- Cardano’s Chang hard fork empowers ADA holders to elect representatives and vote on development proposals.
- The upgrade introduces three governance bodies: Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).
- Cardano’s governance transition aims for full implementation within 90 days, marking the start of the era of Voltaire.
Cardano has officially launched its Chang hard fork. The launch signifies a significant transition toward decentralized governance. Late Sunday, the governance of the $13 billion blockchain began its transfer to ADA token holders who have been eagerly awaiting the launch.
Transition to Decentralized Governance
With the Chang upgrade operational, ADA holders now have the power to elect governance representatives. They can also vote on critical development proposals. The change is part of the Cardano Improvement Proposal CIP-1694.
The upgrade introduces a new governance framework comprising three user-led bodies: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).
Previously, the authority to implement upgrades or hard forks lay with Cardano’s three founding entities. These include the Cardano Foundation, Input Output Global (IOHK), and Emurgo.
However, this authority now transfers to the newly established governance groups. On August 30, Charles Hoskinson, co-founder of Cardano, reiterated the finality of this transition by declaring that the Genesis keys are dead.
Read CRYPTONEWSLAND on
google news
Two-Phase Implementation Process
Cardano’s Chang hard fork will be implemented in two phases. The first phase, already underway, features an Interim Constitutional Committee. This committee will temporarily manage governance and aims to ensure a seamless transition as the complete governance model is implemented. The new governance bodies will gain full empowerment within 90 days.
The launch positions Cardano among the first major blockchains to adopt a token-based governance system. The shift is expected to redefine blockchain governance by emphasizing user-led decision-making.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
