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Cardano Ecosystem

FxCryptoNews

06/11/2024

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Cardano's Governance Revolution: How the Chang Hard Fork Will Shape the Network's Future

Cardano is on the cusp of a groundbreaking transformation with the highly anticipated Chang hard fork scheduled for June 2024. This milestone upgrade marks a significant step towards Cardano’s long-term...

Cardano's Governance Revolution: How the Chang Hard Fork Will Shape the Network's Future

Cardano is on the cusp of a groundbreaking transformation with the highly anticipated Chang hard fork scheduled for June 2024. This milestone upgrade marks a significant step towards Cardano’s long-term vision of a decentralized future.

Empowering Decentralization and Governance

The Voltaire phase, currently underway, focuses on transforming Cardano into a self-governing ecosystem where the community plays a pivotal role in decision-making. The successful implementation of Voltaire is crucial for Cardano’s ultimate goal of decentralization.

Critical Node Update

The Cardano Node will undergo a critical update to version 9.0 in June, with a substantial portion (70%) of stake pool operators (SPOs) already prepared for the update. This ensures a seamless integration of the Chang hard fork.

Groundbreaking Chang Hard Fork

The Chang hard fork introduces two transformative upgrades. Firstly, it lays the groundwork for implementing a comprehensive on-chain governance framework, empowering ADA holders to actively participate in voting on critical proposals that will shape the network’s future. Secondly, the upgrade focuses on finalizing a robust treasury management system, enabling the community to collectively manage and allocate funds for ongoing maintenance and future initiatives.

Community-Driven Future

Through the Voltaire phase and the Chang hard fork, Cardano aims to significantly enhance decentralization and transparency. This increased functionality empowers the Cardano community to play a more prominent role in shaping the network’s trajectory.

Founder’s Perspective

Charles Hoskinson, Cardano’s visionary founder, describes the upgrade as “the most significant milestone in the history of Cardano and for the industry as a whole.” He expects massive adoption for Cardano, predicting that millions of users will be part of Cardano’s decentralized civilization. Hoskinson recently addressed criticisms surrounding ADA’s lack of progress, and the Chang hard fork dispels rumors of stagnation. Although ADA has struggled in 2024, this upgrade could be a turning point, potentially sending ADA above the $0.45 level that has plagued it for an extended period.

Read Also: The Best 10 Cardano Staking Pools for Maximum APY Returns

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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