The Cardano blockchain completed the first phase of its Chang hard fork on Sept. 1, marking a significant milestone in its journey towards decentralized governance. This upgrade represents a crucial step towards realizing Cardano’s vision of a fully self-governing network and sets it apart as the first major blockchain to implement a token-based governance system. Charles Hoskinson, Cardano’s founder, hailed this achievement as monumental, surpassing even Bitcoin in its implications. He described Cardano as a “governance virus” that is self-replicating and unstoppable.
Despite this major accomplishment, Cardano’s ADA token saw a decline of 4% in value, causing it to slip out of the top 10 cryptocurrencies by market capitalization. The upcoming phase of the upgrade, lasting 90 days, will focus on introducing foundational governance features and preparing for the Conway-era functionality. During this period, delegated representatives (DReps) can register, and ADA holders can delegate their voting power. An interim constitution will be established, supported by a technical guardrail script, and an interim constitutional committee will oversee governance actions until a full constitution is ratified.
This stage will also serve as a testing ground for limited governance actions, such as parameter changes, hard forks, and ‘Info’ actions. After the 90-day period, the second phase of the Chang hard fork will commence, empowering new governance bodies including the constitutional committee, delegate representatives, and staking pool operators. All governance entities will be able to vote on governance actions, leading to treasury withdrawals at the conclusion of this stage. The Cardano Foundation is confident that this next phase will further solidify Cardano’s position as a leader in decentralized governance.
In conclusion, the completion of the first phase of the Chang hard fork represents a significant advancement for the Cardano blockchain, signaling a new era of decentralized governance. Despite challenges such as a decline in the ADA token’s value, Cardano remains focused on achieving its vision of a fully self-governing network. The upcoming second phase of the upgrade will further empower governance bodies and solidify Cardano’s position as a pioneering blockchain in the realm of decentralized governance. As Cardano continues to evolve and grow, its achievements are expected to be recognized and studied as important milestones in the world of blockchain technology.
