As a seasoned researcher and ardent follower of the Cardano ecosystem, I find myself both exhilarated and cautiously optimistic about the upcoming Chang hard fork. With my fingers firmly crossed, I eagerly await the mainnet deployment on August 27th. The progress made by the working group, particularly in terms of SPO readiness, is commendable, although the lagging exchange liquidity remains a cause for concern.
The essential member-driven group focused on the Cardano system, known as Intersect, has revealed the specific schedule for the imminent Chang hard fork through channel X. This significant announcement marks a crucial step in the continuous evolution of the Cardano network, with the goal of optimizing its protocol performance and governance structure.
Cardano Chang Hard Fork To Roll Out On August 27
As a researcher, I’m thrilled to share that the Chang hard fork working group has assembled to assess our progress in relation to predefined readiness benchmarks, while also taking into account community input and sentiments. Excitingly, we are now prepared to officially suggest the initial dates for the Chang #1 hard fork on the mainnet. The proposed date for the mainnet hardfork is Tuesday, 27th August. We’ve scheduled a final go/no-go decision for early Friday, 23rd August.
As a crypto investor, I’m proud to say that our team has made substantial progress in readiness. A notable achievement is the advancement of Stake Pool Operators (SPOs), with an impressive 80% now operating on version 9.1.0, which aligns well with our expectations for SPOs. However, we’re still grappling with liquidity issues, as only 28% of exchanges have been upgraded to the necessary version, and our goal is to reach 85%.
Regardless, the team observed a rising pattern in preparedness spanning different aspects of the system. In other words, they verified SPO-readiness last week, the exchange liquidity indicator is strong and growing, and there have been numerous encouraging reports about readiness from prominent DApps, as stated by Intersect.
To ensure a smooth hard fork, it’s essential to have a detailed plan of governance steps and signatures ready, starting four days before the hard fork. The working group stresses the importance of this stage, encouraging everyone involved to complete their preparations promptly. The message emphasizes that “It’s time to upgrade! If there’s any particular reason or dependency that prevents you from upgrading, let us know immediately.”
Significantly, the process involves a trial run or “hard fork” prior to production on the 22nd of August. This is essentially a final check and fine-tuning session before the main rollout.
In light of the upcoming hard fork, Charles Hoskinson, the creator of Cardano, conveyed his excitement and emphasized the significant role this update plays. On a social media platform, Hoskinson stated, “Are you ready for Chang? The rocket is about to launch. Governance is on its way.”
As a crypto investor, I’ve just learned that to smoothly transition into the new phase (the Conway era) following the upcoming Chang hard fork, it’s crucial I update my Input Output’s Cardano Daedalus wallet to version 6.0.0. Essentially, this upgrade is a must-have for all Daedalus users, as the company has emphasized that it’s vital for crossing the Chang hard fork.
Chang Upgrade: 2-Phase Rollout
The Chang update signifies a major advancement for Cardano, focusing on setting up a basic operational on-chain governance system as outlined in CIP-1694. The initial step, known as Chang Upgrade Phase 1, brings governance capabilities to the blockchain, starting what is referred to as the technical initialization phase consistent with CIP-1694 guidelines.
In the second phase, Chang Upgrade #2, we move forward to completely enable all aspects of CIP-1694, such as increased involvement of DRep (Delegation Representatives) and a wider scope of governance decisions. This step signifies our transition out of the initial startup period.
At press time, ADA traded at $0.3580.
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2024-08-21 14:12