- Cardano (ADA) is nearing the completion of its highly-anticipated Chang hard fork.
- Today, Stake Pool Operators (SPOs) responsible for verifying transactions on Cardano blockchain have begun upgrading to the network’s new software, Node 9.1.0.
- The Chang hard fork will shift the control of the $14 billion blockchain to ADA holders, triggering once at least 70% of SPOs transition to the new node.
Discover how Cardano’s Chang hard fork aims to revolutionize blockchain governance and decentralization.
Cardano’s Latest Upgrade: What You Need to Know
The Cardano blockchain is on the verge of a major transformation as it approaches the Chang hard fork. This upgrade is designed to revamp the governance structure by transferring control from three key organizations—Cardano Foundation, Emurgo, and Input Output Global (IOG)—to ADA holders. As of now, the transition has seen 27% of node density updated to Node 9.1.0, according to PoolTool, an ADA staking platform.
What Is a Hard Fork and Why Is It Important?
A hard fork represents a crucial change to a blockchain’s software, rendering it incompatible with previous versions once the transition is complete. This is not unprecedented as major blockchains such as Bitcoin and Ethereum have undergone similar processes. Ethereum’s 2022 hard fork, for instance, transitioned the network’s consensus mechanism from Proof of Work to Proof of Stake.
The Chang Hard Fork’s Legacy and Impact
Named after Phil Chang, one of Cardano’s early advocates who passed away in 2022, the Chang hard fork is poised to implement a decentralized governance framework akin to DeFi DAOs. This paradigm shift ensures that the decision-making power will now rest in the hands of ADA holders, rather than centralized entities.
Implications for Stakeholders
This transition signifies a new era for Cardano, marking its development and maturity over the years. ADA holders will have voting rights on various blockchain changes and will also influence the project’s budget and treasury. Those who opt not to participate actively can delegate their voting rights to other participants.
Why the Chang Hard Fork Is a Milestone for Cardano
The Chang hard fork marks Cardano’s fifth major network upgrade and will inaugurate the “Voltaire” era, which emphasizes network decentralization. Previous phases, including Goguen and Basho, have introduced enhancements in scalability and smart contract functionality.
Conclusion
The impending Chang hard fork represents a pivotal moment for Cardano, opening the pathway towards decentralized control and governance. With further upgrades and the active participation of ADA holders, the network is poised for enhanced resilience and community-driven growth. As the blockchain ecosystem continues to evolve, Cardano’s commitment to decentralization could well serve as a model for future blockchain initiatives.
