Coinspeaker
Cardano’s Chang Hard Fork Update for On-Chain Governance Delayed to September 1 Launch
Cardano, a proof-of-stake blockchain created by Ethereum co-founder Charles Hoskinson, is preparing for its most important upgrade in two years. Known as the Chang hard fork, this upgrade, scheduled for September 1, is a crucial move toward Cardano’s ultimate aim of allowing its community to govern itself.
The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.
— Charles Hoskinson (@IOHK_Charles) August 23, 2024
It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on…
Although the initial release was set for this week, Hoskinson announced a brief delay to give cryptocurrency exchanges like Binance more time to update their systems. He jokingly referred to the pressure of meeting deadlines, emphasizing the urgency for stakeholders to complete their preparations.
The “Chang hard fork” upgrade follows Cardano’s 2021 introduction of smart contracts. Despite ranking 30th on DeFILlama‘s DeFi tracker, Cardano maintains a strong interest in the crypto space. Hoskinson’s engaging personality and frequent media appearances contribute to this continued attention.
Cardano’s On-Chain Governance Breakthrough
A hard fork, in blockchain terms, signifies a major alteration that renders previous versions incompatible. While potentially contentious, meticulously planned hard forks, like Chang, often deliver substantial benefits for users and developers. Here, the focus is on empowering the Cardano community through on-chain governance features.
ADA holders, the native token of Cardano, will be granted the power to elect representatives (Delegate Representatives or dReps) and participate in voting on crucial proposals. This includes improvements to the network and future technical modifications.
The Cardano Foundation, the primary organization supporting the blockchain, emphasized in a blog post:
“This will mark the first step towards a minimum-viable community-run governance structure outlined in CIP-1694.”
In simpler terms, the Cardano community will hold the reins in shaping and maintaining the blockchain network.
CIP-1694 Powers Cardano’s Decentralization
CIP-1694, the Cardano Improvement Proposal behind the Chang upgrade, sets the stage for varied governance structures in the Cardano ecosystem. These include the Constitutional Committee, dReps, and Stake Pool Operators (SPOs). With the implementation of CIP-1694, these groups will guide the direction of the Cardano blockchain.
The Chang upgrade marks the beginning of the Voltaire Era, the final phase of Cardano’s current roadmap. According to the Cardano Foundation, Voltaire introduces the final pieces needed for the Cardano network to become self-sustaining.
This self-governance model, enabled by the Chang hard fork, allows the Cardano community to actively shape the network’s future, promoting a more decentralized and community-driven environment.
Cardano’s Chang Hard Fork Update for On-Chain Governance Delayed to September 1 Launch
