Binance Confirms Support for Cardano’s Upcoming Chang Hard Fork - Crypto Economy

TL;DR

• Binance will support Cardano (ADA)’s network upgrade and “Chang” hard fork on September 1, 2024.
• ADA deposits and withdrawals will be temporarily suspended during the upgrade; trading will not be affected.
• The “Chang” hard fork will start the Voltaire era, introducing a decentralized governance system with community-elected representatives.
  

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Binance has confirmed its support for the upcoming Cardano (ADA) network upgrade and hard fork, known as “Chang,” which will take place on September 1, 2024.

Binance will temporarily suspend token deposits and withdrawals on the Cardano network starting at 20:45 UTC on that date to ensure the best experience for its users during the upgrade process. The hard fork will take place approximately one hour later, at 21:45 UTC, and Binance will resume deposits and withdrawals once the upgraded network is deemed stable.

Token trading on the Cardano network will not be affected during the upgrade period, and Binance will handle all technical requirements for its users, ensuring ADA’s compatibility with the new network version.

The “Chang” hard fork is crucial for Cardano’s evolution towards full decentralization, marking the beginning of the Voltaire era, a key stage in the platform’s roadmap that aims to introduce a more decentralized and robust governance system.

Binance Requested More Time to Prepare

Initially, the hard fork was scheduled for August 27, 2024, but was postponed to September 1 because several platforms, including Binance, needed more time to prepare properly.

Charles Hoskinson, Cardano’s founder, explained that the Chang hard fork will introduce advanced concepts such as liquid democracy and a constitutional republic structure, allowing decentralized institutions to make important decisions, like approving budgets and planning new features.

Cardano Prepares a Fully Decentralized Model

The upgrade is outlined in Cardano Improvement Proposal (CIP) 1694, which establishes the changes that will define this new era of governance on the network. Among the updates, the introduction of Delegate Representatives (DReps) stands out. These representatives will be elected by ADA holders to participate in decision-making within the network, consolidating a more democratic and participatory model.

The transition to the Voltaire era is the final phase in Cardano’s vision of becoming a fully decentralized blockchain. This process seeks to transform the network’s political system, providing it with a governance framework that reflects principles of community participation and autonomy, ensuring a safer and more equitable environment for all Cardano users.