Cardano Creator Issues Major Hard Fork Update to ADA Community

Charles Hoskinson, the founder of Cardano, addressed recent rumors about the anticipated Chang hard fork. Contrary to circulating claims, Hoskinson clarified that the hard fork was never scheduled for June.

Instead, he explained that a fork-ready node is available, and the next step requires 70% of stake pool operators to test and update their systems, which typically takes about a month. 

Indeed, in a previous communication, Hoskinson outlined that in June, the Cardano node would reach the necessary version, making it ready for the Chang hard fork. 

It aims to transform Cardano into a fully decentralized entity, with a comprehensive blockchain governance system, annual budgets and, by the way, a community-driven treasury worth nearly $700 million. 

Chang hard fork: Why does it matter? 
This update is important because it introduces the concept of fully decentralized, community-run governance to Cardano. This includes an on-chain community consensus governed by its own constitution.

As things stand, there will be three main stages in this governance process. The first stage is the introduction of delegate representatives. This will allow ADA holders to delegate their shares instead of having a traditional vote. Registration for DReps is expected to begin in the second quarter of 2024. 

The second stage is the Cardano Constitutional Convention. Government representatives will draft the first version of the document in Argentina. The community will then vote on this draft at the end of the year. If it gets the thumbs up, this constitution will set the direction for Cardano's decentralized governance processes.

Gamza Khanzadaev - Financial analyst, trader and crypto enthusiast. Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.