1. Overview of Chang Hard Fork
2. Benefits of the New Update
3. Governance Structure and CIP-1694

Cardano’s Chang Hard Fork marks a crucial step in the blockchain’s evolution, focusing on implementing on-chain governance features.

Overview of Chang Hard Fork

Originally scheduled for this week, the Chang Hard Fork upgrade has been rescheduled to September 1st to allow exchanges, including Binance, to prepare their systems.

Benefits of the New Update

With the new update, ADA holders will gain the ability to elect Delegate Representatives (dReps), vote on improvement proposals, and make technical changes to the blockchain. This marks a shift towards a community-driven governance model as outlined in CIP-1694.

Governance Structure and CIP-1694

CIP-1694 introduces various governance structures, including a Constitutional Committee, dReps, and Stake Pool Operators (SPOs). These groups will oversee and influence changes to the Cardano blockchain, emphasizing a decentralized approach to decision-making.

The Chang Hard Fork update is a significant step in Cardano's evolution, giving the community greater involvement in blockchain governance.