- The first phase of Cardano’s Chang upgrade went online after years of work, giving holders of the company’s native ADA token ownership of the blockchain.
- With this update, Cardano moves into what is known as the Voltaire era—the last phase of development.
The Chang hard fork has officially taken place on Cardano, the Layer 1 blockchain that Charles Hoskinson, a co-founder of Ethereum, developed. This makes Cardano the first significant blockchain to go from a centralized to a token-based decentralized governance structure.
Cardano will completely switch over to a community-led governance model, managed by an interim committee, within the course of the next ninety days. By the time the ninety days are up, the Chang hard fork’s second stage will have taken effect, giving its new governing bodies—a constitutional committee, delegate representatives, and staking pool operators—full authority.
“The goal of the first stage is to ensure security and continuity during the governance bootstrapping phase, allowing [delegate representatives] to register and campaign for delegation, while developing and ratifying a final constitution by early 2025.”
Although Cardano was occasionally in the top 5 cryptocurrencies by market capitalization, the current situation has not been good for the token; it dropped out of the top 10 last month as the value of Telegram’s Toncoin and TRON’s TRX token increased.
“When I reflect back at where we started as an ecosystem it was just an idea…we’ve grown tremendously throughout the years. There’ve been ups and downs, there’s been a lot of disappointments, but now we are here,” Hoskinson said in a video message. “Now we are here today…a day where the entire ecosystem, the community, every holder of ADA stands shoulder to shoulder as equals and they all have a say in the future not just of this protocol, but what this protocol can do for everyone in the world.”
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
