Cardano Prepares for Chang Hard Fork, Introducing Voltaire Era Amid ADA's Decline
Summary:
Charles Hoskinson, the founder of Cardano, has announced that the blockchain platform is preparing for a major event in June, specifically an upcoming hard fork named Chang. The Cardano Node is expected to update to version 9.0 within this month and the platform awaits the confirmation of 70% of stake pool operators. Chang represents the beginning of the Voltaire era in the roadmap of Cardano, introducing community-run governance and permitting ADA holders to vote on proposals. Despite the anticipation, the cryptocurrency ADA continues to experience a significant drop in its value since the start of 2024.
Cardano, an open-source blockchain platform developed by Charles Hoskinson, is set to experience a significant event in June. On June 9, Hoskinson unveiled on platform X that the Cardano ecosystem is preparing for an impending Chang fork. Moreover, there is an expectation for Cardano Node to gain a foothold at version 9.0 within this month. This implies the Cardano blockchain is equipped for the impending hard fork and is reliant on 70% of stake pool operators carrying out the installation of the new node. With this completed, a hard fork can proceed, leading Cardano into the Voltaire Age, as referred to by Hoskinson. This age signifies the latest stage in the Cardano's development.
The development phases of Cardano, or the "eras", bear the names of significant figures from poetry and computer science fields such as Lord Byron, Joseph Goguen, Matsuo Bashō, Percy Bysshe Shelley, and Voltaire. While the initial stages provided an elementary blockchain, decentralization and smart contracts, The Basho age emphasizes on scaling the blockchain. The Voltaire age, the final stage, incorporates governance, treasury management, and voting functionalities into the Cardano blockchain.
The Voltaire era of Cardano roadmap will witness its first hard fork known as Chang. This era will usher in the governance run by the Cardano community by facilitating on-chain community consensus and authorizing Cardano (ADA) token holders to vote on various proposals. The revered Phil Chang, an early frontrunner in Cardano governance who passed away in 2022, inspired the naming of this upgrade.
Hoskinson perceives Chang as a catalyst for creating a "decentralized civilization" with millions of people involved. He named Chang as the "most significant landmark in Cardano's history", foreseeing it to assist in building a "global decentralized civilization" involving millions of people.
With Chang, Hoskinson foresees an evolution of Cardano into possessing the "most sophisticated blockchain governance system", alongside annual budgets, treasury, and valuable insights emanating from the community.
Cardano's much-anticipated hard fork is expected to occur while ADA cryptocurrency is experiencing a significant downturn. Since the start of 2024, there has been more than a 26% decline in the cryptocurrency value, falling from approximately $0.60 to $0.44 at the time of report, as per CoinGecko data. In early April, ADA was excluded from the list of top ten coins by market capitalization, replaced by the Telegram-associated cryptocurrency Toncoin (TON).
Published At
6/10/2024 4:01:23 PM
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