Cardano’s Chang hard fork – Where does ADA stand on the eve of activation?
The post Cardano’s Chang hard fork – Where does ADA stand on the eve of activation? appeared on BitcoinEthereumNews.com.
Cardano’s past hard fork events have failed to inspire a sustained price uptrend ADA gave in to the wider market’s bearish sentiment this week, touching a week low of $0.338 Cardano is on the verge of a transformative milestone for the blockchain, with the Chang hard fork now hours away. Intersect, Cardano’s off-chain forum and discussion hub, confirmed the activation date for the first phase of the technical upgrade this week. Chang #1, set to go live on the mainnet on 1 September. It represents an immutable and binding step in Cardano’s journey to becoming a fully decentralized ecosystem. One where the community is directly involved in decision-making processes like protocol updates and fund allocation. Community-run governance and decentralized decision-making The first phase lays the groundwork with the core protocol changes to enable community participation in on-chain governance. A second phase, scheduled for later this year, will introduce additional features that require further testing and community consensus. Following the implementation of Chang, the Cardano community will be responsible for shaping the future of the network. This transition will be implemented through Cardano Improvement Proposal CIP-1694, which formalizes various governing structures for the Cardano ecosystem. In the bigger picture, Chang upgrade is part of the final era on Cardano’s roadmap, Voltaire. The era focuses on introducing voting and treasury systems to make Cardano a fully self-sustaining network. Chang’s readiness metrics The run-up to Chang’s activation has renewed some optimism among market participants who have been closely monitoring the upgrade over the last few weeks. Successful implementation could bolster Cardano’s position in the competitive blockchain space and potentially affect ADA’s market performance. Though the activation thresholds have been met, readiness metrics are not completely realized. A total of 42 exchanges have prepared their systems, while 6 are currently in progress and 10…
Filed under: News - @ August 31, 2024 6:05 pm