As a seasoned researcher who has been closely following the blockchain landscape for years, I must say that the successful implementation of the Chang hard fork on Cardano is indeed a remarkable achievement. Charles Hoskinson’s comparison of Cardano to a ‘governance virus’ might sound dramatic, but it accurately reflects the network’s resilience and ability to adapt and grow in a decentralized environment.
On Sunday, the Cardano blockchain achieved a significant achievement by integrating the Chang hard fork. This update is crucial because it makes Cardano one of the initial significant blockchain networks to embrace a governance model based on tokens.
In simpler terms, Charles Hoskinson, the CEO of Cardano, expressed his excitement about a recent update, claiming it positions Cardano higher than Bitcoin (BTC) in terms of its level of decentralization.
Cardano Is A ‘Governance Virus’
In a recent social media post, Hoskinson underscored the nature of the recent upgrade and the network itself, describing it as “one of the greatest technological achievements in human history.”
Hoskinson emphasized the vastness of the decentralized network, functioning across more than 100 nations without a central command, smoothly updating to cater to “numerous users” who have yet to interact directly with one another. Furthermore, he added that this system’s efficiency and adaptability are remarkable.
This significantly surpasses Bitcoin in many aspects, and its impact is so profound that numerous books may be penned about its developments. Cardano, at present, operates as an autonomous, self-propagating, and self-sustaining governance entity. It exhibits a level of intelligence and determination to thrive and expand, rendering it virtually indestructible and unstoppable in its growth trajectory.
Successful Chang Hard fork Upgrade?
Previously mentioned by Bitcoinist, the Chang hard fork, carried out at block number 10764778, ushers in the “Conway ledger era” as part of an extensive plan to enhance Cardano’s governance during the Voltaire phase.
As a proud ADA holder, I’m excited about the upcoming upgrade that puts power directly into my hands. This transformation is all about revamping the governance model, enabling every one of us to propose ideas and contribute to decision-making processes. The Cardano Foundation has enthusiastically endorsed this change, declaring it a significant step forward.
Today’s Chang hard fork signifies a significant achievement for the Cardano blockchain, its ecosystem, and its community; it brings to fruition the pledge of a fully autonomous, decentralized network.
Technical viewpoint reveals that the hard fork initiated the deployment of Plutus v3, enhancing its cryptographic functions significantly. This upgrade offers streamlined zero-knowledge proofs and extensive on-chain computation possibilities.
The main updates consist of validating transactions signatures with the Blake2b-224 hash function and verifying ETH signatures via the Keccak-256 hash function. This enhancement aims to boost the efficiency and compatibility between different blockchains.
Furthermore, this upgrade enhances the efficiency of smart contracts, incorporating a “product sum” encoding method for compact scripts and potential speed increases of up to 30%.
Even though these innovations were successfully implemented, the hard fork experienced a technical problem concerning ledger state snapshots, according to Intersect – an organization made up of members within the Cardano community.
Due to this issue, we’re preparing a quick fix to reduce excessive synchronization times after nodes are re-started. Nodes restarted within 14 hours of the system update were not affected, but those started later needed to go back to the initial block (genesis block) for a refresh. This upcoming fix, identified as version 9.1.1, is ready and scheduled for release.
Currently, the price of ADA is at $0.329, representing a decrease of 12% over the past week, even though the network underwent the Chang upgrade. This update, however, didn’t seem to generate a positive response from investors in the context of the ongoing broader market decline.
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2024-09-03 01:42