Cardano network’s highly anticipated Node 9.0.0 has launched to much acclaim on July 8.
According to its GitHub document:
“Node 9.0.0 is a major release of the Cardano node that contains all the changes that are needed for the Conway ledger era, including on-chain governance via CIP-1694, support for Plutus v1 reference scripts, and Plutus script signature support via CIP-69.”
Why Node 9.0.0 is important for Cardano
In a July 8 video on social media platform X, Cardano founder Charles Hoskinson emphasized Node 9.0.0’s importance. He explained that it lays the groundwork for the Chang hard fork, significantly altering the blockchain network’s structure.
Hoskinson said:
“Node 9.0.0 basically means Cardano has the best, the most decentralized and I hope the most effective decentralized government in the entire cryptocurrency industry.”
However, Hoskinson noted that Stake Pool Operators (SPOs) need to independently test the new node and upgrade before the network can perform the Chang hard fork. So, with at least 70% or more SPOs upgraded, a hard fork date will be set for the network to transition into Chang.
Data from Cardanoscan shows that exchanges and stake pools are not yet ready for the hard fork as of press time.
Chang hard fork
The Chang hard fork marks the culmination of a multiyear effort to transfer project ownership from Cardano Foundation, EMURGO, and Input-Output Global to the community. This move will transform the blockchain into a self-sustaining entity with features like on-chain voting and participant rights.
In this era, Chang will introduce Delegate Representatives (DReps), elected by Cardano token holders. These representatives will draft a Cardano Constitution, becoming the network’s supreme governing law. Once approved, DReps will propose changes in accordance with the constitution.
Hoskinson reflected on the significance of this move, saying it would help Cardano become the most scalable ecosystem within the next 24 months because “governance is the key differentiating feature.”
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Conclusion
With the launch of Node 9.0.0 and the upcoming Chang hard fork, Cardano is poised to revolutionize the cryptocurrency industry through decentralization and on-chain governance. The innovative features introduced in this update will pave the way for a more inclusive and transparent network where community participation is paramount.
As Cardano continues to evolve and grow, it is exciting to see how these changes will shape the future of blockchain technology. Stay tuned to DeFi Daily News for more trending news articles on Cardano and other exciting developments in the decentralized finance space.
