As a seasoned crypto investor with years of experience under my belt, I find myself excitedly anticipating the upcoming Cardano Chang Hard Fork scheduled for September 1, 2024. Having witnessed the evolution of various blockchain projects, I can confidently say that this hard fork represents a significant milestone in Cardano’s journey towards becoming a fully decentralized ecosystem.
On September 1, 2024, at 21:45 UTC, Intersect – an association of members within the Cardano network – has confirmed plans to deploy the Chang Hard Fork on the main Cardano platform. This significant event signifies a crucial step in Cardano’s journey toward becoming a completely decentralized system.
During a significant gathering attended by crucial members from the Cardano ecosystem, Intersect, Emurgo, the Cardano Foundation, and Input|Output, it was collectively decided to instigate the Chang Hard Fork. On Thursday, August 28, Intersect officially declared that the first version of this hard fork, referred to as Chang #1, will activate on the Cardano mainnet on September 1.
After thorough discussions and evaluations within the hard fork team, the announcement for the Chang hard fork has been made. Previously, the hard fork had to be delayed due to concerns about exchange liquidity, as only 28% of exchanges had updated to the necessary version, with a goal of 85%. However, according to the latest update, there’s a broad readiness across different parts of the Cardano community.
Operators of Stake Pools (SPOs) are said to have reached a 92% readiness level by stakeholders, showcasing a consistent readiness for several days before the hard fork. Exchanges exhibit over 90% readiness in terms of liquidity, which underscores their strong backing for the upcoming change. The value locked within Decentralized Applications (DApps) surpasses 50%, indicating a high adoption rate among both developers and users.
Furthermore, there appear to be no major concerns arising, boosting trust in the seamless implementation of the hard fork. The hard fork management team has pledged to remain available for immediate response during the transition period.
In their commentary, Intersect highlights that the Chang hard fork signifies a significant, permanent move for Cardano as it progresses from being one of the most decentralized blockchains towards becoming an entirely self-governing ecosystem, where ADA holders have ultimate control over decisions concerning the chain’s future.
Cardano Chang Hard Fork Overview
The Chang Hard Fork is intended to advance Cardano into what’s being called the Voltaire Era, by gradually improving its governance functionalities, as outlined in proposal 1694 of the Cardano Improvement Proposals (CIP). In this initial phase, a collection of governance features are introduced, marking the start of a technical bootstrapping process.
As a crypto investor, I understand that we’re currently in a pivotal moment. This stage is instrumental because it lays the foundation for the final phase of the upgrade. This final phase will unveil the complete functionality of on-chain governance, allowing delegated representatives (DReps) to fully engage and enabling various types of governance actions to be executed.
The structural change in management is important as it moves the system into the Conway era, symbolizing the creation of a decentralized system for decision-making. The update eliminates the previous specialized assistance for changes in protocol parameters and Multi-signature (MIR) certificates. Instead, two new sections will be incorporated into regular transaction formats to handle governance actions and votes. This empowers any Cardano user to propose a governance action, a progressive move towards more democratic involvement and control over network decisions.
Under the new system, every proposed governance action must be approved by no less than two out of the three newly established governance entities: a constitutional committee, DReps, and SPOs. This layered approval process is put in place to meticulously scrutinize all actions, ensuring they align with the community’s collective wishes while adhering to clearly defined on-chain regulations.
At press time, ADA traded at $0.3556.
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2024-08-29 11:12