August 23 that the launch will now take place on September 1, 2024.
As per Hoskinson, crypto exchanges such as Binance require additional time to organize their operations. In other words, they need to prepare thoroughly before launching, much like a rocket waiting on the launchpad for optimal conditions to improve.
What Is the Chang Hard Fork?
The progression of the Cardano network is divided into five phases: Byron (establishment phase), Shelley (decentralization phase), Goguen (phase for smart contract implementation), Basho (scaling phase), and Voltaire (governance phase).
In simple terms, around May 30, 2024, Cardano transitions into the Voltaire phase. During this period, network participants and stakeholders can propose and vote on improvements for the Cardano system using the existing staking and delegation mechanism, thanks to the Chang hard fork.
As a researcher, I am exploring the Chang hard fork, which intends to establish an on-chain governance framework distributed among all participants. This framework will be rooted in a minimally viable, community-led governance structure as detailed in CIP-1694, effectively transferring the network’s upkeep and management responsibilities to the Cardano community.
The hard fork consists of two stages: The initial stage is scheduled for deployment on September 1, while the final stage is planned for implementation during the last quarter of 2024.
A Two-Part Upgrade
In simpler terms, the initial phase for Cardano will be about integrating it into a technical self-governing stage. This includes drafting an Interim Cardano Charter and establishing the Interim Constitutional Committee (ICC). The interim charter will provide guidelines for Cardano’s transition during the hard fork. The ICC will act as a temporary administrative body, maintaining the principles of the constitution and having the authority to vote and veto on the first on-chain governance decisions.
During the Cardano Constitutional Convention, the community is going to write up the primary constitution. Later on in the year, they will establish a Constitutional Committee to oversee its implementation.
In simpler terms, after the Chang hard fork’s second stage, the network will transition out of its technical setup period. This transformation will involve the addition of entities such as Delegate Representatives (DReps) and stake pool operators (SPOs), as well as a community-led treasury withdrawal system.
In this system, entities like holders of Cardano’s original currency tokens and members of the Constitutional Committee have the power to cast votes and veto proposals related to governance, delegate their ADA tokens for decision-making purposes, issue certificates, and carry out withdrawals from the treasury.
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2024-08-28 21:42