The Cardano blockchain is on the precipice of a significant transformation with the impending launch of the Chang hard fork. Scheduled for the second quarter of 2024, this much-anticipated upgrade represents a critical step towards Cardano’s ultimate goal of becoming a fully decentralized and self-governing network.
The Road to Decentralization: The Voltaire Era and the Chang Hard Fork
The Chang hard fork forms a key component of the Voltaire era, the final stage in Cardano’s development roadmap. The Voltaire era centers on empowering the Cardano community through the establishment of a robust decentralized governance framework.
Read Also: Charles Hoskinson Predicts Remarkable Growth for Cardano (ADA) in 2024
This framework will allow ADA holders to actively participate in shaping the future of the Cardano ecosystem by voting on proposals and influencing key network decisions.
The Chang hard fork serves as the initial technological cornerstone of the Voltaire era. By introducing “minimum-viable community-run governance,” it paves the way for a phased rollout of Cardano’s decentralized governance system.
The Three Phases of Cardano’s Decentralized Governance
The Chang hard fork ushers in the first phase of Cardano’s decentralized governance journey. A pivotal feature introduced during this phase is Delegate Representatives (DReps). Elected by ADA holders, these representatives will function as the voice of the community. They will be responsible for conveying the interests of ADA holders and casting votes on governance proposals that shape the Cardano network.
In the second phase, the Cardano Constitution Convention will take place in Buenos Aires in 2024. Elected representatives from all over the world will collaborate to draft the first iteration of the Cardano Constitution. In the third phase, the ADA-holder community will vote on the adoption of the constitution. The process is expected to be completed by the end of 2024.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Cardano (ADA) Golden Cross Emerges: Here’s the Significance
Enthusiasm Within the Cardano Community
The upcoming launch of the Chang hard fork has generated considerable excitement among Cardano investors and enthusiasts. Prominent Cardano community members have expressed their belief that the upgrade will be a significant turning point for the network.
They anticipate that Cardano’s transition to a decentralized governance model will not only empower ADA holders but also foster a more robust and sustainable blockchain ecosystem.
The Chang hard fork, coupled with the subsequent implementation of Cardano’s decentralized governance framework, represents a significant leap forward for the Cardano blockchain. By placing the power of decision-making directly in the hands of the community, Cardano is poised to solidify its position as a leader in the decentralized finance (DeFi) space.
Follow us on Twitter, Facebook, Telegram, and Google News
