On September 1, 2024, Binance will provide assistance with the network upgrade and “Chang” hard fork of Cardano (ADA).
Binance has officially pledged its backing for the forthcoming Cardano (ADA) network upgrade and hard fork, or “Chang,” scheduled for September 1, 2024.
In order to guarantee the optimal user experience during the transition process, Binance will momentarily suspend token deposits and withdrawals on the Cardano network at 20:45 UTC on that date. Approximately one hour later, at 21:45 UTC, the hard fork will occur, and Binance will recommence deposits and withdrawals once the enhanced network is confirmed to be functional.
The upgrade period will not impact token trading on the Cardano network, and Binance will manage all technical requirements for its users, guaranteeing that ADA is compatible with the new network version.
The Voltaire era, a critical phase in the platform’s roadmap that seeks to establish a more robust and decentralized governance system, will commence with the “Chang” hard fork, which is essential for Cardano’s transition to full decentralization.
The hard fork was initially scheduled for August 27, 2024, but it was postponed to September 1 due to the need for additional time to prepare various platforms, including Binance.
The Chang hard fork, according to Charles Hoskinson, the founder of Cardano, will introduce advanced concepts such as liquid democracy and a constitutional republic structure. This will enable decentralized institutions to make significant decisions, such as authorizing budgets and planning new features.
Cardano Improvement Proposal (CIP) 1694 delineates the modifications that will establish this new era of network governance. The introduction of Delegate Representatives (DReps) is the most notable update. The ADA proprietors will elect these representatives to participate in decision-making within the network, thereby establishing a more democratic and participatory model.
The final phase of Cardano’s vision to become a completely decentralized blockchain is the transition to the Voltaire era. This process aims to alter the political system of the network by establishing a governance framework that is consistent with the principles of community participation and autonomy. This will guarantee a more equitable and secure environment for all Cardano users.
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