Cardano Prepares to Implement Chang Hard Fork

Bittime - Cardano (ADA) is preparing to take a big leap with the implementation of the Chang hard fork. This move is not just an ordinary technical update, but rather an important milestone in Cardano's journey towards a more decentralized and dynamic ecosystem.

After more than 70% of nodes on the Cardano network showed readiness to switch to the latest version, the official release of the Chang hard fork launch is expected to be announced soon. 

This moment is one of the most anticipated by the Cardano community throughout 2024. Considering that this hard fork has the potential to have a significant impact on the future of this platform.

Also read: Cardano Ready to Transform with Chang Hard Fork

Chang's Hard Fork Goal 

The Chang hard fork was designed with the primary goal of improving decentralized coordination among Cardano nodes. In contrast to typical centralized updates, this process will completely depend on the initiative of the nodes that have adopted version 9.1.0 of the Cardano software. 

This approach reflects Cardano's commitment to the principles of decentralization that are at the heart of this blockchain vision.

Although most nodes have updated their systems, the Cardano community is still looking forward to participation from several large centralized services. These include Coinbase and Binance. 

Meanwhile, a number of other exchanges have taken proactive steps by moving their nodes to the latest version. This shows strong support for the initiative.

Chang's Hard Fork Challenge

The journey to the Chang hard fork is not without challenges. Originally scheduled for June, the adoption process for the new version has accelerated in recent weeks. This shows the enthusiasm and readiness of the Cardano community to move to the next phase.

Along with technical preparations, ADA token value also showed signs of recovery, returning to the $0.34 level. While still far from its peak above $3 in 2021, the move provides optimism for ADA holders who have been waiting for positive momentum for a long time.

After the node update, Cardano will enter a new era with the constitution proposed by the Intersect organization. Governance of the network will involve an interim constitutional committee consisting of seven members, including three representatives from the community. 

This move is Cardano's real effort to realize the vision of a decentralized "state" that its creator, Charles Hoskinson, has long dreamed of.

Also read: Cardano (ADA) Price: Soaring To $45 or Freefalling to $0.2?

ADA Holders Can Actively Participate

In the second stage of the Chang hard fork, Cardano will open up opportunities for ADA holders to participate more actively in network decision-making. Wallets will be able to submit proposals. 

All ADA holders will also have a say in determining the direction of the platform's development. While this is a major step towards decentralization, Cardano must also be wary of potential governance attacks from large entities or “whales”.

Another significant change is the creation of an ADA cash register of 1 billion tokens which will be distributed based on the results of community voting. Although this number sounds large, the dilution effect is limited considering that the current circulating supply of ADA has reached more than 37 billion, with a maximum limit of 45 billion ADA.

The biggest challenge for Cardano going forward is turning its potential into reality. Despite having a loyal community, Cardano still has to prove itself in terms of adoption and practical application development. 

Cardano's still limited DeFi ecosystem, with under $200 million in value locked, shows that there is still work to be done.

The success of the Chang hard fork could be the catalyst Cardano needs to increase its competitiveness in the increasingly competitive cryptocurrency market. 

With a focus on decentralization and community empowerment, Cardano seeks to position itself as a blockchain platform that is not only technologically innovative. However, they are also inclusive and democratic in their governance.

While the cryptocurrency market continues to evolve, Cardano with its Chang hard fork offers an interesting narrative. This relates to how a blockchain can transform and adapt. 

For observers and investors, this development is worth paying close attention to as it could provide valuable insight into the future of blockchain technology and its role in shaping a more decentralized digital economy.

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