- The Chang hard fork is set to bring โliquid democracyโ to Cardano.
- Input Output has given Chang a soft launch date.
- A large exchange has yet to begin the upgrade.
Decentralization is the cornerstone of blockchain technology, but realizing it in practice can be challenging. Typically, organizations that develop blockchain projects operate with hierarchical structures, which can undermine the ideal of decentralization.
Sponsored
Cardanoโs Voltaire era aims to address this issue by introducing a new approach. The upcoming Chang hard fork will hand control of the ecosystem to ADA holders, allowing them to govern the blockchain collectively through on-chain mechanisms. According to Tim Harrison, VP of Communications at Input Output (IO), the long-awaited Chang hard fork is tentatively scheduled for August 23.
D-Day Nears For Cardano
Providing an update on Chang’s progress, Harrison stated that August 23 is the date for deciding whether to trigger the hard fork. If approved, the first phase of Chang will launch four days later, on August 27.
Cardano member organization Intersect, administering the hard fork, explained that the August 23 date was selected after reviewing the progress towards the necessary thresholds and incorporating community feedback.
Intersect stated that as of last week, the Stake Pool Operators (SPOs) were ready, while exchange liquidity “is good and improving” and expected to reach the threshold by August 23. The additional four days from the trigger to the go-live date are needed to complete the final processes.
Intersect added that should the August 23 deadline be missed, the next Chang go-live date is scheduled for September 3.
To trigger Chang, exchanges, and SPOs must update their node software to the latest release. The hard fork will be ready to go live once exchange liquidity readiness exceeds 80% and SPO readiness exceeds 70%.
The latest data on Chang’s readiness showed exchange liquidity at 29%, well below the required threshold, while SPOs have already exceeded the threshold at 81%.
The Importance of Chang
While Changโs trigger date remains tentative, depending on whether sufficient exchanges implement the latest node software in time, Cardano founder Charles Hoskinson took to social media to highlight the project’s importance of on-chain governance.
Hoskinson emphasized that the fundamental principles of cryptocurrency are decentralization, sound money, and the concept of โgoverned by the many for the many, instead of the few.โ
To that end, Hoskinson described Chang as the most advanced governance model in the crypto space, featuring โliquid democracy with a constitutional republicโ and enabling millions of ADA holders to access Cardano’s treasury for the betterment of all stakeholders.
Reinforcing Chang’s significance, Hoskinson emphasized that a single leader or council should not make crucial decisions such as appropriate ecosystem marketing, supporting valuable projects, and shaping the future roadmap. Instead, the collective Cardano community must determine these important matters.
On the Flipside
- Chang’s success depends on community engagement.
- Collective decisions may become biased towards raising token prices over socially beneficial projects.
- Bybit, the 2nd largest exchange by Chang liquidity, has yet to implement the upgrade at the time of writing.
Why This Matters
As Cardano edges closer to the Chang hard fork, its successful implementation will redefine how blockchain communities engage in governance.
Charles Hoskinson challenges hackers to break Laceโs new paper wallet:
$1M Bounty: Cardano Founder Dares Hackers to Crack Lace
Bitcoin cohorts, including super whales, flip into accumulation mode:
Bitcoin Super Whale Mr. 100 Steps Up August Buys
