As an analyst with a background in blockchain technology and experience following the developments in the Cardano ecosystem, I find Charles Hoskinson’s recent clarification on the Chang hard fork both informative and reassuring. Misinformation can spread quickly within the crypto community, and it is crucial for project leaders to address any confusion as promptly and clearly as possible.
Charles Hoskinson, the founder of Cardano, clarified that contrary to rumors, there was no planned Chang hard fork in June.
He shared that a node prepared for forks is accessible now, but the following action necessitates an approximately monthly process during which around 70% of stake pool operators need to check and modify their setups.
In our earlier conversation, Hoskinson mentioned that by June, the Cardano node would attain the required update, enabling it to undergo the Chang hard fork.
I didn’t mention June. That’s an incorrect representation of my words. A Node prepared for deployment awaits approval from approximately 70% of the stake pool operators. As previously stated, this process typically takes around a month for completion.
— Charles Hoskinson (@IOHK_Charles) July 2, 2024
Its goal is to make Cardano a completely decentralized organization, featuring a robust blockchain administration system, an annual budget, and a community-managed treasury boasting close to $700 million in funds.
Chang hard fork: Why does it matter?
The new update signifies a significant shift for Cardano as it brings about the idea of self-governing, decentralized communities. This means that the platform will be governed through on-chain consensus, in accordance with its own constitution.
Currently, the governance process will consist of three primary phases. In the initial phase, ADA holders will have the option to appoint delegate representatives instead of casting traditional votes. The registration period for these delegate representatives (DReps) is projected to commence in the second quarter of 2024.
At the second phase, referred to as the Cardano Constitutional Convention, government delegates are tasked with creating an initial version of the constitutional document in Argentina. Following the completion of this draft, the community will cast their votes on it towards the end of the year. If the draft garners approval, it will serve as the foundation for the decentralized decision-making procedures within Cardano.
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2024-07-03 16:00