Cardano's new Node v9.0 arrives, paving the way for community voting in the ecosystem's governance upgrade
The Cardano blockchain is on the cusp of a major transformation with the upcoming Chang hard fork, scheduled for late July 2024. This critical upgrade paves the way for a decentralized governance system, a core tenet of Cardano's Voltaire era.
The arrival of Cardano node v9.0 last week marked the final development step before the Chang hard fork. This new version equips validators with the tools needed to transition the network to the Chang era. The hard fork itself will be implemented in two phases, outlined in Cardano Improvement Proposal (CIP) 1694.
Chang #1: This initial stage introduces foundational governance features, enabling the Cardano community to participate in decision-making through voting mechanisms.
Chang #2: Building on Chang #1, this stage unlocks the full potential of CIP-1694's on-chain governance capabilities, granting the community greater influence over the protocol's evolution.
With Chang, the Cardano community will progressively gain control over the network's future. They will be able to vote on proposals related to protocol changes, shaping the direction of the Cardano ecosystem.
The Cardano ecosystem is currently undergoing preparations for the Chang Upgrade. Here's a breakdown of the impact on various stakeholders:
Stake Pool Operators (SPOs): SPOs need to upgrade to the latest Cardano node version (v9.0) to participate in the new governance model.
Exchanges: Exchanges must ensure their systems are compatible with the new node to support seamless transactions post-upgrade.
Decentralized Applications (DApps): DApps should be tested with the latest node release to identify any compatibility issues.
Governance Bodies: The Constitutional Committee and Delegate Representatives are undergoing training to assume their roles within the new governance structure.
Intersect, acting as a servant-leader, plays a crucial role in coordinating the Chang hard fork. Their functional teams act as a bridge between the Cardano community, various committees and working groups, and the development teams carrying out the hard fork activities. They will ensure clear and consistent information is shared through the knowledge base.
The exact date for the Chang hard fork depends on the community meeting specific criteria, including a minimum percentage of upgraded Stake Pool Operators and sufficient liquidity on exchanges.
Following Chang #1, Cardano will enter a bootstrap governance phase. This period allows the community to adapt to the new features and roles. Once this phase concludes, Chang #2 will be implemented, ushering in full on-chain governance.
The Chang hard fork represents a significant step towards Cardano's vision of a community-driven blockchain. By empowering its users, Cardano aims to foster a more robust and sustainable ecosystem in the long run.
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