As a seasoned analyst with years of experience in the dynamic world of blockchain and cryptocurrencies, I must say that the successful launch of Cardano’s Chang hard fork is nothing short of exciting. This upgrade marks a significant leap forward for Cardano, moving it closer to its vision of a self-governing, decentralized network.
Cardano‘s blockchain achieved a significant achievement as its Chang hard fork was successfully initiated at block number 10764778. This update marks the beginning of the “Conway Ledger Era,” which introduces important modifications to Cardano’s administrative structure and smart contract functionalities.
The Chang update significantly alters the functioning of Cardano’s decentralized governance system. In the latest “Voltaire” phase, every ADA holder is empowered to propose and cast votes on governance matters.
This action is designed to establish a more open and autonomous network system. As stated in a post from the Cardano Foundation on X, “Today’s Chang hard fork represents a significant step for the Cardano blockchain, environment, and community––a realization of a truly self-managed, decentralized network.”
Highlights of the Chang update involve direct on-chain governance via CIP-1694, enabling users to cast their votes or assign voting authority to representatives. This update also introduces a constitutional committee and expands the role for stake pool operators, with full integration expected within the next 90 days.
1st Phase: This initial stage is centered around establishing a secure and uninterrupted environment during the establishment of our governing system.
Furthermore, the Chang hard fork upgrades Cardano’s smart contract capabilities by incorporating advanced cryptographic functions and optimizing performance. It additionally enables sophisticated voting systems, such as DAO voting, via the Plutus scripting language.
The Chang update symbolizes a crucial advancement in the development of Cardano, with the goal of enhancing its governance structure and underlying technology.
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2024-09-02 10:12