Published on juli 26, 2024, 12:27 am
Image source: Fox News
```json [ "TLDR: Cardano network is transitioning to decentralized governance with Chang hard fork, requiring node validators to upgrade to Node 9.1.0 before implementation. Current 11% validators upgraded, more work needed. Anticipated benefits include improved governance structures post-fork. Intersect Cardano user group foresees significant transformation with plans for a second phase of upgrade. Evolution aims at on-chain governance mechanisms and delegate representatives for voting. Previous upgrades enhanced block creation speed and smart contract functionality. Despite delays, stakeholders are eager for greater decentralization via Voltaire era in Cardano project." ] ```
The Cardano network is eagerly moving into a new era of decentralized governance with the upcoming Chang hard fork. This significant transition marks the first phase towards the network’s evolution into a model of decentralized governance, paving the way for what is known as the Voltaire era.
In preparation for the Chang hard fork, the latest release of node validator software, Node 9.1.0, has been unveiled. This update comes as an enhancement over Node 9.0 and introduces crucial changes required for the forthcoming hard fork. One notable requirement is the utilization of the Conway Genesis file on the mainnet to facilitate a smooth transition to the Chang hard fork. The actual implementation of this hard fork will be triggered once 70% of validators have completed their upgrade to Node 9.1.0.
Current statistics show that approximately 11% of validators have upgraded at present; however, it has been highlighted that there is still work to be done in upgrading scripts and tooling before full readiness can be achieved.
Looking ahead, Intersect Cardano user group anticipates that this upgrade will bring about a “significant transformation” within the Cardano ecosystem. The group also indicated that there are plans for a second phase of the Chang upgrade later in the year following this initial phase.
The anticipated benefits of this evolution extend beyond technology upgrades alone and will impact governance structures significantly. According to Cardano documentation, post-Chang hard fork, on-chain governance mechanisms will be established, including key features such as creating a constitutional committee and appointing delegate representatives tasked with voting on behalf of ADA coin holders within the Cardano community.
In recent history, we’ve witnessed previous upgrades like Vasil and Alonzo hard forks enhancing block creation speed and improving smart contract functionality on Cardano’s platform.
Although delayed by a month due to necessary Node 8 series upgrades resulting from a cybersecurity incident back in June, stakeholders are eager to observe how this transition to greater decentralization via Voltaire era governance unfolds within one of cryptocurrency’s leading projects — now boasting an impressive market cap of around $14 billion amid ongoing innovations within its ecosystem.
Original article posted by Fox News
