Cardano, a popular blockchain platform, is preparing for a significant upgrade known as the Chang hard fork. This upgrade is poised to introduce new features and solidify the network’s transition into a community-run ecosystem. Originally scheduled for deployment on August 27, the launch date was pushed back to September 1, 2024, to allow crypto exchanges like Binance more time to prepare.
The development of the Cardano network is divided into five distinct eras: Byron, Shelley, Goguen, Basho, and Voltaire. Having recently entered the Voltaire era on May 30, 2024, Cardano is now moving towards a phase where network participants can propose and vote on Cardano Improvement Proposals (CIP) through staking and delegation.
Chang Hard Fork Overview
The Chang hard fork seeks to implement an on-chain distributed governance framework, shifting the network’s maintenance responsibilities to the Cardano community. This marks a key milestone in Cardano’s evolution, as it aims to create a community-run governance structure outlined in CIP-1694. The hard fork consists of two parts: the first deployment on September 1 and the second implementation in Q4 2024.
The first part of the hard fork will initiate a technical bootstrapping phase, establishing the Interim Cardano Constitution and the Interim Constitutional Committee (ICC). The constitution will guide the network during the transition, while the ICC will act as a temporary governance body with voting and veto powers over initial on-chain governance actions.
Future Governance Structure
The second part of the Chang hard fork will signal the end of the technical bootstrapping phase, introducing Delegate Representatives (DReps), stake pool operators (SPOs), and community-run treasury withdrawals. These governing bodies, along with holders of Cardano’s native token and the Constitutional Committee, will have the authority to vote on governance proposals, request ADA delegations, and execute treasury withdrawals.
Overall, the Chang hard fork represents a significant step in Cardano’s journey towards decentralized governance and community empowerment. With these new features and structures in place, the network is poised for further growth and innovation under the direction of its dedicated community members.
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