Cardano is poised for a substantial leap forward with the imminent rollout of the Chang hard fork scheduled for June 2024. This upgrade marks a significant milestone in Cardano’s development roadmap.
Cardano’s roadmap is divided into five distinct stages, with the current phase designated as Voltaire. This specific stage prioritizes the transformation of Cardano into a self-governing ecosystem, where the network’s community plays a pivotal role in its decision-making processes. The successful implementation of Voltaire is a critical step towards achieving Cardano’s long-term vision of a decentralized future.
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A fundamental component of the Cardano network, the Cardano Node, is slated for a critical update to version 9.0 in June. With a substantial portion (70%) of stake pool operators (SPOs) already prepared for the update, the network is well-positioned for the seamless integration of the Chang hard fork.
The Chang Hard Fork
The Chang hard fork introduces two transformative upgrades. The first upgrade lays the essential groundwork for the implementation of a comprehensive on-chain governance framework within the Cardano ecosystem. This framework empowers ADA holders to actively participate in voting on critical proposals that will shape the network’s future development.
The second upgrade centers around finalizing a robust treasury management system, enabling the community to collectively manage and allocate funds for ongoing maintenance and future initiatives.
Through the Voltaire phase and the Chang hard fork, Cardano strives to achieve a substantial enhancement in both decentralization and transparency. This enhanced functionality empowers the Cardano community to take a more prominent role in shaping the network’s trajectory.
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Cardano Creator Weighs in
Charles Hoskinson, the visionary founder of Cardano, described the upgrade as “the most significant milestone in the history of Cardano and for the industry as a whole.” He expects massive adoption for Cardano, predicting that millions of users will be part of Cardano’s decentralized civilization.
Hoskinson recently addressed criticisms surrounding ADA’s lack of progress, and the Chang hard fork dispels rumors of stagnation. Although ADA has struggled in 2024, this upgrade could be a turning point.
The increased role of the community in governance and the introduction of advanced features like on-chain treasuries can significantly influence Cardano’s future, finally sending ADA above the $0.45 level that has plagued it for an extended period.
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