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TL;DR
- Cardano’s Chang hard fork was completed on September 1, 2024, introducing decentralized governance and marking the start of the “Conway ledger era.”
- Governance and smart contract upgrades: ADA holders can now vote directly or delegate, with new Plutus scripts enhancing voting mechanisms and smart contract efficiency.
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Phased implementation for security: The transition will occur in two phases, with full community-driven governance expected by 2025. Despite the upgrade, ADA’s price saw a slight decline.
On September 1, 2024, Cardano successfully completed its highly anticipated Chang hard fork, marking a significant milestone in the blockchain’s evolution. The upgrade, which took place at block 10764778, ushers in the “Conway ledger era” and brings transformative changes to Cardano’s governance and smart contract capabilities.
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. ⚖️ https://t.co/sE0iyRKLg9 pic.twitter.com/dA0JkgYOio
— Cardano Foundation (@Cardano_CF) September 2, 2024
Decentralized Governance Takes Center Stage
One of the most notable changes introduced by the Chang hard fork is the shift towards decentralized governance. This upgrade allows ADA holders to actively participate in the decision-making process through direct voting or delegation to representatives.
The implementation of CIP-1694 enables on-chain participatory governance, establishing a constitutional committee and a new governance role for stake pool operators.
Phased Implementation for Enhanced Security
The Chang hard fork will be rolled out in two phases to ensure a smooth transition. The first phase focuses on securing and maintaining continuity during the initial governance bootstrapping period.
Over the next 90 days, the new governance structures will be gradually integrated. The second phase, expected in 2025, will further develop and facilitate community-driven self-governance initiatives.
Improvements to Smart Contracts and Voting Mechanisms
In addition to governance enhancements, the Chang hard fork introduces significant upgrades to Cardano’s smart contract capabilities. The latest update introduces Plutus scripts for governance, enhancing the platform with sophisticated voting systems like DAO voting.
It also brings new cryptographic and performance improvements, enhancing the overall efficiency and security of smart contracts on the Cardano network.
Community and Ecosystem Impact
Cardano co-founder Charles Hoskinson highlighted the importance of this upgrade in a recent video, emphasizing the growth and unity of the Cardano community.
He stated, “A day where the entire ecosystem, the community, every holder of ADA stands shoulder to shoulder as equals and they all have a say in the future not just of this protocol, but what this protocol can do for everyone in the world”.
Cardano’s ADA Market Reaction
Despite the successful implementation of the Chang hard fork, ADA’s price did not see an immediate boost. The token experienced a slight decline of 2.38%, trading at $0.33 at the time of writing. ADA remains down 89% from its all-time high of $3.09, reached on September 2, 2021.