- The Chang hard fork is poised to revolutionize blockchain governance.
- Chang will introduce features including a constitution and on-chain voting.
- Cardano’s governance model is set for imminent release.
The Cardano roadmap includes five eras, each designed to achieve the ultimate goal of blockchain technology for positive global change. The Voltaire era, which is almost ready under the Chang hard fork, aims to transform Cardano into a self-sustaining network by introducing governance features like on-chain voting and participants’ rights.
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Originally scheduled for a Q2 rollout, Chang is now expected to launch in mid-July. According to a recent update from Input Output CEO Charles Hoskinson, the release is set for around July 16, meeting the community’s expectations.
Cardano’s Chang Set for Upcoming Rollout
The Chang hard fork, which will implement Cardano Improvement Proposal (CIP) 1694, is set to fully decentralize the Cardano network. This major upgrade is slated for a mid-July release, marking a pivotal moment in Cardano’s evolution.
Hoskinson stated that CIP 1694 represented the culmination of two years of intensive work and would transform Cardano’s governance structure while empowering its community. He further explained that version 9 is “basically done,” indicating that it is the “fork-ready candidate” for the implementation code.
However, this version is still undergoing testing and final preparations. If all goes well and no issues are uncovered, the Chang hard fork is expected to roll out on July 15 or 16, declared Hoskinson.
The implementation of the Chang hard fork will represent a significant shift in Cardano’s governance structure, with centralized entities like Input Output and the Cardano Foundation stepping back to allow for genuine community-led decision-making.
However, Hoskinson has emphasized that this transition does not signal the end of development efforts. After Chang, the team will concentrate on the Basho era, which is focused on enhancing Cardano’s scalability.
What Does Chang Bring?
The primary objective of the Chang hard fork is to introduce community-run governance to the Cardano blockchain, marking a significant step towards full decentralization.
This new governance model will incorporate on-chain community voting, ensuring transparent and verifiable decision-making processes. Additionally, it will introduce a constitutional system featuring Delegated Representatives (DReps,) who will act as elected officials representing ADA holders who choose to delegate their voting power.
The implementation of the Chang upgrade is divided into two phases; the first phase will focus on rolling out core governance features, such as the on-chain voting mechanism. This initial step will lay the groundwork for community participation in network decisions.
The second phase will introduce more advanced features, including the DRep system and community-led treasury withdrawals. This phased approach allows for gradual adoption and refinement of the new governance structures, potentially mitigating risks associated with such a significant change.
Over the past 24 hours, ADA has risen by 6.2%, outperforming the rest of the top 10 tokens, which have remained relatively flat.
On the Flipside
- ADA is down 36% year-to-date and has struggled to keep up with the strong price performance of rival layer 1s like Solana and TON throughout 2024.
- Polkadot‘s recent treasury overspending was attributed to an overly enthusiastic community-led governance model.
- Hoskinson believes the path to long-term sustainability lies in governance.
Why This Matters
The Chang hard fork represents a pivotal moment for Cardano, potentially setting a new standard for decentralized governance in the blockchain industry.
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