- The Chang hard fork for Cardano is set to launch on August 27. Intersect has confirmed that 80% of stake pool operators are ready.
- The upgrade will shift blockchain control from IOG to ADA holders, starting the Voltaire era of decentralized governance.
The Cardano network is poised for a significant upgrade with the upcoming Chang hard fork, scheduled for August 27. This major upgrade aims to transfer the blockchain’s power from its development company, IOG, to ADA owners, thus introducing a new phase of DA governance referred to as Voltaire.
In a recent tweet, Intersect, a key organization within the Cardano ecosystem, pointed out that this scheduled launch is in line with a review of the progress and feedback from the community.
— Intersect (@IntersectMBO) August 20, 2024
The upgrade has been met with significant support from the Stake pool operators (SPOs), with 80% signaling readiness by installing the latest Cardano Node 9. 1. 0 validator software, a key requirement for the Chang hard fork. Intersect emphasized this achievement, stating that exchange liquidity metrics are good and that top DApps have reported good readiness.
Chang Hard Fork Working Group Outlines Pre-Fork Action Plan
The organization called upon all the stakeholders to ensure that they were ready for the upgrade and indicated that any failure to upgrade should be reported. The Chang hard fork working group has provided a step by step plan of the governance actions and signatures to be taken prior to the hard fork that begins four days prior to the event.
The Chang hard fork can be considered as a major improvement in the quest for the Decentralized Autonomous Organization on the Cardano network. The upgrade will free IOG from the responsibility of governing the blockchain, and this will be passed on to ADA holders, who will be in a position to participate in the growth of the network.
This transition will signify the start of the Voltaire era, which is centered on improving the ability for decentralized control within the Cardano ecosystem. The first phase of Voltaire will be CIP 1694, which is a governance proposal that enables ADA holders to vote on important topics and features that will be useful to the network. This phase shall be expected to enable the community and encourage it to be more involved in the future direction of blockchain.
The second phase of Voltaire will include new features like proxy voting and the ability to withdraw funds from the treasure. These features will help users to propose and finance projects within the ADA ecosystem, which will extend the decentralization and promote new initiatives.
ADA Price Responds to Upcoming Chang Hard Fork
As the Cardano network prepares for the Chang hard fork, attention has turned to the potential impact on the price of ADA. Currently trading at $0.39, the cryptocurrency has seen a 3% increase over the past 24 hours. However, ADA remains significantly below its all-time high of $3.09, recorded in September 2021.
Previous upgrades that include Vasil and Alonzo have in the past boosted ADA price and this might also be the same case. The upcoming Chang hard fork could be a similar trigger, as it may lead to a price spike as investors await the opportunities provided by the decentralized governance and the increased involvement of the community.
