Charles Hoskinson, the visionary behind the Cardano blockchain platform, has announced a significant milestone for the Cardano ecosystem. On June 9, Hoskinson revealed on X (formerly Twitter) that the much-anticipated Chang fork is on the horizon, with the Cardano Node expected to reach version 9.0 this month.
Cardano’s Chang hard fork represents a significant upgrade, marking the start of the Voltaire era, the final phase of Cardano’s roadmap. This phase is dedicated to establishing decentralized governance and on-chain voting mechanisms on the Cardano blockchain.
The significance of the Chang hard fork lies in its ability to give the Cardano community a voice in the blockchain’s future development and direction through a comprehensive voting and treasury system. This allows ADA holders to utilize their tokens to vote on various proposals, thereby influencing key decisions and ensuring community participation in governance.
Among the major features and benefits of the Chang hard fork is the shift to decentralized governance, transferring control from the development team to the broader Cardano community. It also introduces on-chain voting, enabling ADA holders to directly vote on proposals on the blockchain. Additionally, a treasury system will be established to fund future development and community-led projects. Enhanced security measures will also be implemented to improve the overall resilience and safety of the Cardano network.
The Cardano blockchain, now primed for this hard fork, awaits 70% of its stake pool operators (SPOs) to update to the new node version. Once this threshold is achieved, the network will undergo the Chang hard fork, transitioning Cardano into the Age of Voltaire.
Named in memory of Phil Chang, a pioneering figure in Cardano governance who passed away in 2022, this hard fork is deemed by Hoskinson as a monumental milestone. He envisions it as a step towards creating a “decentralized civilization spanning the entire world with millions of residents.”
Hoskinson anticipates that with the Chang fork, Cardano will boast the “most advanced blockchain governance system,” complete with annual budgets, a treasury, and enriched community insights. Reflecting on the decade-long journey of Cardano’s development, he expressed pride in the community’s achievements and optimism for the future. “Cardano gives me hope for our industry and the world. Let’s spend the next decade making a big dent in the universe,” Hoskinson remarked.
At the time of writing, Crdano’s ADA token is trading at around $0.4333, down 1.7% in the past 24-hour period.
Featured Image via Unsplash
