Cardano’s Historic Chang Hard Fork Goes Live: A New Era of Decentralised Governance Begins
A very significant event under the Cardano blockchain ecosystem shifted Cardano crypto enthusiasts toward decentralised governance, marking advancements in blockchain technology.
Cardano is a popular Proof-of-Stake (PoS) crypto network, mainly known for its non-promotional approach and serious collaborations to promote innovative development activities within the Cardano ecosystem. Charles Hoskinson, the founder of Cardano, worked on Cardano for three years after leaving the Ethereum project to launch Cardano in 2017.
Just 6 hours ago, the Cardano blockchain successfully launched its “Chang” hard fork, marking a significant step toward on-chain governance and decentralisation. This upgrade is part of Cardano’s roadmap, specifically the Voltaire era, which focuses on achieving a community-driven governance model.
With the Chang upgrade, Cardano introduces a system where holders of its ADA cryptocurrency can vote on network proposals and elect representatives, known as Delegate Representatives (dReps). The governance structure will also include a Constitutional Committee and Stake Pool Operators (SPOs). These changes aim to shift decision-making power from Cardano’s founding entities—Cardano Foundation, Input Output Global (IOHK), and Emurgo—to the community, fostering a decentralised environment.
According to the Cardano project team, the upgrade is a major move toward decentralisation and is intended to make Cardano more resilient and adaptable by involving the community in its evolution. This development also aligns Cardano with the broader cryptocurrency industry’s push for decentralised governance models.
Cardano Token Price Action
The current trading price of ADA Coin, the native token of the Cardano blockchain network, is $0.33, which is 46% down year-to-date (YTD). The 7 days trading price graph of this token clearly shows that the latest fork in the Cardano blockchain failed to bring any new spike in the trading price.
Read also: WazirX to Hold Live Townhall with Customers Amid Restructuring and Bankruptcy Concerns
Credit: Source link
