This upgrade marks a crucial step in Cardano’s evolution, following the introduction of smart contracts functionality in 2021.
Cardano’s Chang Hard Fork is set to bring transformative changes to the Cardano network, with a key focus on implementing on-chain governance features.
Cardano’s Chang Hard Fork Introduces On-Chain Governance
Originally scheduled for this week, the upgrade has been rescheduled to September 1st to allow exchanges, including Binance, to prepare their systems.
Hoskinson highlighted the importance of the delay in a recent post on X (formerly Twitter), noting that it has spurred exchanges to take the upgrade seriously. “The magic of deadlines is that people who aren’t taking upgrades seriously suddenly say damn we got to get moving,” he wrote.
Source: X
A hard fork, such as the Chang upgrade, represents a significant change to a blockchain that renders older versions obsolete. While such changes can sometimes be contentious, they are often necessary for introducing new features or fixing existing issues. In the case of the Chang hard fork, the primary feature is the implementation of on-chain governance mechanisms. This will allow Cardano’s community to have a direct say in the blockchain’s future.
More About Cardano’s Chang Hard Fork
With the new upgrade, ADA holders will gain the ability to elect Delegate Representatives (dReps). Also, vote on improvement proposals and technical changes to the blockchain. This marks a pivotal shift towards a community-driven governance model, as outlined in CIP-1694. According to the Cardano Foundation, this upgrade will establish a minimum-viable community-run governance structure.
Source: X
CIP-1694, at the core of the Chang upgrade, introduces various governance structures, including a Constitutional Committee, dReps, and Stake Pool Operators (SPOs). Once implemented, these groups will oversee and influence changes to the Cardano blockchain, emphasizing a decentralized approach to decision-making.
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