The Cardano network is on the verge of one of its most significant upgrades to date, with the Chang hard fork set to be deployed in the coming days. This update will bring new features and mark the blockchain’s transition into a community-run network.
Originally scheduled for August 27th, the Chang hard fork launch was postponed to September 1st, 2024. The delay was attributed to the need for crypto exchanges like Binance to ensure readiness for the update. According to Cardano founder Charles Hoskinson, this extra time is necessary for all parties involved to be fully prepared.
The development of the Cardano network is divided into five eras: Byron, Shelley, Goguen, Basho, and Voltaire. The network recently entered the Voltaire era, where network participants can present and vote on Cardano Improvement Proposals (CIP). The Chang hard fork is a crucial step in enabling this community-driven governance process.
The Chang hard fork aims to establish an on-chain distributed governance framework, outlined in CIP-1694. The fork will introduce a minimum-viable community-run governance structure, transferring the network’s maintenance to the Cardano community. The update will be implemented in two parts, the first on September 1st and the second in Q4 2024.
The first part of the Chang hard fork will initiate a technical bootstrapping phase, creating the Interim Cardano Constitution and the Interim Constitutional Committee (ICC). These temporary structures will guide the network’s transition and serve as a governance body during this phase.
The second part of the Chang hard fork will usher in the establishment of Delegate Representatives (DReps), stake pool operators (SPOs), and community-run treasury withdrawals. These governing bodies, along with holders of Cardano’s native token and the Constitutional Committee, will have the power to vote on governance proposals, request ADA delegations, and execute treasury withdrawals.
The implementation of the Chang hard fork on the Cardano network signifies a major milestone in its evolution towards a fully decentralized community-run blockchain. The new governance framework will empower network participants to actively contribute to decision-making and shape the future of Cardano’s ecosystem.