The post Cardano Launches ‘Chang’ Hard Fork, Empowering ADA Holders with On-Chain Governance in the New Voltaire Era appeared on BitcoinEthereumNews.com.

The Cardano blockchain has recently transitioned into a new era with the implementation of the ‘Chang’ hard fork, marking a significant advancement in blockchain governance. This upgrade not only enhances on-chain governance but also provides ADA token holders with the ability to influence network development directly. In a bold statement, Cardano co-founder Charles Hoskinson described the hard fork as “one of the greatest technical achievements in human history,” emphasizing its transformative potential. This article explores Cardano’s latest ‘Chang’ hard fork, its implications for governance, and its impact on the cryptocurrency landscape. Cardano Enters the Voltaire Era with Innovative Governance On September 1, 2023, at precisely 21:44 UTC, Cardano successfully enacted the ‘Chang’ hard fork at block 10,764,778. This transition signifies the commencement of the “Voltaire Era,” which introduces innovative on-chain governance utilizing the ADA native token. With this development, ADA holders gain unprecedented authority to elect representatives and vote on significant proposals that will shape the future of the Cardano network, thereby establishing accountability and governance within the community. Understanding the Mechanics of the Hard Fork A hard fork represents a fundamental alteration in a blockchain’s protocol, resulting in the creation of a parallel blockchain. Named in honor of Phil Chang, who led the Voltaire initiative at Input Output Global (IOHK), the Chang hard fork initiates a governance framework wherein decision-making power is decentralized. No longer do the Cardano Foundation, IOHK, and Emurgo hold unilateral authority over critical decisions; instead, governance will now evolve through collaborative structures that involve capital participants directly. The Governance Structure Following the Upgrade The implementation of Cardano Improvement Proposal (CIP) 1694 heralds a transformative governance model comprising three fundamental bodies: the Constitutional Committee (CC), Delegate Representatives (Dreps), and Stake Pool Operators (SOPs). This structure promotes transparency and community involvement, creating an ecosystem where ADA holders…

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Filed under: News - @ September 2, 2024 4:16 pm