Cardano Ecosystem Enters the Era of Decentralized Governance with ‘Chang’
The Cardano blockchain team is actively working on self-sufficiency. Cardano recently completed its Chang upgrade, catapulting the network into the era of decentralized governance. Now, ADA token holders can actively participate in electing representatives and contributing to development discussions. The Chang hardfork was implemented on block 10,764,778, according to reports. In essence, the completion of the Chang upgrade is aimed at making the blockchain transparent and inclusive for all network members.
An update posted by the official name of the Cardano Foundation said the Chang hard fork “marks a significant milestone for the Cardano blockchain, ecosystem, and community – delivering on the promise of a truly self-governing, decentralized network.”
According to the developers behind Cardano, the completion of this upgrade heralds the environmentally friendly proof-of-stake network into the “Voltaire” era, where decisions regarding the blockchain are made by ADA token holders.
Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community, delivering on the promise of a truly self-governing, decentralized network.
Welcome to a new era of decentralized government: Voltaire. :scales: photo.twitter.com/dA0JkgYOio
— Cardano Foundation (@Cardano_CF) September 2, 2024
This step is crucial to push Cardano towards true decentralization. In a blog post The Cardano Roadmap outlined details about the Voltaire era and noted that the blockchain will soon no longer be under the umbrella of IOHK (Input-Output Hong Kong). Charles Hoskinson, the founder of Cardano, is the head of IOHK, a blockchain tech development company based in Singapore.
Hoskinson commented on the development saying that this is a small step for Cardano, but a big step for the entire sector.
The Chang upgrade will occur in two phases, each gradually rolled out across the network. The first phase establishes fundamental governance features, while the subsequent phase introduces community-driven decision-making and governance.
Cardano, often referred to as the “Ethereum Killer,” aims to complete the transition between October and December this year.
Against the backdrop of this development, Cardano’s native ADA token saw no improvement in its market momentum. According to data provided by MintMarketCapADA has recorded a price decline of 1.11 percent over the past day. At the time of writing, ADA was trading at $0.3302 (approximately Rs. 27.72). Cardano price last touched its all-time high (ATH) of $3.101 (approximately Rs. 260) in September 2021.
