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Cardano Investors Ready to Control $14B Blockchain as Chang’s Hard Fork Begins – DL News
- The Cardano Chang hard fork has finally begun.
- Chang will introduce decentralized governance to Cardano.
- The hard fork ushers Cardano into the age of Voltaire.
Cardano is one step closer to completing its long-awaited Chang hard fork.
Stake pool operators on Cardano began upgrading their nodes to the network’s new software called Node 9.1.0 on Thursday. SPOs are validators on Cardano that authenticate transactions on the blockchain.
Chang’s hard work will shift control of the $14 billion blockchain to ADA holders.
“Cardano node 9.1.0 includes all the features needed to be able to navigate the Chang hard fork,” the node release states. document he said on Cardano GitHub.
The hard fork will take place when at least 70% of all SPOs have upgraded to the new node.
Cardano node density for the upgrade is reportedly at 27% at the time of reporting. data from the Cardano PoolTool staking dashboard.
Once the required node density of 70% is reached, the event will trigger a new blockchain proposal to finalize the hard fork.
Hard forks involve substantial changes to a blockchain’s software, such that once the process is complete the network is no longer compatible with previous iterations.
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Major blockchains like Bitcoin and Ethereum have undergone hard forks in the past. The 2022 Ethereum hard fork changed the network consensus from Proof of Work mining to Proof of Stake.
Cardano’s Chang hard fork will be introduce decentralized governance to the DeFi DAO-like blockchain. The network upgrade is named Chang after early Cardano evangelist Phil Chang, who passed away in 2022.
Decentralized governance would mean that Cardano would no longer be under the control of the Cardano Foundation, Emurgo, and Input Output Global, the three entities previously responsible for governing Cardano.
Emurgo is the trading arm of Cardano, while Charles Hoskinson is the owner of Input Output Global, a blockchain development company.
With the move to DAO-type governance, holders of Cardano’s native coin, ADA, will have the power to vote on changes to the blockchain.
Hoskinson previously said that this move to decentralized governance demonstrates how much Cardano has matured over the years.
In addition to voting on changes to the blockchain, ADA holders will also have rights to the project’s budget and treasury. ADA holders who are not interested in active governance can also delegate their voting power to other participants.
Cardano’s Chang hard fork is the fifth network change for the blockchain. It will usher Cardano into the Voltaire era, which, according to the project’s roadmap, will decentralize control of the network.
The previous eras were called Goguen and Basho and introduced network features such as scalability and smart contract functionality.
Dared Avan Nomayo is our DeFi correspondent in Nigeria. He covers DeFi and technology. To share tips or story insights, contact him at dared@dlnews.com.