The Cardano Chang hard fork team has announced a major update, scheduling the highly anticipated upgrade for August 27. This follows a meeting between the hard fork working team, where they assessed the progress of key parameters against the threshold and considered community inputs and sentiments.
Hoskinson’s Reaction and The Voltaire Era
Cardano founder Charles Hoskinson reacted to the update by posting a video of horses running in the wild, hinting at the imminent shift in governance from IOG to the Cardano community. He emphasized the importance of allowing the community to take ownership and make decisions, marking the beginning of the Voltaire era.
Governance Structure and Decentralization
The upcoming hard fork will usher in a new era of community-driven governance, making stakeholders more inclusive in decision-making on the blockchain. The Chang upgrade will establish a constitutional committee (CC) comprising seven members, three of whom will be from the Cardano community. The first phase will introduce the CC, followed by the introduction of delegated representatives (DReps) in the second phase.
Market Impact and Future Prospects
Preparations for the hard fork are underway, with approximately 70% of Cardano’s stake pool operators (SPOs) updating their nodes for the Chang upgrade. Major decentralized applications (dApps) have also shown improved preparedness for the upgrade. Bitfinex is currently the only exchange entirely ready for the upgrade, with other exchanges expected to follow suit.
The Voltaire era will bring significant changes to the Cardano network, including a more inclusive governance structure. The upgrade will enable stakeholders to participate in decision-making, ensuring a more decentralized and community-driven approach. The introduction of the CC and DReps will provide a framework for effective governance and representation.
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In response to the update, Cardano’s ADA experienced a boost, moving to 10th place in the market cap ranking. Although it briefly dropped to 11th place, it regained its position after Avalanche moved downward three places. ADA is currently trading at $0.3959 with a market cap of $12.9 billion.
The Chang hard fork is a significant milestone in Cardano’s development, marking a shift towards community-driven governance and increased decentralization.
As the network prepares for the upgrade, stakeholders can expect a more inclusive and participatory approach to decision-making. With the Voltaire era on the horizon, Cardano is poised for a new chapter in its evolution.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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