As a seasoned crypto investor with a keen eye for promising projects and a knack for spotting the next big thing, I’ve been closely watching Cardano since its inception. The upcoming Chang hard fork has certainly piqued my interest, not just because of its potential to bring smart contract functionality to the table in 2021, but also due to the dynamic personality and visionary mindset of Charles Hoskinson.
In a significant development, Cardano – introduced by Ethereum co-creator Charles Hoskinson in 2017 – is moving towards its most substantial update in two years. This upgrade will significantly alter the fundamental structure of its primary network and provide users with opportunities to engage in on-chain governance, marking a significant step forward for the platform’s decentralization.
The “Chang hard fork” upgrade, a significant step in Cardano’s development plan, marks the anticipated introduction of smart contract capabilities in 2021. Originally scheduled for this week, Hoskinson announced on Friday that it has been postponed to September 1st, allowing some exchanges like Binance to properly adjust their systems beforehand.
In a post on X, Hoskinson stated, “Deadlines have a unique power: they make those who are not giving upgrades due importance exclaim, ‘We need to act quickly!'”
On DeFi Llama’s website, Cardano ranks as the 30th largest blockchain. However, this project often garners significant attention within crypto communities due to Charles Hoskinson’s charismatic presence and widespread influence. Hoskinson is well-known for his frequent video and podcast appearances. Prior to Cardano, he co-founded Ethereum with Vitalik Buterin in 2014, but left the project shortly after their collaboration.
A hard fork essentially represents a significant update to a blockchain that renders previous iterations obsolete. While these modifications may stir debate, they are frequently premeditated and strategized. Hard forks can result in substantial alterations for both users and developers, introducing new functionalities or resolving issues within the chain.
In a recent blog post, the Cardano Foundation stated that this action signifies the initial phase of establishing a decentralized governance system as outlined in CIP-1694. This implies that the Cardano community will now have the authority to oversee and mold the blockchain network’s direction and maintenance.
The fundamental proposal for updating Cardano, referred to as CIP-1694, establishes several governing bodies within its ecosystem, such as the Constitutional Committee, dReps, and Stake Pool Operators (SPOs). Once implemented, control over the Cardano blockchain and any subsequent modifications will be entrusted to these groups.
In simpler terms, the Chang update belongs to the Voltaire Phase, which marks the last stage in Cardano’s existing development plan. The Voltaire Phase is intended to supply the essential components needed for the Cardano network to operate independently and autonomously, as stated by the Cardano Foundation.
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2024-08-28 14:08