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Cardano Chang Hard Fork “Ready and Waiting” for June Upgrade, Says Charles Hoskinson

Last Updated 7 days ago
James Morales
Last Updated 7 days ago

Key Takeaways

  • Charles Hoskinson said Cardano Node 9.0 is “Ready and Waiting” to  upgrade in June.
  • Once 70% of Cardano nodes implement the software upgrade, it will trigger the Chang Hard Fork.
  • The Chang Hard Fork will introduce Cardano’s new decentralized governance system.

First announced in late 2022, Cardano’s Chang Hard Fork is finally within reach. According to IOHK (Input Output Hong Kong) CEO Charles Hoskinson, the software update that will enact the fork, Cardano Node 9.0, will ship this month.

Taking to social media to announce the imminent upgrade, Hoskinson said the Chang Hard Fork will be “the most significant milestone in the history of Cardano and for the industry as a whole.” 

Chang Hard Fork Objectives

First announced in late 2022, the primary objective of the Chang Hard Fork is to usher in Cardano’s “Voltaire” era, in which decision-making power will transition away from IOHK to the wider community. 

On the technical side, the upgrade will implement CIP-69 , a Cardano Improvement Proposal that will unify Plutus, the scripting language used to write Cardano smart contracts.

However, the most important change relates to Cardano’s governance.

A New Dawn of Decentralization

Although Cardano has some of the most decentralized token ownership of any blockchain, up until now, IOHK has retained control of the software and protocol design. 

But going forward, the Chang upgrade will grant ADA holders voting rights on proposals affecting the Cardano protocol. The new on-chain governance mechanism will also extend to decisions on how to spend Cardano Treasury funds.

“Cardano will be a decentralized civilization spanning the entire world with millions of residents,” Hoskinson said. “We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.”

Upgrade Bullish for ADA?

There are many within the Cardano community who believe the imminent hard fork has the potential to reinvigorate a sluggish ADA market.

Having been stuck at around $0.45 since May, ADA has underperformed compared to many of its altcoin peers. But there are signs that it could soon break out. Spot trading is up. As are derivatives volumes and open interest.  

As CCN analyst Nikola Lazic explained recently, if the cryptocurrency escapes its current price, “we could see a larger move that could bring ADA to a new yearly high of $1.”

Cardanians are optimistic that the Chang Hard Fork will help shift the narrative, which Hoskinson argued has been unfairly negative. The cryptocurrency is still trading well below its all-time high of $2.91. But in the past, Cardano upgrades have preceded significant rallies, and if a major alt coin season kicks in later in the summer, the timing of the upcoming hard fork means ADA could be one of the biggest beneficiaries. 

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