The Cardano network is on the brink of a major upgrade that will solidify its transition into a community-run ecosystem. The Chang hard fork, originally scheduled for August 27, has been delayed to September 1, 2024, to allow crypto exchanges like Binance time to prepare for the rollout.
Cardano’s development is divided into five eras: Byron, Shelley, Goguen, Basho, and Voltaire. The network entered the Voltaire era in May 2024, which enables network participants to propose and vote on Cardano Improvement Proposals (CIP). The Chang hard fork will facilitate this on-chain governance framework.
Implications of the Chang Hard Fork
The Chang hard fork will introduce a community-run governance structure outlined in CIP-1694. The first part of the fork, set for September 1, will establish the Interim Cardano Constitution and the Interim Constitutional Committee (ICC). These entities will guide Cardano through the initial stages of governance transition.
During the technical bootstrapping phase, the ICC will uphold the principles of the interim constitution and oversee the first on-chain governance actions. The community will draft the main constitution during the Cardano Constitutional Convention while preparing to establish a formal Constitutional Committee.
Future Developments
The second part of the Chang hard fork, scheduled for Q4 2024, will usher in governing bodies such as Delegate Representatives (DReps) and stake pool operators (SPOs). These entities, along with holders of Cardano’s native token and the Constitutional Committee, will have the power to vote on governance proposals, request ADA delegations, and execute treasury withdrawals.
The upcoming Chang hard fork represents a significant milestone in Cardano’s journey towards decentralization and community-led governance. The transition into the Voltaire era will empower network participants to play a vital role in shaping the future of Cardano. As the network continues to evolve, it is poised to set new standards for blockchain development and governance.
Leave a Reply