thecryptobasic.com
The Cardano ecosystem achieved a major milestone in its ploy for a fully decentralized network after the Chang upgrade went live.
The Cardano network entered the Voltaire era after successfully activating the Chang hard fork on Sunday. The widely anticipated upgrade introduced a decentralized, community-driven governance system to the Cardano ecosystem.
Cardano’s ADA holders have been integrated into the network’s governance system and can participate in decision-making on the chain with the Chang upgrade. Their contribution to Cardano’s future is regardless of the amount of ADA they hold.
The Chang hard fork also enhanced the network’s functionality and security. On-chain data confirms it went live at 21.45 UTC on September 1, officially ushering in the Voltaire era.
Voltaire Records Major Adoption
Data shows that just nine hours after ushering in the Volatire era, the Cardano ecosystem had 45 decentralized representatives (DReps). About 43 of the DReps registered, while there were two Auto DReps.
For context, the DReps are a major part of the new governance, as they vote on all decisions on the Cardano network. They are responsible for resolutions like constitutional amendments and the implementation of hard forks. Both ADA holders and stake pool operators can apply to be a DReps.
When the new government is fully implemented, the DReps, the constitutional committee (CC), and the SPOs will head the Cardano network.
However, the CC would temporarily head the network until the second phase of the upgrade is implemented. The second phase of the hard fork will start in the next 89 days and will entirely hand over power to the DReps and SPOs.
Notably, Cardano phased out its genesis keys, meaning its founders can no longer control the network. The seven keys from the Shelley phase were burned, a significant step towards the network’s new decentralized governance.
ADA Remains Flat
Despite the positive sentiments around the governance change, Cardano’s native token ADA remained flat. The asset continued its downtrend on Monday, falling over 4% in the past 24 hours.
ADA is down over 13% in the seven days and ended August with a 15% depletion. Its price correction coincides with the broader market capitulation, which went on for most of last month.
