First Stage of Chang Hard Fork: Beginning of a New Era in Decentralized Governance on Cardano

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. A New Era of Decentralized Governance
  2. Features of Liquid Democracy
  3. Technical Improvements and Full Decentralization


    4. 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. This upgrade marks the start of the “Conway ledger era” and sets the foundation for a fully decentralized governance system.

    A New Era of 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.

    Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network. Welcome to a new era of decentralized governance: Voltaire. ⚖️Cardano Foundation

    Features of Liquid Democracy

    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. Alongside DReps, the Constitutional Committee and SPOs will play vital roles in overseeing and implementing governance actions.

    Technical Improvements and Full Decentralization

    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. The Chang hard fork also brings significant technical advancements, particularly in the area of smart contracts, enabling the use of Plutus scripts in governance and more sophisticated voting methods, including on-chain voting within Decentralized Autonomous Organizations (DAOs).

    The second stage of the Chang hard fork will lead Cardano to full decentralization, giving the community control over the treasury and the ability to propose and approve treasury withdrawals. This marks the final step in Cardano's journey toward becoming a fully decentralized and community-run blockchain network.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

US Treasury Acts Against MEXC Global for Illegal Transactions.

The US Treasury's FinCEN has issued a measure prohibiting US financial institutions from processing transfers involving MEXC Global due to $16 billion in illicit transactions linked to sanctions evasion and cybercrime.

user avatarSatoshi Nakamura

Yaroch's Theft Compromises Investigations and Raises Security Concerns

Yaroch's fraudulent activities compromised investigations and raised security concerns regarding cryptocurrency managed by government agencies.

user avatarJesper Sørensen

Former FBI Agent Admits to Stealing $25 Million in Cryptocurrency

Former FBI agent Patrick Steven Yaroch pleaded guilty to stealing nearly $25 million in cryptocurrency from federal investigations, compromising sensitive operations.

user avatarRajesh Kumar

Labor Department Submits Crypto Retirement Rule for Review

The Labor Department's proposal includes guidelines for evaluating cryptocurrencies as investment options.

user avatarLucas Weissmann

Political Opposition to Crypto in Retirement Plans

Lawmakers express concerns over the risks of including cryptocurrencies in retirement savings.

user avatarEmily Carter

Trump Administration Proposes Crypto Inclusion in Retirement Plans

The US Department of Labor has proposed a regulatory framework to include cryptocurrencies in 401k plans, potentially opening a $10 trillion retirement market, pending White House approval.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.