Cardano Blockchain Marks a Milestone with Chang Hard Fork
On September 1, the Cardano blockchain successfully completed the first phase of its Chang hard fork, ushering in a new era of decentralized governance for the network.
A Significant Achievement
This upgrade represents a crucial milestone for Cardano, advancing its mission to create a fully self-governing, decentralized ecosystem. Remarkably, Cardano becomes the first major blockchain to adopt a token-based governance model, setting it apart in the burgeoning landscape of decentralized technologies.
Reactions from Founders
Charles Hoskinson, the founder of Cardano, hailed this upgrade as a monumental achievement that surpasses even Bitcoin. “This dwarfs Bitcoin. It’s unique, and books will be written about what has happened,” he stated.
“This accomplishment is one of humanity’s most significant technical feats,” Hoskinson added, highlighting that a distributed system spanning over 100 countries has effectively transformed into a decentralized entity with its own constitution.
The Nature of Cardano’s Governance
In Hoskinson’s words, Cardano is now described as:
“A governance virus that is living, self-replicating, and self-sustaining. It has intelligence and a will to survive and grow. Nothing can shut it down. Nothing can stop its growth.”
Market Response
Despite the groundbreaking nature of the upgrade, the ADA token experienced a downturn, falling by 4% over the past day and dropping out of the top 10 cryptocurrencies by market capitalization, according to CryptoSlate’s data.
Looking Ahead: What’s Next for Cardano
The first phase of the Chang hard fork spans 90 days, introducing essential governance features and laying the groundwork for upcoming Conway-era functionalities. During this phase, delegated representatives (DReps) will have the opportunity to register, and ADA holders can delegate their voting rights.
Establishing the Interim Constitution
An interim constitution will be set up, located within a technical guardrail script, to ensure governance processes are adhered to. An interim constitutional committee will monitor actions for legality until a permanent constitution is in place.
Governance Testing Phase
This initial period will also serve as a testing ground for limited governance operations, which may include:
- Parameter changes
- Hard forks
- ‘Info’ actions
After the 90-day period, the second phase of the Chang hard fork will begin, fully empowering the new governance bodies, which include:
- The constitutional committee
- Delegate representatives
- Staking pool operators
Statements from the Cardano Foundation
“All governance entities, including DReps, SPOs, and the interim constitutional committee, can vote on governance actions during this stage. The conclusion of this stage will allow for treasury withdrawals,” the Cardano Foundation noted.
