Cardano Enters The First Stage Of The Chang Hard Fork - Blockzeit

• The first stage of the much-anticipated Chang hard fork in Cardano just went live.
• The upgrade empowers ADA token holders to have more active participation in shaping the future of the chain’s governance structure.

A hard fork marks a significant update in a blockhain’s programming. It normally paves the way for a change from one protocol to another. The event also brings about new rules in the chain.

In the case of the Chang hard fork, the milestone reels in changes that will help the Cardano layer-1 blockchain shift toward a decentralized governance model. The upgrade democratizes control of the network to ADA holders by allowing them to elect governance representatives and vote on on-chain development proposals.

Moreover, the upgrade enhances ADA’s utility beyond its digital currency or exchange value propositions. Before the shift, ADA, which derived its name from the 19th-century mathematician Ada Lovelace, was limited to its use as a secure medium of exchange without the need for an intermediary and a way to get rewards through Cardano’s staking mechanism.

Cardano’s Interim Governance

In the initial phase of the Chang upgrade, Cardano will be governed by an Interim Constitutional Committee. The body will oversee the blockchain’s governance during the transition phase.

Cardano will activate the upgrade’s second phase in around 90 days. During this time, the blockchain will eventually empower the participation of qualified community members in the network’s governance bodies.

Once all the pieces of the puzzle are in place, it will ultimately usher in the Voltaire era of Cardano. Simply put, this event will transform the blockchain into a self-sustaining system with full decentralization. This would be the realization of the foundation’s long-term vision since its inception.

Charles Hoskinson’s Official Statement

Charles Hoskinson, Cardano and Ethereum’s co-founder, recently shared his reflections following the activation of the upgrade. According to his lengthy post on X, the blockchain’s transformation is “one of the greatest technical achievements in human history.”

For him, it further strengthens the distributed system that operates in over 100 countries and never shuts down. It should be noted, however, that Cardano had indeed undergone a downtime in January last year, which resulted in the drop off of 50% to 60% nodes from the network. The incident marked the first-time in five years for the platform.

Hoskinson added that the feat also “dwarfs Bitcoin” in magnitude due to its uniqueness. He further described Cardano as “a governance virus that is living, self-replicating, and self-sustaining.”

“It has intelligence and a will to survive and grow,” he went on. “Nothing can shut it down. Nothing can stop its growth.”

One of the deepest lessons I've taken to heart over the past decade is that becoming a public figure means you turn into a human rorschach test where those who don't like you will take any post or comment and assume the worst possible interpretation.

Working on Cardano this…

— Charles Hoskinson (@IOHK_Charles) September 2, 2024