Cardano, the 30th largest blockchain by DeFILlama, is gearing up for a major upgrade that will change the way its network operates. The upgrade, known as the “Chang hard fork,” will introduce new on-chain governance mechanisms, allowing ADA token holders to participate in the decision-making process. This marks a critical milestone in Cardano’s development, following the introduction of smart contract functionality in 2021.
Originally scheduled to go live this week, the upgrade has been postponed to September 1st to give exchanges, including Binance, more time to prepare their systems. The delay, according to Cardano founder Charles Hoskinson, will ensure a smoother transition and prevent potential issues. “The magic of deadlines is that people who aren’t taking upgrades seriously suddenly say damn we got to get moving,” Hoskinson commented on X, emphasizing the importance of timely preparation.
The Chang hard fork is more than just a technical upgrade; it’s a significant step towards decentralization. It empowers ADA token holders to elect representatives known as Delegate Representatives (dReps) and vote on proposals for improvements and modifications to the blockchain. This system, outlined in Cardano Improvement Proposal (CIP) 1694, will allow the Cardano community to play a direct role in shaping the future of the network.
The upcoming upgrade is a part of the Voltaire Era, the final stage in Cardano’s current development roadmap. This era aims to make Cardano a self-sustaining system, fully governed by its community. As Cardano approaches this pivotal upgrade, its implications for blockchain governance and community involvement will be a significant topic of discussion at Benzinga’s Future of Digital Assets event on November 19th.
The Chang hard fork signifies a significant step towards empowering the Cardano community. By allowing ADA token holders to participate in governance, Cardano aims to foster greater transparency and accountability, strengthening the network’s resilience and adaptability.
