Cardano network’s highly anticipated Node 9.0.0 has finally launched on July 8, causing a wave of excitement among the crypto community.
The release of Node 9.0.0 is a significant milestone for Cardano, as it paves the way for the upcoming hard fork known as Chang. This latest version of the Cardano node incorporates all the necessary changes for the Conway ledger era, including on-chain governance through CIP-1694, support for Plutus v1 reference scripts, and Plutus script signature support via CIP-69.
Importance of Node 9.0.0 for Cardano
In a recent video on social media, Cardano founder Charles Hoskinson highlighted the importance of Node 9.0.0. He emphasized that this release is crucial for establishing Cardano as a decentralized and efficient decentralized government within the cryptocurrency industry. The Chang hard fork, enabled by Node 9.0.0, will bring significant changes to the network structure.
However, before the network can transition into Chang, Stake Pool Operators (SPOs) must independently test the new node and upgrade their systems. Once at least 70% of SPOs have upgraded, a hard fork date will be set for the network.
As of now, data from Cardanoscan indicates that exchanges and stake pools are not yet ready for the hard fork, underscoring the need for a thorough and timely upgrade process.
Chang Hard Fork and Governance
The Chang hard fork represents the culmination of efforts to transfer project ownership from Cardano Foundation, EMURGO, and Input-Output Global to the community. This shift will make Cardano a self-sustaining entity with features like on-chain voting and participant rights.
During the Chang era, Delegate Representatives (DReps) will be elected by Cardano token holders to draft a Cardano Constitution, which will serve as the network’s supreme governing law. Once approved, DReps will propose changes in alignment with the constitution.
Hoskinson believes that this move will position Cardano as the most scalable ecosystem in the next 24 months, as governance will be a key differentiating factor for the network’s success.
Conclusion
The launch of Node 9.0.0 and the impending Chang hard fork signify a new chapter for Cardano, with a strong emphasis on decentralization and community governance. As the network prepares for this significant transition, it is essential for stakeholders to collaborate and ensure a smooth upgrade process.
For more trending news articles on the latest developments in the DeFi space and beyond, be sure to check out DeFi Daily News. Stay informed and stay ahead in the ever-evolving world of decentralized finance!
