Hoskinson hails Cardano’s Chang hard fork as ‘dwarfing’ Bitcoin News ▸ Cardano ▸ Technology
Hoskinson hails Cardano’s Chang hard fork as ‘dwarfing’ Bitcoin
Cardano completes first step to full decentralized governance with Chang hard fork
2 min read
Updated: Sep. 2, 2024 at 10:46 am UTC
Web Summit / CC BY 2.0 / Flickr. Remixed by CryptoSlate
On Sept. 1, the Cardano blockchain completed the first phase of its Chang hard fork, signaling a new era of decentralized governance for the network.
The upgrade is a significant achievement for Cardano, marking a pivotal step toward fulfilling its vision of a fully self-governing, decentralized network. The move is also said to set it apart as the first major blockchain to implement a token-based governance system.
Charles Hoskinson, Cardano’s founder, described this achievement as monumental, surpassing even Bitcoin, stating, “This dwarfs Bitcoin. It’s unique, and books will be written about what has happened.”
Hoskinson emphasized that Cardano’s accomplishment is one of humans’ most significant technical feats because a distributed system operating across more than 100 countries seamlessly evolved into a decentralized entity, complete with its constitution, without central coordination.
Hoskinson further commented:
“Cardano is now a governance virus that is living, self- replicating, and self-sustaining. It has intelligence and a will to survive and grow. Nothing can shut it down. Nothing can stop its growth.”
However, despite the monumental achievement, the blockchain network’s ADA token saw no gain, declining by 4% during the past day to slip out of the top 10 cryptocurrencies by market capitalization, according to CryptoSlate’s data.
What’s Next?
The initial phase of the upgrade, lasting 90 days, introduces foundational governance features and prepares for the upcoming Conway-era functionality. During this period, delegated representatives (DReps) can register, and ADA holders can delegate their voting power.
An interim constitution will also be established, supported by a technical guardrail script. Further, an interim constitutional committee will oversee the constitutionality of governance actions until a full constitution is ratified.
This period will also be a testing ground for limited governance actions, including parameter changes, hard forks, and ‘Info’ actions.
After 90 days, the second phase of the Chang hard fork will commence, fully empowering the new governance bodies, including the constitutional committee, delegate representatives, and staking pool operators.
The Cardano Foundation noted:
“All governance entities, including DReps, SPOs, and the interim constitutional committee, can vote on governance actions during this stage. The conclusion of this stage will allow for treasury withdrawals.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Bitcoin
$98,153.80
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Cardano Foundation
There are three organizations that are contributing to the development of Cardano.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.