- A New Era of On-Chain Governance
- Cardano Eyes Phased Implementation
- Community Reactions and Market Impact
Cardano has successfully executed the Chang hard fork, initiating a new era of on-chain governance that allows ADA token holders to vote on critical proposals.
A New Era of On-Chain Governance
As per Cardano's roadmap, the Voltaire era signifies true decentralization using the infrastructure developed during the Shelley era. It will also enable the Cardano network to become self-sustaining. Community members are excited about the ability to use their stake and voting rights to determine future developments on the blockchain. The Cardano Foundation, Emurgo, and Input-Output Global (IOHK), no longer hold exclusive authority over upgrades, according to CIP-1694. Instead, a new governance model has been introduced, comprising the constitutional committee (CC), delegate representatives (DReps), and stake pool operators (SOPs).
Cardano Eyes Phased Implementation
The Voltaire era marks the fifth era following the Byron (foundation) era, Shelley (decentralization) era, Goguen (smart contracts) era, and Basho (scaling) era. Each era consists of multiple phases with a step-by-step release of functionalities. The Chang hard fork has commenced with the establishment of the constitutional committee, overseeing the governance transition process. The next phase will introduce DReps, enabling ADA holders to delegate their voting power to an on-chain system by 2025.
Community Reactions and Market Impact
Community members celebrated the Chang hard fork as a significant step towards decentralized blockchain governance. However, it did not substantially impact the price of ADA. At the time of writing, ADA has dropped by 1.84% to $0.3329. The market capitalization also experienced a slight decline of 1.96% to $11,952,402,795, while the market volume surged by 51.78% to $251,372,140.
The execution of the Chang hard fork on the Cardano blockchain marks an important milestone towards decentralized governance. The community is eager to explore new opportunities and changes, despite temporary market fluctuations.
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