Cardano’s Chang Hard Fork: A Step Towards Decentralized Governance
The Essentials at a Glance
On July 16, the crypto world is facing a significant event: The Chang Hard Fork of Cardano will be introduced. This significant update marks a turning point in the governance of the Cardano network, with the aim of introducing a more community-centered administration. Charles Hoskinson, co-founder of Cardano, will step back from the leadership role but will remain part of the development team. This move underscores Cardano’s ambitions to become a fully decentralized blockchain.
What is the Chang Hard Fork?
The Chang Hard Fork is part of Cardano’s long-term roadmap, which is divided into five phases: Byron, Shelley, Goguen, Basho, and Voltaire. With the entry into the era of Voltaire, which focuses on governance, the Chang Hard Fork will usher in a new era of on-chain voting and democratic rights. This significant step aims to transform Cardano’s governance structure through a constitutional order that promotes community-based forms of government.
The Significance of Chang for Cardano
The introduction of the Chang Hard Fork aims to create an administration that is strongly supported by the community. By implementing on-chain voting, transparent and verifiable decision-making is enabled. This change is a crucial step towards full decentralization for Cardano, a core vision of blockchain technology. The successful implementation of this model could be groundbreaking for the entire blockchain industry and help overcome the challenges of centralized governance.
What does this mean for the Cardano community?
With the Chang Hard Fork, the Cardano community gains more influence on decision-making within the network. The community will vote on budgets and other important aspects, with the current transitional constitution serving as a basis for a constitutional convention in Argentina later this year. Although Charles Hoskinson will no longer be active in on-chain government, he remains an active part of the development team, underscoring his ongoing support for the project.
Our Assessment
The Chang Hard Fork represents a significant milestone for Cardano and the entire blockchain community. By promoting a decentralized governance structure, Cardano is setting new standards for the future of blockchain technology. This development could not only revolutionize the way decisions are made within blockchains, but also strengthen community trust and participation. We are at the beginning of an exciting era for Cardano and it remains to be seen how these changes will affect the growth and acceptance of the platform.
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| Symbol | ADA |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| 24h % | -6.97 % |
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| 30d % | 55.78 % |
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