As a seasoned crypto investor with a knack for spotting promising blockchain projects, I’ve always kept a close eye on Cardano due to its innovative approach and strong community support. The upcoming ‘Chang’ hard fork on September 1st has me genuinely excited. After all, who doesn’t love the idea of decentralized decision-making?
On September 1st, Cardano will implement the Chang hard fork, enabling a more decentralized decision-making process within its blockchain system.
On September 1st, the 30th largest blockchain network, Cardano, is now set to undergo the ‘Chang’ hard fork upgrade, which was originally planned for this week but has been rescheduled to next. This hard fork signifies another milestone in Cardano’s final stage of development, Voltaire. With this update introducing users to its governance features, subsequent steps within the Voltaire phase will enable Cardano to achieve self-sustainability as a blockchain network.
Charles Hoskinson, founder of Cardano, discussed the anticipated timeline for the platform’s update on X. He said, “Deadlines have a peculiar effect; those who are not prioritizing upgrades start to realize they need to act fast. Once they start working, we tend to come together swiftly.” This statement pertains to other entities, such as Binance, that are still making preparations for the upgrade. Hoskinson further stated, “The next hard fork window is September 1st.”
Decentralized Governance Is at the Core of This Upgrade
In a matter of days, ADA holders will gain membership in the governance structure of the platform, allowing them to select representatives within the network, known as Delegate Representatives (dReps). Additionally, they will have the power to vote on proposals aimed at implementing technical modifications to Cardano. ADA serves as the native currency for this blockchain.
“The Chang update signifies a significant milestone in the chronicles and evolution of Cardano, concluding years of meticulous planning and dialogue. It will deliver on Cardano’s pledge to establish a self-managed, entirely decentralized network as outlined in CIP-1694, according to a blog post by the Cardano Foundation.”
The Cardano Improvement Proposal, labeled as CIP-1694, brought about an update that empowers the Cardano network’s governance to be managed by users, dReps, and other key entities such as the Constitutional Committee and Stake Pool Operators (SPOs).
As a crypto investor, I’m eagerly encouraged by the Cardano Foundation to embark on their Constitutional Workshops. This journey offers me an opportunity to grasp the intricacies of their decentralized governance model and actively contribute to its development.
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2024-09-01 10:45