Five Things to Expect in Cardano’s Upcoming Chang 2 Upgrade

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As a seasoned crypto investor who has witnessed the rise and fall of numerous blockchain projects, I must admit that the Cardano’s two-part Chang Hard Fork has piqued my interest more than any other upgrade in recent memory. Having been around since the early days of Bitcoin and witnessing the evolution of smart contract platforms, I can confidently say that the Chang Hard Fork represents a significant step forward for Cardano’s network functionality and decentralized governance.

As a crypto investor, I’m excited about the upcoming two-phase Chang Hard Fork on the Cardano blockchain. This significant update is set to boost network performance and strengthen its decentralized governance structure, which I believe will create more value for all stakeholders.

Starting September 1st, I enthusiastically witnessed the activation of Phase 1 of the Chang Hard Fork. This significant event introduced key enhancements, most notably the strengthening of the Interim Constitutional Committee, which is now better equipped to steer our shared crypto journey.

By November 2024, it’s anticipated that the implementation of the second stage of the Chang upgrade will commence, marking a significant step in Cardano’s governance transformation. The Chang 2 phase entails five key decisions needing to be executed online.

According to our current plan, we expect to release an early version of the Cardano node (v10) for testing around mid-October. This significant step kickstarts extensive testing in various settings, commencing with the demonstration and preproduction test networks.

The second Chang-controlled hard fork signifies Cardano’s transformation into the era of Voltaire. This completion of the Chang upgrade serves as a significant milestone for Cardano, heralding a profound shift in governance that will ripple through and shape the future of its entire ecosystem.

What to expect

During the next stage of the Chang Hard Fork, we anticipate further developments. As mentioned in a recent tweet by Emurgo, one of Cardano’s founding entities, here are five possible enhancements that might be introduced.

💥 The two-step Chang Hard Fork on the Cardano blockchain represents a substantial update aimed at boosting network capabilities and decentralized management. With the debut of the initial phase of Chang Hard Fork, essential enhancements were introduced, including granting authority to the Interim Constitutional Committee.

— EMURGO (@emurgo_io) October 29, 2024

As an analyst, I would like to present Delegate Representative (DRep) Voting, a mechanism designed to amplify the collective voice within our community. In the Cardano ecosystem, DReps will serve as crucial members in our governance structure, possessing the power to cast votes on proposals and actions pertaining to the community as a whole.

In the Chang phase 2, the significance of SPO (Stake Pool Operator) voting will be heightened. This update empowers SPOs by allowing them to exercise more influence based on the stakes committed to their respective pools. Consequently, SPOs will play a more active role in Cardano’s future decentralized governance, contributing with increased involvement.

The Cardano Chang 2 update brings in new governance features, empowering members of the community to submit their own proposals for consideration. Any member can start a proposal by depositing a small amount of ADA, which is returned after voting concludes. The proposal then undergoes a voting process overseen by DReps and SPOs to ensure its alignment with the Cardano community’s goals.

An upcoming change is called Treasury Withdrawal. To execute the agreed-upon governance actions, a withdrawal system linked to the treasury will be utilized. Funding for approved governance actions will come directly from Cardano’s treasury. This setup allows community members to influence how treasury funds are used, thereby fostering the long-term development of the Cardano network.

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2024-10-29 19:19