As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies and blockchain technology, I have witnessed countless developments that have reshaped this industry. The successful implementation of the Chang hard fork on Cardano is undeniably one of those significant moments.
On September 1, 2024, at 21:44 UTC, the Cardano blockchain reached an important step as it executed the Chang hard fork at block number 10764778. This event marks the beginning of the “Conway ledger era,” which is part of a sequence of improvements meant to decentralize the blockchain’s governance by using the Voltaire upgrade phase.
Reactions From The Cardano Community
The essential aspect of the hard fork in Cardano lies in the change of its management structure, enabling every ADA owner to suggest ideas or take part in the decision-making process. This democratic transition was highlighted by the Cardano Foundation in a statement on X, where they stated, “The Chang hard fork today signifies a significant step for the Cardano blockchain, ecosystem, and community––realizing the pledge of a fully autonomous, decentralized network. Here begins a new chapter of decentralized governance: Voltaire.”
Romain Pellerin, CTO at Input |Output, the development company for Cardano, emphasized the significance of the Chang upgrade: “The Chang update was a success. ‘Power lies in decision and action; this is the only true freedom.’ – Voltaire. With Voltaire’s concept of decentralized governance now active on Cardano, holders have the power to decide the future direction of the protocol directly on the blockchain. I can’t express enough gratitude for the dedication demonstrated by the Cardano team.”
In a recent video update, Charles Hoskinson, creator of Cardano, referred to the upcoming hard fork day as a symbolic “Independence Day” for the Cardano community. He stated, “On September 1st, 2024, we celebrate our independence day, a day where the entire ecosystem, including the community and every ADA holder, stands united, shoulder-to-shoulder as equals. On this day, each individual has a voice in shaping not only the future of this protocol but also its potential impact on people worldwide.”
In line with the wave of favorable responses, Dan Gambardello, a crypto analyst and advocate for ADA, expressed his delight upon the successful execution of the Chang hard fork: “CARDANO HAS COMPLETED THE CHANG HARD FORK! Cardano is now firmly among the top 10 cryptocurrencies, entirely fueled by its community. As an ADA holder, you now play a crucial role in shaping Cardano’s future and wield greater influence over its development. This isn’t just another blockchain; it’s a powerhouse driven by its community.”
Technically speaking, the Chang hard fork initiated Plutus version 3, incorporating sophisticated cryptographic tools that allow for efficient zero-knowledge proofs through BLS12-381 curve pairings, flexible on-chain computations, and transaction signature verifications using Blake2b-224 hash function for its own validation, as well as Ethereum signature confirmation via the Keccak-256 hash function. This setup promotes improved cross-chain compatibility.
1. This update also boosted the efficiency of smart contract functionality through the addition of “sums of products” encoding. This results in more compact, economical scripts and potential execution speeds 30% faster. The developer toolkit was expanded with novel bitwise primitives like integerToByteString and byteStringToInteger for efficient data handling at a low level. These tools are essential for optimizing performance and cryptographic operations.
Additionally, efforts were put into shrinking the script size and boosting performance to cut down on expenses and increase operational effectiveness. At the same time, we ensured adherence to top industry practices and strengthened our cryptographic abilities in line with current standards.
Minor Bug Spoils Successful Activation
Even though the improvements were successfully implemented, the hard fork encountered a technical problem. Specifically, Intersect, a Cardano community member, noticed a problem with ledger state snapshots and had to address it promptly.
As an analyst, I’d like to bring your attention to a matter concerning node users: The Hard Fork Working Group has uncovered an issue pertaining to ledger state snapshots that might prolong synchronization periods when nodes are restarted. To address this issue promptly, a hotfix is being developed and is expected to be available within the next few hours. Stay tuned for updates!
Description given by Intersect revealed an unexpected problem that surfaced, necessitating an immediate fix to avoid extended synchronization periods when nodes are re-started. This issue specifically affects nodes restarted after the 14-hour mark following the hard fork, requiring them to be reverted back to the genesis block. As a solution, a hotfix identified as version 9.1.1 is being prepared and scheduled for release in the near future.
For users who encountered the issue or wanted further details, Intersect guided them towards the specific hard fork Discord channel for updates. They were also suggested to keep an eye on the Cardano GitHub repository, where the resolution for the problem (hotfix) would be posted. At the time of publishing this message, the development team was still polishing off the hotfix, with its release expected soon, aimed at resolving the synchronization problems.
At press time, ADA traded at $0.3294.
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2024-09-02 10:42