The Cardano Blockchain recently implemented the long-awaited Chang update, which grants new attributes to the network. This is a hard fork that makes Cardano the first multipurpose network to move towards decentralization.
It is important to note that most multipurpose blockchains are managed in a centralized manner. This is a paradoxical reality, given that they are the main vehicles of the decentralized finance (DeFi) ecosystems. However, Cardano seeks to create a balance in this regard.
Chang Update Takes Cardano To A New Stage
It is no exaggeration to say that Chang represents one of the great milestones in the history of the entire blockchain. It gives unprecedented decision-making powers to the community when it comes to making changes or undertaking new projects. Simply put, decisions will no longer be in the hands of a board of directors.
It is worth noting that this hard fork is part of the roadmap that this network, which was born in 2017, has been following. Since that year, Cardano has gone through four other forks: Byron, Shelley, Goguen and Basho. Chang becomes the fifth in this evolutionary process of this blockchain.
It is worth mentioning that this upgrade brings the network into the Voltaire era. This is the last one on its path and will consolidate full decentralization. As a result, the community will be able to turn this network into a self-sustaining entity.
“Welcome to a new era of decentralized governance: Voltaire,” the Cardano account notes in an X post. Aside from allowing for a greater degree of participation, the Chang upgrade provides better scalability and security to the Cardano network.
The latter will allow the transactions per second (TPS) rate to increase from 250 to 1000 thanks to the improved speed implemented.
Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.
Welcome to a new era of decentralized governance: Voltaire. ⚖️ https://t.co/sE0iyRKLg9 pic.twitter.com/dA0JkgYOio
— Cardano Foundation (@Cardano_CF) September 2, 2024
Other technical features of Chang
This fork also offers some new features based on the use of CIP-1694, which allows for direct voting on the network. Thus, a provisional constitution committee and a governance role for staking pool operators are established.
To make the latter a reality, the network applies Plutus scripts to support voting mechanisms in a manner similar to DAOs. It is worth noting that this precise update is a complex process that requires two phases. The first of them is already active and the second will be implemented in the next 90 days.
The first of these phases has been active for several weeks and its function is to prepare the community for the hard fork. The provisional constitution committee functions as a transitional governance structure that controls the network’s decisions before the switch to Chang.
The second phase is the introduction of delegated representatives (DReps). In simple words, the goal of this phase is to introduce advanced governance features.
ADA price is not experiencing positive movements despite the significance of the Chang update. Source: CoinMarketCap
ADA price does not react
Despite the importance of the Chang upgrade for the Cardano network and the blockchain in general, the ADA coin did not react. Over the past 24 hours, its price shows a negative performance of -2.29%, according to data from CoinMarketCap.
Meanwhile, its price is $0.3339 per token at the time of writing and remains one of the most disappointing coins for investors. In fact, its price is at 89.23% compared to its 2021 peaks. Meanwhile, since the recent lows of September 2023, the token shows a positive +40.22%.
If this update and its great significance did not motivate investors, it is unlikely that anything else will do so in the short term. However, it should be noted that Cardano is one of the most ambitious projects and its rise could be considered a matter of time.
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