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Cardano eyes Chang hard fork launch on August 27

GrafaGrafa2024/08/22 06:00
By:Mahathir Bayena

Cardano (CRYPTO:ADA) is preparing for the launch of the Chang hard fork, scheduled for August 27, 2024.

This upgrade marks a significant milestone for the blockchain network, introducing decentralised governance and enhancing smart contract functionality.

The Chang hard fork, named in honor of the late Cardano evangelist Phil Chang, aims to bring transformative changes to Cardano.

Intersect, a Cardano membership organisation, proposed the hard fork following a comprehensive review of the project’s progress, community feedback, and the working group’s assessments.

The proposal highlights that the system’s readiness is confirmed, with positive updates from decentralised applications (DApps) and stakeholders.

However, the launch date remains tentative and could shift to September 3 if unforeseen issues arise.

This flexibility ensures that the hard fork proceeds smoothly and addresses any potential complications.

The Chang hard fork is set to introduce significant software changes that will render previous versions incompatible.

The upgrade follows the Node 9.1.0 update, with 80% of stake pool operators (SPOs) having adopted this version, meeting the required threshold.

Yet, liquidity remains a challenge, as only 34% of exchanges have adopted the upgrade, falling short of the 80% target.

The Chang upgrade will play a crucial role in Cardano’s journey toward full decentralisation, empowering ADA holders to participate more actively in governance decisions.

It will also enhance smart contracts with the introduction of the PlutusV3 cryptographic primitive, aimed at improving data security.

Cardano founder Charles Hoskinson has emphasised the importance of this upgrade, describing it as a major milestone for the cryptocurrency industry.

He envisions Cardano evolving into a decentralized global community, supported by an advanced governance system, annual budgets, a treasury, and community input.

This upgrade represents a critical step toward realizing Cardano's vision of a more decentralized and secure blockchain network.

At the time of reporting, Cardano is trading at $0.3662.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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