Exciting Cardano Chang Hard Fork Milestone Reached!
On Sunday, the Cardano blockchain achieved a significant milestone with the successful implementation of the Chang hard fork. This upgrade is a game-changer for Cardano as it positions itself as one of the pioneering blockchain networks to embrace a token-based governance system.
Cardano Emerges as a ‘Governance Virus’ 💥
Charles Hoskinson, the CEO of Cardano, enthusiastically commemorated this accomplishment, emphasizing that the upgrade propels Cardano above Bitcoin (BTC) in terms of decentralization.
- In a recent social media post, Hoskinson described the recent upgrade and the network itself as “one of the greatest technological achievements in human history.”
- He highlighted the global scale of the distributed system, operating in over 100 countries without central control, seamlessly upgrading for millions of users who are complete strangers to each other.
- Hoskinson expressed that Cardano now functions as a governance virus, constantly evolving, replicating itself, and self-sustaining with the intelligence and determination to flourish, making it unstoppable.
Assessing the Success of the Chang Hard fork Upgrade 🔄
The Chang hard fork, executed at block number 10764778, introduces the “Conway ledger era” to enhance Cardano’s governance as part of the broader Voltaire phase initiative.
- One of the standout features of this upgrade is the shift in the governance model, allowing every ADA holder to propose ideas and engage in decision-making processes.
- The Cardano Foundation hailed this transition as a major milestone, fulfilling the vision of a completely self-governing, decentralized network.
- Technically, the hard fork activated Plutus v3, introducing advanced cryptographic capabilities like efficient zero-knowledge proofs and versatile on-chain computations.
- It includes transaction signature validation through the Blake2b-224 hash function and Ethereum signature verification using the Keccak-256 hash function, enhancing cross-chain interoperability.
- The update also enhances smart contract performance by introducing “sums of products” encoding for smaller scripts and up to 30% faster execution times.
Overcoming Technical Glitches 🐞
Although the implementation of these advancements was successful, the hard fork encountered a technical snag related to ledger state snapshots, as identified by Intersect, an organization within the Cardano ecosystem.
- This issue necessitated a hotfix to address extended synchronization times when nodes are restarted.
- Nodes that restarted within 14 hours of the hard fork were unaffected, while those rebooted later required a replay from the genesis block.
- A hotfix, node version 9.1.1, is currently being prepared for release to resolve this glitch.
Market Response and Price Movement 📉
Post the Chang upgrade, ADA was trading at $0.329, witnessing a 12% decline in the seven-day period. Despite the significant upgrade, investors did not display a bullish response amidst the ongoing market downtrend.
Hot Take: Cardano for the Win! 🚀
On Sunday, the Cardano blockchain reached a notable milestone with implementing the Chang hard fork. This upgrade is pivotal for the blockchain, as it positions itself as one of the first major blockchain networks to adopt a token-based governance system.
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