As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of upgrades and hard forks. The upcoming Chang hard fork on Cardano is one that has piqued my interest, given its potential to usher in the Voltaire Era.
The Cardano community is eagerly anticipating the Chang hard fork update, marking the start of the Voltaire Era. Developers at Input-Output Global have been diligently preparing this upgrade for several months to put governance back in the hands of the community. As suggested by Charles Hoskinson, the team has reportedly destroyed the “Genesis Keys,” which could mean they’ve relinquished their control over the protocol.
Last Chang hard fork hurdle cleared
As an analyst, I’m eagerly anticipating the Chang hard fork upgrade set for September 1st, following its postponement. A multitude of tasks need to be completed before the update, but the lockup of the Genesis Keys stands out as one of the crucial ones.
Essentially, the creator of Cardano has indicated that the Genesis Keys are now out of IOG’s possession. In a style typical of him, he hinted at an upcoming era to the community by saying, “We are on the verge of entering the Age of Voltaire.”
At present, there’s no new information about backing from centralized exchanges for the Chang update. This was the major concern that led to the initial postponement of the Cardano protocol upgrade. Despite community suggestions to proceed with the upgrade and handle any issues with the exchanges later, it’s still unclear which strategy the teams will adopt.
With this and previous updates, the community is eager for the proposed upgrade.
What community governance will look like
Cardano’s pioneers propose softening the protocol during the Voltaire Phase, allowing the community greater autonomy in shaping its growth. Yet, there will be elected officials who assemble to form a council, taking on clearer roles of governance.
By adopting this community governance structure, there could potentially increase the desire for ADA, since it offers a chance to contribute to decision-making processes. In essence, this shift may lead to a potential rise in ADA’s value over time.
For now, the digital currency is changing hands for $0.3567, down by 0.38% in 24 hours.
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2024-08-30 12:35