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- 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.
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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.
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