Cardano, the third-generation blockchain platform, is gearing up for a major upgrade in the form of the Chang hard fork. This upgrade signifies a crucial milestone in the network’s transition from being founder-controlled to community-run. Scheduled initially for August 27, the launch has now been rescheduled to September 1, 2024, to allow crypto exchanges like Binance to prepare for the change.
The development of the Cardano network is divided into five distinct eras: Byron, Shelley, Goguen, Basho, and Voltaire. The network recently entered the Voltaire era, which empowers network participants to propose and vote on improvements through Cardano Improvement Proposals (CIP). The Chang hard fork plays a pivotal role in enabling this on-chain distributed governance framework.
The Chang hard fork is a two-part process aimed at implementing a community-run governance structure. The first part, set to be deployed on September 1, will kickstart a technical bootstrapping phase. This phase involves the creation of the Interim Cardano Constitution and the Interim Constitutional Committee (ICC), guiding the network during this transition period.
As the second part of the Chang hard fork unfolds in Q4 2024, Cardano will witness the establishment of governing bodies like Delegate Representatives (DReps) and stake pool operators (SPOs). These bodies, in collaboration with the community-run treasury, will have the authority to vote on governance proposals, request ADA delegations, issue certificates, and execute treasury withdrawals.
The upcoming Chang hard fork marks a significant turning point in Cardano’s evolution, paving the way for a more decentralized governance structure. With the community actively involved in decision-making processes, Cardano is set to embark on a new era of growth and innovation. Stay tuned as the network continues to push boundaries and redefine the possibilities of blockchain technology.
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