Cardano is about to make a big leap forward with the Chang hard fork happening in June 2024. This upgrade is an important part of Cardano’s development plan.
Cardano’s plan has five stages, and the current one, called Voltaire, aims to turn Cardano into a self-governing system where the community has a key role in decisions. Successfully completing Voltaire is crucial for Cardano’s goal of a decentralized future. A major part of the network, the Cardano Node, will get an important update to version 9.0 in June. With 70% of stake pool operators ready for this update, the network is well-prepared for the Chang hard fork.
Key Upgrades in the Chang Hard Fork
The Chang hard fork introduces two major upgrades that will transform the Cardano ecosystem.
The first upgrade establishes the foundation for an extensive on-chain governance framework. This framework will allow ADA holders to actively vote on important proposals, directly influencing the network’s future development.
The second upgrade focuses on completing a strong treasury management system. This system will enable the community to manage and allocate funds for ongoing maintenance and future projects collectively.
Through the Voltaire phase and the Chang hard fork, Cardano aims to significantly improve decentralization and transparency. These enhancements empower the Cardano community to play a larger role in shaping the network’s future.
Charles Hoskinson’s Vision for Cardano’s Future
Charles Hoskinson, the visionary founder of Cardano, described the upcoming upgrade as “the most significant milestone in the history of Cardano and for the industry as a whole.” He anticipates massive adoption for Cardano, predicting that millions will join its decentralized civilization.
Hoskinson recently addressed criticisms about ADA’s lack of progress, and the Chang hard fork aims to dispel rumors of stagnation. Although ADA has faced challenges in 2024, this upgrade could mark a turning point.
The increased role of the community in governance and the introduction of advanced features like on-chain treasuries can greatly impact Cardano’s future. These changes could help ADA finally rise above the $0.45 level that has been a persistent barrier.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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