Intersect, the organization overseeing the Cardano blockchain’s development, has issued an urgent call for decentralized application projects on the blockchain to hasten their preparations for Chang Upgrade #1. This call comes as more than 80% of stake pool operators on Cardano (ADA) have already moved to the latest validator node, 9.1.0. However, for the success of the upgrade, crypto exchanges and decentralized apps on the blockchain also need to upgrade to node 9.1.0 and report their progress.
The Significance of the Upgrade
The Chang upgrade is set to introduce on-chain governance to the Cardano ecosystem. Cardano founder Charles Hoskinson has emphasized the importance of this upgrade, calling it a pivotal step towards establishing a “decentralized civilization” for millions of users. With the upcoming Chang upgrade ushering in the Voltaire era, the network is expected to move closer to a fully decentralized system. This upgrade will also allow holders of the ADA token to vote on protocol changes and bring improvements to smart contracts.
Despite Intersect’s exhortations, the Cardano token has not shown much reaction in the market. It is currently trading at $0.3345, showing a mere 0.8% improvement over the last 24 hours. Over the course of 30 days, the current ADA price still reflects a 21% drop, although there has been a 24% improvement year to date. In July, ADA received a favorable outcome when the U.S. Securities and Exchange Commission shelved allegations that ADA was an unregistered security in its legal battle with Binance.
With the Chang upgrade on the horizon, stakeholders in the Cardano ecosystem must work swiftly to ensure a smooth transition to the new node. Exchanges, decentralized applications, and ADA token holders play a crucial role in the success of this upgrade. The introduction of on-chain governance and improvements to smart contracts are significant milestones in Cardano’s evolution towards a fully decentralized system. It is essential for all parties involved to prioritize the upgrade and collaborate effectively to uphold the integrity and efficiency of the network.
The urgent call for decentralized application projects on the Cardano blockchain to prepare for Chang Upgrade #1 signifies a crucial phase in the network’s development. With the upcoming introduction of on-chain governance and improvements to smart contracts, Cardano is poised to progress towards a truly decentralized ecosystem. It is imperative for stakeholders to heed the call for action and ensure a seamless transition to the new node, thereby contributing to the continued growth and stability of the Cardano blockchain.
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