Cardano, a popular blockchain network, is on the verge of a major upgrade known as the Chang hard fork. This upgrade aims to introduce new features and solidify the network’s transition into a community-run governance model. Originally scheduled for August 27, the launch has been postponed to September 1, 2024, to allow exchanges like Binance more time to prepare for the changes.
The development of the Cardano network is divided into five distinct eras: Byron, Shelley, Goguen, Basho, and Voltaire. Each era focuses on a specific aspect of the network’s growth and functionality. Cardano recently entered the Voltaire era, which empowers network participants to propose and vote on improvements through the staking and delegation process.
The Chang Hard Fork
The upcoming Chang hard fork is a crucial step in implementing a distributed governance framework on the Cardano network. This fork will establish a community-driven governance structure outlined in CIP-1694, ultimately transferring control of the network’s maintenance to the Cardano community. The hard fork consists of two parts, with the first deployment scheduled for September 1.
The initial phase of the Chang hard fork involves the creation of the Interim Cardano Constitution and the Interim Constitutional Committee (ICC). The constitution will guide the network’s transition, while the ICC will act as a temporary governance body with voting and veto powers over on-chain governance actions. These entities will pave the way for the drafting of the main constitution and the establishment of a permanent Constitutional Committee.
The second part of the Chang hard fork will mark Cardano’s exit from the technical bootstrapping phase. It will introduce governing bodies such as Delegate Representatives (DReps) and stake pool operators (SPOs), as well as mechanisms for community-run treasury withdrawals. These entities, along with token holders and the Constitutional Committee, will play a key role in voting on governance proposals, requesting ADA delegations, and executing treasury withdrawals.
The Chang hard fork represents a significant milestone in Cardano’s evolution towards a decentralized and community-driven network. With the implementation of on-chain governance and the establishment of key governing bodies, Cardano is poised to enter a new era of innovation and growth in the blockchain space.
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