The post Cardano Activates ‘Chang’ Upgrade: A Pivotal Shift Towards Decentralized Governance for ADA Holders appeared on BitcoinEthereumNews.com.

Cardano’s recent “Chang” upgrade signifies a major step towards decentralized governance within the blockchain ecosystem. The implementation of this upgrade empowers ADA token holders to participate in decision-making processes regarding the future of the platform. Giorgio Zinetti, CTO of the Cardano Foundation, emphasized the significance of this upgrade, deeming it the largest event in Cardano’s history. This article delves into Cardano’s transformative Chang upgrade, which enhances community governance and aims for full decentralization, marking a milestone in its evolution. The Chang Upgrade: A New Era for Governance on Cardano The activation of Cardano’s “Chang” upgrade on Sunday reflects a pivotal moment in the blockchain’s evolution. Originally launched in 2017 by Charles Hoskinson, a co-founder of Ethereum, Cardano has made significant strides toward establishing a governance model that prioritizes user participation. With the Chang upgrade now operational, ADA token holders are granted the opportunity to elect governance representatives and vote on various proposals affecting the network’s advancement. Transitioning to Decentralized Governance The framework for this new governance structure is outlined in CIP-1694, which introduces three user-led governance bodies: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs). This transition signifies a substantial shift away from the historical model where the Cardano Foundation, Input Output Global (IOHK), and Emurgo held the power to initiate upgrades and hard forks. The emphasis on decentralized governance aims to align Cardano more closely with the principles of the broader blockchain community, potentially enhancing the utility of ADA and offering a safeguard against regulatory scrutiny. Phased Implementation of the Chang Upgrade The implementation of the Chang upgrade involves a two-phase approach in its rollout. The first phase, currently active, has established an Interim Constitutional Committee tasked with overseeing governance decisions while ensuring a cautious approach to any changes in the blockchain’s code. This temporary body…

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Filed under: News - @ September 1, 2024 10:09 pm