Cardano is on the cusp of a major update with the upcoming Chang hard fork, which promises to enhance the network’s decentralization and improve node coordination. This development represents a crucial step forward for Cardano, aimed at bolstering the blockchain's decentralized nature while reducing central oversight.
The Chang hard fork is a significant milestone for Cardano, primarily focused on advancing network decentralization. The update will require nodes to run version 9.1.0, making widespread adoption essential for the fork’s success. Several exchanges have already updated their nodes to the new version, but the community is still awaiting updates from major platforms such as Coinbase and Binance.
"The Chang hard fork is designed to enhance decentralization by improving coordination among nodes," said a Cardano spokesperson. "We’re excited about the potential benefits it will bring to the network and are working closely with the community to ensure a smooth transition."
The Chang hard fork will be implemented in phases, with the second phase introducing a new governance model developed by the Intersect organization. This model will feature a seven-member interim constitutional committee composed of community representatives. This new governance structure aims to empower ADA holders by allowing them to engage more actively in decision-making processes.
In this phase, ADA holders will not only stake their tokens but also propose and vote on future changes to the network. This shift from simple staking to active governance marks a significant evolution in how Cardano’s community interacts with the network.
"We envision a future where Cardano’s network drafts its own constitution, guided by the community’s input and governance," said Charles Hoskinson, Cardano’s creator. "The new governance model will provide ADA holders with a greater voice in shaping the network’s future."
Cardano’s commitment to decentralization is further underscored by its total supply cap of 45 billion ADA. Additionally, the network will manage a treasury of 1 billion ADA, which will be allocated based on community votes. This approach aims to mitigate potential dilution effects and ensure that the network’s resources are used in a manner that benefits the entire community.
"The capped supply and treasury allocation are key components of our strategy to maintain a balanced and fair ecosystem," explained Hoskinson. "We believe that these measures will contribute to the long-term sustainability and decentralization of the Cardano network."
The Chang hard fork represents a pivotal moment for Cardano, setting the stage for enhanced decentralization and a more participatory governance model. With the introduction of version 9.1.0 and the upcoming governance changes, Cardano is poised to strengthen its network and empower its community. As the project moves forward, it continues to build towards its vision of a decentralized blockchain that evolves through active community engagement and governance.
The Cardano community eagerly anticipates the rollout of the Chang hard fork, which promises to bring meaningful advancements to the network and solidify Cardano’s position as a leading decentralized blockchain.
August 2024, Cryptoniteuae