Exciting Upgrades Coming to Cardano Network
Get ready for some major changes on the Cardano network as a significant upgrade is set to be rolled out in the near future. This update will bring new features and mark a crucial milestone in the transition of the blockchain into a community-led network.
What You Need to Know About the Chang Hard Fork
If you’re a follower of Cardano’s development, you may already be familiar with the network’s different eras. The upcoming Chang hard fork is part of this progression and is set to introduce some key changes:
- Cardano’s eras include Byron, Shelley, Goguen, Basho, and Voltaire.
- The Voltaire era, which began on May 30, 2024, allows network participants to propose and vote on improvements through the staking and delegation process.
- The Chang hard fork will facilitate on-chain distributed governance, transferring network maintenance responsibilities to the Cardano community.
Chang Hard Fork: A Two-Step Process
The upcoming Chang hard fork will be implemented in two stages, each playing a crucial role in the network’s evolution:
- The first phase, scheduled for September 1, will kick off a technical bootstrapping period, establishing the Interim Cardano Constitution and the Interim Constitutional Committee.
- The Interim Constitutional Committee will act as a temporary governance body, overseeing the transition and making initial governance decisions.
- Following this, the community will collaborate to draft the main constitution during the Cardano Constitutional Convention.
Future Governance on Cardano
The second phase of the Chang hard fork, expected in Q4 2024, will bring about additional governance structures and functionalities:
- Delegate Representatives (DReps) and stake pool operators (SPOs) will be introduced to enable community participation in governance decisions.
- A community-run treasury withdrawal feature will allow approved entities to withdraw funds from the network’s treasury.
- These governing bodies, along with the Constitutional Committee and ADA token holders, will have the power to vote on proposals, request delegations, issue certificates, and execute treasury withdrawals.
Stay Tuned for Cardano’s Evolution
As Cardano continues its journey towards decentralization and community empowerment, these upcoming upgrades will play a significant role in shaping the network’s future. Be sure to follow the developments closely to take part in this exciting evolution!
Hot Take: Exciting Changes Ahead for Cardano
Don’t miss out on the opportunity to be part of Cardano’s transformative journey as the network gears up for some game-changing upgrades in the near future. Stay informed and get ready to engage with the evolving governance system on the Cardano platform.
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