Cardano Blockchain Completes First Phase of Chang Hard Fork, Paving the Way for Decentralized Governance
The Cardano blockchain recently achieved a significant milestone with the completion of the first phase of its Chang hard fork. This development signals a new era of decentralized governance for the network, bringing it one step closer to realizing its vision of a fully self-governing and decentralized ecosystem.
One of the key highlights of this upgrade is the implementation of a token-based governance system, setting Cardano apart as the first major blockchain to adopt such a mechanism. Charles Hoskinson, the founder of Cardano, hailed this achievement as a groundbreaking moment, comparing it to the likes of Bitcoin and emphasizing the monumental nature of the transition to decentralized governance.
Hoskinson expressed his awe at the technical feat of transforming a distributed system operating across more than 100 countries into a self-sustaining and self-replicating entity with its own constitution, all without central coordination. He described Cardano as a “governance virus” with the ability to evolve and grow autonomously, highlighting its resilience and unstoppable nature.
Despite the success of the hard fork, Cardano’s native token ADA experienced a 4% decline in value, causing it to drop out of the top 10 cryptocurrencies by market capitalization. This dip in price may be attributed to market fluctuations and investor sentiment following the upgrade.
Looking ahead, the next phase of the Chang hard fork will focus on empowering the newly established governance bodies, including delegate representatives, staking pool operators, and the constitutional committee. This phase will enable these entities to participate in governance actions, such as voting on proposals and making decisions related to the network’s development.
During the initial 90-day period following the hard fork, foundational governance features will be introduced, allowing ADA holders to delegate their voting power and participate in the governance process. An interim constitution will be established, along with a technical guardrail script to ensure compliance with governance rules.
The Cardano Foundation outlined the roadmap for the upcoming phase, which will involve testing governance actions such as parameter changes, hard forks, and informational updates. This period will serve as a preparation for the full implementation of the decentralized governance model and the activation of treasury withdrawals.
Overall, the completion of the first phase of the Chang hard fork marks a significant milestone for Cardano, solidifying its position as a pioneer in decentralized governance within the blockchain industry. As the network continues to evolve and grow, it is poised to revolutionize the way decentralized systems operate and pave the way for a more democratic and transparent future.