Cardano, the decentralised and eco-friendly blockchain, is getting closer towards its milestone upgrade called ‘Chang’. This upgrade will add the element of ‘decentralised governance’ to the Cardano blockchain. Since being launched in 2017, Cardano has been aiming at becoming the most preferred development platform for decentralised applications (dApps). Its native cryptocurrency, ADA, presently holds the tenth rank on CoinMarketCap’s list of cryptocurrencies in terms of market cap, which as of Friday, July 26 stands at $14.7 billion (roughly Rs. 1,230 crore).
A hard fork upgrade, Chang will bring the Cardano blockchain closer to a community-run governance structure. Chaing, the name of this upgrade has been decided so as a tribute to early Cardano evangelist Phil Chang who died in 2022. In its official blog post about the Chaing upgrade, the Cardano team explained that “the Cardano community will be responsible for maintaining and shaping the blockchain network,” once the upgrade is completed.
In the most recent development, Node 9.1.0 — which is part of the upgrade, has successfully been deployed on the blockchain. This marks the final preparatory step required for Cardano to transition into the Chang Hard Fork upgrade. The development was confirmed by Charles Hoskinson, the founder of Cardano, through a post on X.
Moving a blockchain to a completely decentralised governance system reportedly elevates its efficiency, transparency, and mobilisation. Essentially, decentralising the network would give its community members more control over the decision making of this network, which otherwise could face the impact of government decisions.
“This upgrade will ensure transparency, inclusivity, and resilience of governance within the Cardano ecosystem,” Cardano has said.
Once the upgrade is complete implemented on the blockchain, the holders of Cardano’s native ADA tokens holders will be allowed to vote individually on every governance matter. They will also be allowed to assign their voting power to trusted delegate representatives (DReps).
The ugrade has been divided in two phases – the first of which will finalise and execute foundational governance features whereas the second phase will bring in community-driven governance and decision-making.
Often referred to as the ‘Ethereum Killer, Cardano wishes to make its blockchain governance completely decentralised between October and December this year.
Back in September 2022, Cardano had undergone another network upgrade that was named ‘Vasil’.
Vasil had reportedly given the Cardano blockchain the capability of allowing quick block creation and elevated the performances of its smart contracts.
Beyoncé's much-anticipated halftime performance, part of Netflix's NFL Christmas Gameday event, is set to release…
An undersea volcano situated roughly 470 kilometers off Oregon's coastline, Axial Seamount, is showing signs…
As researchers delve into the cosmos, organic molecules—the building blocks of life—emerge as a recurring…
Director Aditya Sarpotdar, following his successful venture "Munjya," has announced the release of his treasure…
The psychological thriller Mothers' Instinct, featuring Anne Hathaway, Jessica Chastain, and Kelly Carmichael, delves into…
Payal Kapadia's award-winning film, All We Imagine As Light, will soon be available for streaming,…