As a seasoned researcher and long-time observer of the cryptocurrency landscape, I find the upcoming Chang hard fork for Cardano particularly intriguing. Having witnessed numerous blockchain projects aiming for decentralization, it’s refreshing to see a major player like Cardano taking concrete steps towards achieving this goal.
As the upcoming Cardano hard fork named “Chang” draws near, Binance, the world’s foremost cryptocurrency exchange, has declared its intention to facilitate the network adjustment.
The Chang hard fork is anticipated to take place on Sunday, September 1st, around 9:45 p.m. UTC time. One hour prior to the event, Binance plans to halt all deposits and withdrawals involving ADA, the native token of the network; however, trading in this asset will remain unaffected.
The Chang hard fork, often referred to as Cardano’s “major milestone,” is intended to make the network completely autonomous, a change that has been under the control of three entities: Cardano Foundation, IOHK, and EMURGO. Currently, these organizations hold the power to make decisions about the blockchain and its impact on the price of the 10th largest cryptocurrency, Cardano.
With Chang at the helm, the management and indeed the operational controls of Cardano will stay in the grasp of the community and those who own ADA and assign their tokens to the staking pool.
Key steps
In intriguing advancements, blockchain supporters can now choose their delegates and cast votes on proposed enhancements.
Additionally, it’s worth noting that the community will have control over Cardano’s treasury, a fund that is estimated to contain approximately 1.5 billion ADA, translating to around $540 million in value at present.
During the time known as the Voltaire Era, the Cardano Constitution is planned to be implemented, which includes the hard fork as well. This constitution will solidify the key principles of the blockchain in its final, fully decentralized and community-led form. The unveiling of this constitution will occur in Buenos Aires, the capital city of Argentina.
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2024-08-30 16:33