Cardano’s Chang Update: Major Node Upgrade Set for Voltaire Era

  • Intersect, a crucial member of the Cardano ecosystem, recently shared an update termed “Chang Readiness”.
  • The Chang upgrades, anticipated for August 2024, are the first major hard fork in the Cardano network’s Voltaire era.
  • This upgrade is set to address fundamental blockchain challenges and unlock new potentials for the network.

Read about the latest developments in Cardano’s blockchain technology and what the upcoming Chang upgrades mean for the future of decentralized decision-making.

Major Developments: The Chang Upgrade

The first phase of the Chang upgrades generates significant buzz within the Cardano community. Scheduled for August 2024, this initial stage involves the launch of node 9.0.0, which marks the beginning of a crucial transition in the network’s technological framework. The upgrade is designed to lay the foundation for the implementation of CIP-1694 on-chain governance mechanisms, pivotal for decentralized decision-making.

Achieving Network Readiness

To ensure a smooth transition, the Cardano network must meet specific prerequisites. An essential part of this is achieving Mainnet Block Producing Readiness. Currently, 25% of Stake Pool Operators (SPOs) have upgraded to the required node 9.0.0, but the threshold is set at 75%. This percentage is crucial because a change in the network’s foundation necessitates widespread acceptance and implementation.

Stakeholder Preparedness

Not only SPOs, but also decentralized applications (dApps) and crypto exchanges play critical roles in this upgrade. Major exchanges like Binance, HTX, and WhiteBIT are leading in exchange preparedness with liquidities of 17.57%, 11.88%, and 11.5% respectively. Meanwhile, well-known dApps such as Sundaeswap and USDM are already in the process of adapting to the new changes. This collective effort is indispensable to the success of the Chang upgrade.

Technical Steps for Implementation

The technical steps involved in the Chang upgrade are being executed in two parts to expedite the process. The initial step involves the deployment of node 9.0.0, allowing early adopters to highlight any potential issues. This will be followed by an upgrade to node 9.1.0, which includes vital Genesis file revisions necessary for the final upgrade. This phased approach ensures that any technical hiccups can be addressed promptly, ensuring a minimal impact on the network’s operations.

Conclusion

The impending Chang upgrades mark a pivotal moment in Cardano’s journey towards fully decentralized decision-making. With thorough preparation from SPOs, dApps, and exchanges, the network is poised to tackle existing challenges and pave the way for new technological advancements. As the Cardano community gears up for this landmark transition, the focus remains on ensuring a seamless and efficient upgrade process, setting the stage for future innovations in blockchain technology.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Poised to Surpass All-Time High as Funding Rates Remain Negative, Says CryptoQuant Analyst

COINOTAG News, April 26th – Analyst Avocado from CryptoQuant...

Bitcoin Investor Sentiment Improves Amid Tariff Talks, But Weekend Volatility Risks Remain

The latest update from COINOTAG on April 26th highlights...

Bitcoin Faces Strong Resistance: Key Price Range of $94,125 to $99,150 Analyzed by Expert

On April 26th, COINOTAG reported that cryptocurrency analyst @ali_charts...

Understanding Mainstream Culture: Nick Tomaino on the Future of Crypto and On-Chain Games

Nick Tomaino, founder of 1confirmation, recently highlighted an essential...

Grayscale GBTC Sees $1.6 Billion Inflows in 9 Days, Boosting BTC Holdings

According to recent disclosures by Nate Geraci, President of...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img