YEREVAN (CoinChapter.com) — Cardano is advancing with its Chang hard fork. This upgrade is a critical step in the network’s transition into the Voltaire era, focusing on decentralized governance. Here’s a detailed look at the progress and significance of the Chang hard fork.
Cardano Chang Hard Fork: Current Progress
The Cardano network is moving towards the Chang hard fork. Currently, 33% of nodes are running version 9.0.0, and 19% of blocks are reporting this version. To initiate the hard fork, 70% of nodes need to upgrade.
The latest validator node release, Node 9.1.0, builds on the previous Node 9.0. This version fixes bugs and requires the Conway Genesis file on the mainnet. This upgrade is necessary for the crossover to the Chang hard fork. Validators are upgrading fast, with 11% already upgraded at the time of writing.
Enhancing Governance and Security with Cardano’s Chang Hard Fork
The Chang hard fork aims to enhance governance and security. Specifically, it introduces improved on-chain voting mechanisms, ensuring every ADA holder has a voice. Consequently, this approach is designed to engage a more diverse community.
Moreover, Cardano aims to set a new standard in blockchain governance. The hard fork includes transparent treasury systems and better governance protocols. These changes are intended to keep Cardano at the forefront of blockchain technology.
Furthermore, the hard fork will be implemented in two phases. The first phase introduces core elements of decentralized governance, as outlined in Cardano Improvement Proposal 1694. This involves setting up a constitutional committee and delegate representatives who will vote on behalf of ADA holders.
Upcoming On-Chain Governance and Transition to Voltaire Era
The second phase, expected later this year, will see the full implementation of on-chain governance mechanisms. This phase will empower the community to propose and vote on changes, decentralizing Cardano’s governance.
The Chang hard fork follows significant upgrades like the Vasil and Alonzo hard forks. The Vasil upgrade improved block creation speed, while Alonzo introduced smart contracts. With the Chang upgrade, Cardano will transition into the final Voltaire era. This era marks the handover of governance from Input-Output Hong Kong (IOHK) to the Cardano community.
Validator Upgrades and Governance Implementation in Cardano’s Chang Hard Fork
Validators are upgrading rapidly. However, an observer noted that scripts and tooling still need upgrades. The Intersect Cardano user group commented,
“This release signifies the completion of primary development work for the bootstrap phase of on-chain governance.”
This milestone marks the installation of decentralized governance elements, rolled out in two distinct phases.
The second phase will see “bootstrap governance” as the ecosystem becomes accustomed to the new features. As outlined in Cardano Improvement Proposal 1694, published in November 2022, this stage is crucial for the network. The Chang hard fork will, therefore, create on-chain governance mechanisms for a constitutional committee and delegate representatives.
Moreover, these representatives will vote on behalf of individual ADA holders, thereby giving a new governance role to stake pool operators. Consequently, proposals and votes will take place on-chain, ensuring a more decentralized and democratic process.
