Cardano Chang Upgrade Launch Set For September 1: Here’s All The Details

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As a seasoned cryptocurrency researcher with over a decade of experience in this dynamic digital landscape, I find myself closely following the developments within the Cardano ecosystem. Having witnessed the rise and fall of numerous altcoins, I must admit that the journey of ADA has been intriguing.

Cardano (ADA), the 11th largest cryptocurrency initially introduced in 2017 by Ethereum co-creator Charles Hoskinson, is about to undergo its most significant update – a hard fork aimed at generating market demand. This digital currency has already established itself as the 30th largest blockchain network, according to DeFILlama. Cardano is recognized for its impressive token performance and innovative consensus mechanism. The long-awaited Cardano Chang Upgrade is now set for September 1 at 21:45 UTC, following an initial postponement. Alongside this update, a potential surge in the ADA price, currently priced at $0.3585, is also anticipated.

What Is Cardano Chang Upgrade?

The Cardano Chang update is a significant part of the Voltaire phase, marking the final stage according to the network’s plan. This phase will equip the Cardano network with all essential features to convert it into an autonomous system that can operate independently. This is the largest update the network has undertaken so far, paving the way for maximum decentralization.

Tomorrow, the Chang Hard Fork – named after ex-IO team member Phil Inje Chang – is scheduled to occur. This update will introduce on-chain governance, enabling Cardano (ADA) holders to take part in decision-making for the network.

By doing this, token holders will choose their Delegate representative and cast their votes on matters concerning the network’s future. Essentially, a hard fork signifies significant changes within the blockchain to introduce fresh features and capabilities, which is the case here. Typically, the older or previous version ceases to be valid or operates independently without any connection to the new one.

For cryptocurrency enthusiasts, this long-anticipated update marks the most significant network upgrade over the past two years, ever since the advent of Smart Contracts three years back.

Why Was Chang Hard Fork Postponed?

Initially, the Chang hard fork was set for August 27. But due to certain technical issues, the network decided to delay the plan. Now, through a recent announcement on Friday, Ethereum’s founder has revealed that they will push it back to September 1 at 21:45 UTC.

The magic of deadlines is that people who aren’t taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.

It seems that Binance and a few other entities require additional time to organize their affairs, thus the launch will be postponed.

— Charles Hoskinson (@IOHK_Charles) August 23, 2024

Hoskinson clarified that this move was designed to give crypto platforms such as Binance ample time to adjust their systems in anticipation of the Cardano Chang upgrade. Furthermore, Binance is gearing up for the Chang hard fork, a precautionary measure taken by the exchange to halt transactions on the blockchain during the hard fork to minimize any potential technical issues.

Final Thoughts

According to Charles Hoskinson, Ethereum’s co-founder, as per his latest update on X post, the long-anticipated Cardano Chang Upgrade is scheduled for launch on September 1st. This upgrade will grant ADA holders the privilege to vote and contribute to the network’s development, thereby achieving a fully decentralized governance system within the network. Notably, this makes Cardano the pioneer in implementing such a model for the future growth of its network and native token price. Consequently, several analysts predict that the Cardano price could reach $1 by September, based on these developments.

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2024-08-30 17:10