Cardano Steps Forward with Major Upgrade 📈
This year, Cardano (ADA) has unveiled a new version of its node software, marking an important milestone as it gears up for the forthcoming Chang 2 hard fork. This upgrade promises to significantly enhance the network’s governance mechanisms, alongside finalizing the shift towards on-chain governance.
Surging Prices Following Political Developments 🚀
Recently, the price of Cardano has experienced a notable increase, skyrocketing over 8% within a 24-hour timeframe, leading it to settle at approximately $0.358. This price surge corresponds with a broader upswing in the cryptocurrency market, which has been energized by the political news surrounding Donald Trump’s second presidential victory in the United States.
Building on Previous Successes 🔧
The Chang 2 hard fork capitalizes on the groundwork established by the previous Chang 1 update rolled out in September. This evolution empowers ADA token holders to actively engage in the governance of the protocol, allowing them to influence its future in a significant way.
Empowering Token Holders Through Governance 🗳️
By assigning their voting authority to Delegated Representatives (DReps) or serving as DReps themselves, ADA token holders gain the ability to participate in on-chain voting. The recent upgrade preceding the hard fork includes several technical improvements:
- Enhanced Plutus primitives for better smart contract capabilities.
- Increased support for Stake Pool Operators.
Ensuring Successful Implementation ✅
The successful integration of Chang 2 depends on receiving consent from both the Interim Constitutional Committee (ICC) and 51% approval from Stake Pool operators. Upon meeting these requirements, a one-epoch ratification phase will kick off, paving the way for the full execution of the hard fork.
Preparation for Smooth Transition ⚙️
In anticipation of the upcoming upgrade, Stake Pool Operators, decentralized applications, and cryptocurrency exchanges have been instructed to ensure compatibility with the newly released Node 10.1.1. The organization responsible for Cardano’s governance infrastructure, Intersect, is committed to providing ongoing updates throughout the upgrade process. Additionally, they will facilitate Q&A sessions to clarify any concerns from the community.
Hot Take 💡
This year represents a significant turning point for Cardano as it embarks on this journey toward enhanced governance and functionality. By embracing these advancements, ADA token holders can become more involved in the decision-making processes that shape the future of the protocol. As Cardano continues to evolve, the community’s active participation will be crucial in driving collective growth and innovation within the network.
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