The Cardano network is on the brink of a significant upgrade with the upcoming Chang hard fork, which is set to be deployed in the next few days. This update will bring about new features and mark the blockchain’s full transition into a community-run network.
Originally scheduled for August 27, the Chang hard fork was postponed by Cardano founder Charles Hoskinson to September 1, 2024. This delay was deemed necessary to allow crypto exchanges like Binance to prepare for the transition, ensuring a smoother upgrade process.
The development of the Cardano network is divided into five eras: Byron, Shelley, Goguen, Basho, and Voltaire. With the network’s entry into the Voltaire era, participants and stakeholders can now propose and vote on Cardano Improvement Proposals (CIP) through the staking and delegation process.
The main goal of the Chang hard fork is to establish an on-chain distributed governance framework that will hand over the network’s maintenance to the Cardano community. This marks a significant step towards decentralization and community involvement in the future development of the network.
The Chang hard fork will be rolled out in two parts, with the first phase occurring on September 1. During this phase, the network will enter a technical bootstrapping phase, which involves setting up the Interim Cardano Constitution and the Interim Constitutional Committee to guide the transition process.
The second part of the Chang hard fork, to be implemented in Q4 2024, will see the network exit the technical bootstrapping phase. This phase will introduce governing bodies such as Delegate Representatives (DReps) and stake pool operators (SPOs), enabling community members to vote on governance proposals and execute treasury withdrawals.
The Chang hard fork represents a significant milestone in the evolution of the Cardano network, as it paves the way for a more decentralized and community-driven governance structure. With these changes, Cardano is poised to become a leading platform for smart contracts and decentralized applications in the cryptocurrency space.
