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Cardano, the Layer 1 blockchain founded by Ethereum co-founder Charles Hoskinson, has officially entered a historic transition period with the implementation of the Chang Hard Fork.
Cardano Goes Decentralized as Chang Hard Fork Implemented
This marks the first major blockchain to transition from a centralized governance structure to a decentralized, token-based system.
The first phase of the recently implemented Chang Hard Fork puts Cardano on a 90-day path towards a fully community-led governance model.
During this time, an interim committee will oversee the transition and ensure the security and continuity of the network while new governance bodies are established.
These new bodies include a constitutional committee, delegate representatives, and staking pool operators, all of whom will assume full control once the second phase of the hard fork comes into effect at the end of 90 days.
“The goal of the first phase is to ensure security and continuity during the bootstrapping phase of governance, allowing delegates to register for delegation and campaign, while developing and approving a final constitution by early 2025,” Cardano said in an official announcement.
Despite once being among the top five cryptocurrencies by market cap, Cardano’s ADA token has struggled in recent months, slipping out of the top 10 as rival tokens like TRON’s TRX and Telegram’s Toncoin gain ground.
In a video posted on X, Charles Hoskinson reflected on Cardano’s journey: “When I think about where we started as an ecosystem, it was just an idea… We’ve grown tremendously over the years. There have been ups and downs, many disappointments, but here we are…
“A day where the entire ecosystem, the community, every ADA holder stands shoulder to shoulder as equals and they all have a say in not only the future of this protocol, but what this protocol can do for everyone in the world,” he said.
*This is not investment advice.