The post Cardano’s Chang Hard Fork Introduces On-Chain Governance appeared on BitcoinEthereumNews.com.

On Sept. 1 at 21:44 UTC, layer-1 blockchain Cardano executed the ‘Chang’ hard fork at block 10,764,778, entering the “Voltaire Era” and introducing on-chain governance using its native token ADA. Following the hard fork, ADA token holders now have the power to elect representatives and vote on key development proposals. According to the Cardano roadmap, the Voltaire era “will provide the final pieces required for the Cardano network to become a self-sustaining system.” It added that the introduction of a voting and treasury system will enable network participants to “use their stake and voting rights to influence the future development of the network.” Not mincing his words, Cardano co-founder Charles Hoskinson lauded the hard fork as “one of the greatest technical achievements in human history.” In a tweet, the Cardano Foundation wrote that the hard fork “marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.” Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network. Welcome to a new era of decentralized governance: Voltaire. ⚖️ https://t.co/sE0iyRKLg9 pic.twitter.com/dA0JkgYOio — Cardano Foundation (@Cardano_CF) September 2, 2024 What is a hard fork? A hard fork occurs when changes are made to a blockchain’s rules, resulting in a new, parallel blockchain that runs alongside the original. Cardano’s latest hard fork is named in honor of Phil Chang, the executive who spearheaded the Voltaire initiative at IOHK. Under Cardano’s new governance model, the Cardano Foundation, Input Output Global (IOHK), and Emurgo no longer hold exclusive authority over decisions related to hard forks and other major upgrades. The CIP-1694 lays out that three key bodies will form the foundation of Cardano’s new governance model: the constitutional committee (CC), delegate representatives (Dreps), and stake…

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Filed under: News - @ September 2, 2024 8:16 pm