Charles Hoskinson, the founder of Cardano, responded to recent rumors about the upcoming Chang hard fork, giving the ADA community more information and a clearer picture of when things will happen.
Hoskinson made it clear that despite what was being said, the Chang hard fork was never supposed to happen in June. Instead, he stressed that a node ready for a fork is now available, and the next important step is to ensure that 70% of stake pool operators test and update their systems smoothly. This process takes about a month.
In earlier messages, Hoskinson said that by June, the Cardano node would have the version ready for the Chang hard fork. This is a big step toward making ADA a fully decentralized entity. A strong blockchain governance system, yearly budgets, and a nearly $700 million community-driven treasury will be implemented as part of this change.
Cardano’s Decentralized Governance Transformation Unfolds
The Chang hard fork is very important for Cardano because it adds a fully decentralized government led by the community. An on-chain group consensus with its rules must be set up as part of this.
Three major steps will make up the governance framework. First, creating Delegate Representatives (DReps) will allow ADA holders to relinquish their voting rights instead of using old-fashioned voting methods. Registration for DReps is expected to start in the second quarter of 2024.
The second step is the ADA Constitutional Convention, which will take place in Argentina and bring together government officials to write the constitution’s first draft. The Cardano community will vote on this draft by the end of the year. If accepted, this constitution will set the rules for how Cardano’s decentralized governance will work.
Cardano is about to undergo a big change that will put it at the forefront of decentralized blockchain government. People in the ADA community and others who care about the future of decentralized finance (#DeFi) and blockchain innovation are keeping a close eye on what’s going on. “Cardano,” “Charles Hopkinson,” and “BlockchainGovernance”
