First Phase of Cardano's Chang Hard Fork: A New Beginning in Decentralized Governance

On August 31, 2024, Cardano, the Layer 1 blockchain founded by Ethereum co-founder Charles Hoskinson, executed the first stage of its Chang hard fork at block 10764778, marking the start of the “Conway ledger era” and setting the foundation for a fully decentralized governance system.

The Voltaire Era: A New Chapter in Decentralized Governance

The Chang hard fork introduces the Voltaire phase, a critical step in Cardano's roadmap toward decentralized governance. Under this new system, every ADA holder now has the right to submit and vote on governance proposals, giving the community direct control over the blockchain's future.

Liquid Democracy: Empowering ADA Holders

A key feature of the new governance model is the introduction of 'liquid democracy.' This system allows ADA holders to either vote directly on governance issues or delegate their voting power to trusted representatives, known as DReps. This flexibility reportedly ensures that all community members can participate in the governance process, regardless of their technical expertise or time availability.

The Role of the Interim Constitution

To guide the network through this transition, Cardano’s off-chain governance organization, Intersect, has released the Interim Cardano Constitution. This document serves as a bridge to the final Constitution, which will be drafted and ratified by the community at the Cardano Constitutional Convention in late 2024. The interim Constitution provides the necessary framework to ensure a smooth transition while the new governance framework is fully established.

The second stage of the Chang hard fork, set to occur in early 2025, will complete Cardano's transition to decentralized governance. This phase will introduce the final upgrades needed for full community-led governance, including the formal establishment of DReps as a governance body and expanding the powers of the Constitutional Committee.