365Crypto
Cardano has successfully completed its highly anticipated hard fork, marking a significant step forward for decentralized governance and smart contracts on its blockchain.
On Sept. 1 at 21:44 UTC, at block 10764778, the proof-of-stake blockchain underwent its “Chang” upgrade. This transition ushers in the “Conway ledger era,” introducing new voting mechanisms and governance features as part of Cardano’s ongoing “Voltaire” phase.
One of the main changes is empowering Cardano (ADA) token holders to actively participate in governance. Token holders can now submit proposals and vote on governance actions directly, enhancing community involvement. In a Sept. 2 X post, the Cardano Foundation celebrated the milestone, stating:
“Today’s Chang hard fork is a crucial step forward for the Cardano blockchain, ecosystem, and community––bringing us closer to a fully decentralized and self-governing network.”
The upgrade implements on-chain participatory governance through Cardano Improvement Proposal-1694 (CIP-1694). This proposal enables ADA holders to vote directly or delegate their voting power to representatives. It also establishes a constitutional committee and introduces a governance role for stake pool operators, which will gradually roll out over the next 90 days.
The initial phase of the upgrade aims to ensure security and stability as governance is established. The second phase, scheduled for 2025, will focus on further developing community-driven governance for the ecosystem.
Additionally, the upgrade enhances Plutus scripts, allowing for more advanced voting mechanisms, such as decentralized autonomous organization (DAO) voting. It also brings new cryptographic improvements and boosts smart contract performance.
In a video message on X, Cardano co-founder Charles Hoskinson highlighted the ecosystem’s growth and emphasized the collective effort of the community, where every ADA holder now has a voice in the future of the protocol.
Despite the significant upgrade, ADA’s price continued to decline, trading at $0.333, down 2.4% on the day. ADA remains 89% below its all-time high of $3.09, which it reached in September 2021.
