As a seasoned researcher with a keen interest in blockchain technologies and their real-world applications, I find myself intrigued by the recent Chang hard fork on Cardano (ADA). Having closely followed the cryptocurrency market for years, I’ve seen my fair share of ups and downs, forks, and upgrades.
The much-anticipated Chang hard fork for Cardano (ADA) has been successfully completed, signifying a substantial advancement in its network and ushering in on-chain governance. This innovative feature empowers ADA owners to shape the blockchain’s destiny by exercising their influence
One significant improvement introduced in this update is the addition of Delegated Representatives, often referred to as DReps. Essentially, these representatives serve as vital liaisons, bridging the gap between ADA owners and the network’s decision-making processes by acting on their behalf
As a crypto investor, you might need to assign your voting rights to a Delegated Representative (DRep) following a hard fork for continued participation. Here’s a simpler explanation:
Hoskinson explains
In a recent discourse, Charles Hoskinson, Cardano’s founder, addressed the concerns of users. He explained that users essentially have three options: cast a vote of no confidence, refrain from involvement, or delegate their power to a Decentralized Representative (DRep)
In a more conversational manner: Blockchain developers can offer users an “auto-abstain” feature, which allows individuals to participate in the blockchain network without requiring direct interaction. This option is often referred to as “staking,” and it ensures that these users’ involvement remains undisturbed or unimpeded. In simpler terms, this feature enables individuals to engage with the blockchain system while maintaining a level of privacy by automatically opting out of active participation
To put it simply, when a user wants to withdraw staking rewards from the network, they have three choices: expressing no confidence, choosing to abstain, or delegating their vote to a drep. Wallets such as Lace will, in its user interface (UX), automatically select ‘abstain’ if the user opts for delegation only. This simplifies the process by eliminating the need for an additional decision
— Charles Hoskinson (@IOHK_Charles) September 5, 2024
Chang hard fork
In simpler terms, Cardano (Ada) is implementing updates within its current version, aiming to enhance its core structure. As the crypto world moves towards decentralized management, it’s essential for ADA owners to grasp these alterations
To have a direct impact on the future development of the Cardano blockchain, it’s crucial to understand the function of DReps and grasp the broader effects of a hard fork. By doing so, you become an active participant, shaping the direction of this ecosystem rather than just observing passively
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2024-09-05 13:22