In the world of blockchain technology, upgrades and transitions are crucial to staying relevant and competitive. The Cardano network is no exception, with a significant upgrade known as the Chang hard fork set to be deployed in the next three days, bringing new features and finalizing the blockchain’s transition into a community-run network.
The Chang hard fork, initially scheduled for August 27, has been rescheduled to September 1, 2024. This delay was announced by Cardano founder Charles Hoskinson, citing the need for crypto exchanges like Binance to “get their houses in order.” The upgrade aims to implement an on-chain distributed governance framework, marking Cardano’s entrance into a new era of community-driven decision-making.
The development of the Cardano network is categorized into five eras: Byron (foundation), Shelley (decentralization), Goguen (smart contracts), Basho (scaling), and Voltaire (governance). The Chang hard fork is a significant milestone in the Voltaire era, enabling network participants to present and vote on Cardano Improvement Proposals through the staking and delegation process.
The Chang hard fork will be deployed in two parts, with the first part scheduled for September 1. This phase will involve creating the Interim Cardano Constitution and the Interim Constitutional Committee (ICC) to guide the network’s transition. The ICC will serve as a temporary governance body, holding voting and veto power over the first on-chain governance actions.
The second part of the hard fork, planned for Q4 2024, will introduce governing bodies like Delegate Representatives (DReps) and stake pool operators (SPOs). These bodies, along with the community-run treasury, will enable stakeholders to vote on governance proposals, request ADA delegations, and execute treasury withdrawals. This transition marks a significant step towards decentralization and democratization of decision-making on the Cardano network.
The Chang hard fork upgrade represents a crucial milestone in the evolution of the Cardano network towards community-driven governance. By empowering network participants to have a say in the decision-making process, Cardano is paving the way for a more inclusive and sustainable blockchain ecosystem. The future looks bright for Cardano as it continues to innovate and adapt to the changing landscape of blockchain technology.
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