Cardano’s Chang Hard Fork Praised by Hoskinson as Surpassing Bitcoin
On September 1, the Cardano blockchain successfully completed the initial phase of the Chang hard fork, marking a significant milestone towards establishing decentralized governance within the network. This achievement represents a crucial step for Cardano in realizing its vision of becoming a fully self-governing and decentralized platform. Notably, Cardano stands out as the first major blockchain to adopt a token-based governance system.
Founder of Cardano, Charles Hoskinson, hailed this development as groundbreaking, even surpassing the achievements of Bitcoin. He emphasized the historic nature of Cardano’s transformation into a decentralized entity spanning over 100 countries without centralized coordination, comparing it to a monumental technical accomplishment.
In his remarks, Hoskinson described Cardano as a “governance virus” that is self-replicating and self-sustaining, possessing the intelligence and resilience to thrive and expand without external interference. Despite this remarkable progress, Cardano’s native token, ADA, experienced a 4% decline, causing it to drop out of the top 10 cryptocurrencies by market capitalization according to data from CryptoSlate.
Looking ahead, the next phase of the upgrade, which will last 90 days, will introduce fundamental governance features and pave the way for upcoming Conway-era functionalities. During this period, delegated representatives (DReps) can register, and ADA holders can delegate their voting rights. An interim constitution will be established, supported by a technical guardrail script, with an interim constitutional committee overseeing governance actions until a full constitution is ratified.
This phase will serve as a testing ground for limited governance actions, including parameter adjustments, hard forks, and ‘Info’ actions. Following the 90-day period, the second phase of the Chang hard fork will begin, empowering the new governance bodies such as the constitutional committee, delegated representatives, and staking pool operators. All governance entities will have the authority to vote on governance actions, leading to the allowance of treasury withdrawals upon the conclusion of this stage.
In conclusion, Cardano’s successful completion of the initial phase of the Chang hard fork signifies a significant stride towards achieving decentralized governance within the network, setting a precedent for other blockchain projects to follow in the realm of self-governing ecosystems.
