Popular smart contract network Cardano (ADA) has launched node 10.1 in a critical release ahead of the upcoming Chang 2 hard fork, which will bring significant upgrades to the network’s governance system, including completing the transition to on-chain governance.
The price of Cardano has notably surged by more than 8% over the last 24-hour period to now stand at $0.358, amid a wider cryptocurrency market rise fueled by Republic candidate Donald Trump winning the US presidency for a second time.
The hard fork builds upon the foundation laid out by the Chang 1 hard fork back in September and will empower ADA token holders to directly participate in the future of the protocol through its governance system.
By delegating their voting power to Delegated Representatives (DReps) or assuming the role of Dreps, ADA token holders will be able to vote on-chain. Beyond governance, the recent upgrade ahead of the hard fork introduces various technical enhancements, including new Plutus primitives for improved smart contract functionality, as well as better support for Stake Pool Operators.
The successful implementation of Chang 2 hinges on the approval of both the Interim Constitutional Committee (ICC) and 51% of the stake from Stake Pool operators. Once these thresholds are met, a one-epoch ratification period will commence, followed by the full activation of the hard fork.
To ensure a smooth transition, SPOs, decentralized applications, and exchanges were urged to prepare for the upgrade by ensuring compatibility with Node 10.1.1. Intersect, the organization overseeing Cardano’s governance infrastructure, is set to provide updates on the upgrade process and host Q&A sessions to address community concerns.
Featured image via Unsplash.
