Cardano (ADA) Successfully Completes the ”Chang” Hard Fork Upgrade, Introducing On-Chain Governance

The community of the cryptographic network can celebrate a very important step towards the decentralization of Cardano, publicly described as “the era of Voltaire”.

Cardano, a well-known layer-1 blockchain, has just successfully completed the hard fork upgrade “Chang”, introducing on-chain governance through its native crypto ADA.

The community of the cryptographic network can celebrate a very important step towards the decentralization of Cardano, publicly described as “the era of Voltaire”.

Soon ADA holders will be able to effectively vote on development proposals for the ecosystem, playing a key role in the future of the blockchain which will lose that component of centralized control.

Now appointment in 90 days for the second phase of the upgrade.

Let’s see all the details below.

Chang hard fork: Cardano introduces on-chain governance with ADA

Sunday at 22:44 (GMT+1), Cardano officially launched the hard fork “Chang”, starting the long-awaited process of transferring control of its network to the holders of its native token ADA.

The update is inspired by the proposal CIP-1694 first published at the end of 2022, which aims to redefine the three governing bodies of the cryptographic community.

In this first phase, the Constitutional Committee, the delegated representatives (dReps), and the stake pool operators (SPO) have been established

The authors of the CIP Jared Corduan, Andre Knispel, Matthias Benkort, Kevin Hammond, Charles Hoskinson, and Samuel Leathers, emphasize the key role of these cryptographic entities.

Today's Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.

Welcome to a new era of decentralized governance: Voltaire. ⚖️ https://t.co/sE0iyRKLg9 pic.twitter.com/dA0JkgYOio

Moving forward, the Foundation of Cardano along with Input Output Global (IOHK) and Emurgo will not have the keys to activate updates on the chain.

The responsibility for the upcoming hard fork and the next technical improvements of the blockchain will be entrusted directly to the token holders of ADA.

We remind, however, that at the moment the cryptocurrency has not yet completely transitioned to an on-chain governance.

In 90 days, the second phase of “Chang” will take place, during which the final steps will be completed and ADA will be given additional utility.

As stated by Giorgio Zinetti, CTO of the Foundation Cardano:

“Once everyone is on board and well informed, they will be ready to actively participate in governance”.

Cardano is just the latest in a series of cryptographic projects that have shifted the focus of their infrastructure towards a more decentralized status.

Since its initial launch in 2014, it has consistently attracted the attention of the entire crypto world without, however, bringing strong DeFi activity to the chain.

We remember that Charles Hoskinson, founder of the project, co-led the initial development of his current main competitor Ethereum, alongside Vitalik Buterin.

Now it competes with the same to secure a market share in the digital asset sector and decentralized exchanges.

https://t.A step towards the Voltaire era for Cardano: freedom and decentralization associated with some risks

The hard fork Chang of Cardano marks the beginning of a period described as the “era of Voltaire”, focused on achieving full decentralization of the network with ADA.

The term “Voltaire” is inspired by the famous French writer of the 1700s who is widely known as a defender of freedom of speech.

The update implements for the first time the concepts of liquid democracy and constitutional republic, where the power of governance is entrusted to the community.

This is a great milestone for the project, which sees several significant transformations in the political system of the blockchain on the horizon.

In about 90 days the hard fork should come to an end, completing the second phase of the upgrade and definitively making ADA enabled for governance purposes.

According to Frederik Gregaard, CEO of the Cardano Foundation, the Chang upgrade reflects the promise of a decentralized model by the project:

“Every holder of ADA can contribute to the evolution of the ecosystem. The community will collaborate, innovate, and govern by mutual agreement.”

Hoskinson also emphasized that these changes not only improve the efficiency of the network, but also strengthen the security and user trust.

However, these benefits are also counterbalanced by some risks: decentralization through DAO can indeed be a double-edged sword

Often decentralized autonomous organizations present excessive spending budgets and suffer from inadequate control by sometimes inexperienced users.

Furthermore, the choice of a democracy based on the possession of ADA tokens implies that the control of the blockchain can pass to some powerful stakeholders.

We will see if the hard fork will bring the expected results or if it will only complicate the future of the project.

Analysis of the price of the crypto ADA

The completion of the first phase of the hard fork “Chang” of the Cardano blockchain does not seem to have particularly affected the price action