On Sept. 1, the Cardano blockchain completed the first phase of its Chang hard fork, signaling a new era of decentralized governance for the network.
The upgrade is a significant achievement for Cardano, marking a pivotal step toward fulfilling its vision of a fully self-governing, decentralized network. The move is also said to set it apart as the first major blockchain to implement a token-based governance system.
Charles Hoskinson, Cardano’s founder, described this achievement as monumental, surpassing even Bitcoin, stating, “This dwarfs Bitcoin. It’s unique, and books will be written about what has happened.”
Hoskinson emphasized that Cardano’s accomplishment is one of humans’ most significant technical feats because a distributed system operating across more than 100 countries seamlessly evolved into a decentralized entity, complete with its constitution, without central coordination.
Hoskinson further commented:
“Cardano is now a governance virus that is living, self-replicating, and self-sustaining. It has intelligence and a will to survive and grow. Nothing can shut it down. Nothing can stop its growth.”
However, despite the monumental achievement, the blockchain network’s ADA token saw no gain, declining by 4% during the past day to slip out of the top 10 cryptocurrencies by market capitalization, according to CryptoSlate’s data.
What’s Next?
The initial phase of the upgrade, lasting 90 days, introduces foundational governance features and prepares for the upcoming Conway-era functionality. During this period, delegated representatives (DReps) can register, and ADA holders can delegate their voting power.
An interim constitution will also be established, supported by a technical guardrail script. Further, an interim constitutional committee will oversee the constitutionality of governance actions until a full constitution is ratified.
This period will also be a testing ground for limited governance actions, including parameter changes, hard forks, and ‘Info’ actions.
After 90 days, the second phase of the Chang hard fork will commence, fully empowering the new governance bodies, including the constitutional committee, delegate representatives, and staking pool operators.
The Cardano Foundation noted:
“All governance entities, including DReps, SPOs, and the interim constitutional committee, can vote on governance actions during this stage. The conclusion of this stage will allow for treasury withdrawals.”
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Conclusion
In conclusion, the completion of the first phase of the Cardano blockchain’s Chang hard fork represents a groundbreaking achievement in the realm of decentralized governance. Cardano’s successful implementation of a token-based governance system sets a new standard for blockchain networks, positioning it as a trailblazer in the industry.
Charles Hoskinson’s visionary leadership and the dedication of the Cardano team have propelled the network to new heights, surpassing even established giants like Bitcoin. The evolution from a distributed system to a fully decentralized entity, complete with its constitution, showcases the power of human ingenuity and technical innovation.
While the ADA token may have experienced fluctuations in its market position, the long-term prospects for Cardano are promising as it continues to empower its community through governance mechanisms. With the upcoming second phase of the Chang hard fork, Cardano is poised to further solidify its position as a leader in the blockchain space.
As the journey towards decentralized governance unfolds, Cardano remains a beacon of progress and innovation in the ever-evolving world of cryptocurrencies. Stay tuned for more exciting updates and developments from Cardano and the broader blockchain ecosystem on DeFi Daily News.
References:
https://cardanofoundation.org
