Cardano, the proof-of-stake blockchain known for its meticulous development approach, is on the precipice of a major upgrade – the Chang hard fork. This highly anticipated event marks the final step towards the Voltaire era, signifying Cardano’s full transition to a decentralized network. As the Cardano community eagerly awaits this game-changer, discussions about its implications are swirling across social media.
3 Key Hurdles Before the Chang Hard Fork
To pave the way for the Chang hard fork, Stake with Pride, a renowned Cardano stake pool operator (SPO), has outlined three critical requirements:
- Widespread Adoption of Node Version 9.1: For the hard fork to proceed, a significant portion (at least 70%) of stake pool operators must upgrade to node version 9.1. This new version integrates the foundational elements necessary for the hard fork to function. Upgrading to node 9.1 brings ADA holders closer to wielding full control through community-driven governance.
- Replacement Keys by ICC Councils: Currently, the initial genesis keys are held by IOHK, Emurgo, and the Cardano Foundation. To relinquish centralized control and empower the community, these keys need to be replaced. This replacement will be undertaken by seven members of the Interoperability and Communication Committee (ICC) councils.
- CEX and Ecosystem Upgrade to Node 9.1: Centralized exchanges (CEXs) and other ecosystem services also play a crucial role. To ensure a smooth transition during the hard fork, they must upgrade to the latest node version 9.1 as well. This will guarantee uninterrupted operations for ADA trading, staking, and other related activities on CEX platforms.
Cardano Nears the Finish Line
Cardano, under the leadership of Charles Hoskinson, successfully launched Node 9.0, inching closer to the Chang hard fork. Hoskinson expressed his optimism about the upcoming hard fork, emphasizing the importance of establishing a robust blockchain governance system.
Also Read: Cardano Blasts Off 70%: Chang Hard Fork Nears As Node 9.0 Released
Features Ushering in a Self-Sufficient Network
The Chang hard fork promises to introduce groundbreaking features like decentralized voting, treasury withdrawals, and the formation of constitutional committees. These advancements will serve as stepping stones towards a self-sufficient network, governed entirely by the Cardano community.
One particularly noteworthy addition is the implementation of CIP-1694. This critical improvement will reshape the on-chain governance structure, granting ADA holders the ultimate decision-making power. With CIP-1694 in place, the community will be empowered to propose and vote on proposals that directly impact the Cardano ecosystem’s future.
The Chang hard fork signifies a monumental shift for Cardano. By achieving full decentralization, the network positions itself as a frontrunner in the quest for community-driven blockchain governance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
