The creator of the Cardano blockchain technology, Charles Hoskinson, has announced a major achievement for the Cardano ecosystem. Cardano Node is slated to reach version 9.0 this month, and Hoskinson announced the much anticipated Chang fork on X (previously Twitter) on June 9.
The Chang hard fork is a major improvement to Cardano and the beginning of the Voltaire period, the last stage of the roadmap. In this stage, the Cardano blockchain is prepared to provide decentralized governance and on-chain voting.
The Chang hard fork is important because it offers the Cardano community a chance to influence the future of the blockchain via a robust voting and treasury mechanism. By casting a vote with their ADA tokens, holders may have a say in important issues and make sure the community is involved in governance.
The change to decentralized governance, which places power with the Cardano community rather than the development team, is one of the most notable aspects and advantages of the Chang hard fork. Additionally, it brings on-chain voting, which lets ADA holders vote on proposals directly on the blockchain. In addition, a fund will be set up to support community-led initiatives and future growth. In addition, the Cardano network will undergo the implementation of enhanced security measures to make it more resilient and secure.
When 70% of Cardano’s stake pool operators (SPOs) upgrade to the latest node version, the blockchain will be ready for the hard fork. Cardano will enter the Age of Voltaire after this point, when the network will go through the Chang hard fork.
Hoskinson considers this hard fork a momentous milestone; it is named after Phil Chang, a pioneer in Cardano governance who died in 2022. With millions of citizens, he imagines it as a “decentralized society covering the whole earth.”
According to Hoskinson, Cardano will have the “most sophisticated blockchain governance system” after the Chang split, which would include features like a treasury, yearly budgets, and improved community insights. Looking back on Cardano’s evolution over the last decade, he was proud of the community’s accomplishments and hopeful about what the future held. Cardano inspires optimism in our field and beyond. The next ten years, let’s have a significant impact on the cosmos,” Hoskinson said.
In the last 24 hours, the value of Crdano’s ADA token has decreased by 1.7%, trading at about $0.4333 as of this writing.
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