With the smooth launch of the Chang bitcoin fork, Cardano has hit a turning point in the history of its blockchain. This update, which was finished on September 1, starts a new era of decentralized government and better smart contracts. It also makes it possible for people who own ADA to have a bigger say in how the network grows in the future.
The “Conway ledger era” began for the project when the Chang upgrade was turned on at block 10764778 at 21:44 UTC. Cardano’s government can now move from a controlled model to one that is completely run by the community thanks to this big change. As part of the “Voltaire” phase of Cardano’s growth, people who own ADA tokens can now directly take part in government actions by posting ideas and voting on them.
In a recent statement, the Cardano Foundation stressed how important this milestone is, saying that the Chang concrete fork is a key step toward the goal of a truly decentralized and self-governing network. Through Cardano Improvement Proposal-1694 (CIP-1694), the upgrade adds on-chain participatory government. This lets ADA holders vote directly or give their voting power to trusted agents. We are going to set up and combine a constitutional committee and a new oversight role for stake pool owners over the next 90 days.
This update is being rolled out in two steps. In the early stages of government bootstrapping, the first step is to make sure that everything is safe and stable. The second part, which is set to start in 2025, will give the community the power to run self-government projects across the Cardano environment.
In addition to making government better, the Chang improvement makes Cardano’s smart contract features a lot better. We’ve added new cryptographic features and improved speed to handle more complex voting systems, such as those used by decentralized autonomous organizations (DAOs).
Co-founder of Cardano, Charles Hoskinson, stressed how important this change was, saying that it meant that the environment, community, and all ADA holders were now on the same level and had a say in the future of the network. Even though the change went well, the price of ADA went down a little. At the time of writing, it was selling at $0.333. This is very different from when it hit a high point of $3.09 on September 2, 2021.
Other blockchains, like Tron and Toncoin, have pushed ADA out of the top ten cryptocurrencies by market value. However, the Chang painful fork is a big step forward in Cardano’s journey toward freedom. Cardano is seen as a star in open governance, so the blockchain community will be keeping a close eye on how well this new governance model works.
