IOG CEO on the ‘Most Significant’ Upgrade in Cardano’s History

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As a long-term investor in Cardano, I’m excited about the upcoming Chang hard fork and the potential it holds for the platform. The shift to decentralized governance, on-chain voting, and the treasury system are significant upgrades that will give the Cardano community more control over the blockchain’s future development and direction.

As a crypto investor excited about the Cardano ecosystem, I’m thrilled to share that Charles Hoskinson, the brilliant mind behind Cardano, has made an important announcement. On June 9th, he took to X, previously known as Twitter, to disclose an exciting development: the long-awaited Chang fork is approaching. In fact, the Cardano Node is projected to advance to version 9.0 this month.

The Chang hard fork for Cardano signifies a major advancement, heralding the beginning of the Voltaire era – the last leg of Cardano’s development plan. This stage focuses on implementing decentralized governance and on-chain voting systems within the Cardano blockchain.

The importance of the Chang hard fork resides in its function as a platform that empowers the Cardano community to shape the blockchain’s future growth and trajectory via an intricate voting and funding mechanism. Consequently, ADA token holders can exercise their voting rights on various proposals, thereby impacting significant decisions and fostering active community involvement in the governance process.

The Chang hard fork brings significant changes, with power shifting from the development team to the wider Cardano community for decentralized governance. On-chain voting becomes a reality for ADA holders, allowing them to make decisions on proposals right on the blockchain. Furthermore, a treasury system is set up to finance future developments and initiatives driven by the community. Lastly, advanced security features are integrated into Cardano to boost network protection and reliability.

The Cardano blockchain is prepared for the upcoming hard fork and is currently waiting for approximately 70% of its stake pool operators (SPOs) to upgrade to the latest node version. Once this requirement is met, the network will undergo the Chang hard fork, marking the beginning of the Voltaire era for Cardano.

As a analyst looking back on Cardano’s history, I can’t help but reflect on the significance of this hard fork, which was named in honor of Phil Chang, a trailblazer in our project’s governance who tragically passed away in 2022. For IoH Kosonas, the founder of Cardano, this milestone represents a crucial leap forward in our journey towards building a “decentralized civilization” that spans the globe and is home to millions of residents.

As a crypto investor and follower of Cardano’s development, I’m excited about the upcoming Chang fork that promises to bring Cardano’s blockchain governance system to new heights. With this update, we’ll have advanced features like annual budgets, a treasury, and enhanced community insights at our disposal. Looking back on the last decade of Cardano’s evolution, I feel a great sense of pride in what we’ve accomplished as a community and am filled with optimism for the future. Cardano brings me hope for the crypto industry and the world – let’s spend the next ten years making a significant impact together.

Currently, the price of Cardano’s ADA token hovers around $0.4333, representing a 1.7% decrease over the previous 24 hours.

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2024-06-11 09:38