untitled design

Cardano is set for a major fork

The Cardano development team has released a new version of the Node 9.0 node, which will be the basis for the upcoming Chang hard fork.

Cardano founder Charles Hoskinson statedthat the updated network node required for the long-awaited hard fork is ready and will be deployed next week.

Preparations are in full swing

According to Hoskinson, Node 9.0 is the final step in preparation for the Chang hard fork, named after Cardano enthusiast Phil Chang, who passed away two years ago. The upgrade will occur when 70% of the network’s nodes vote in favor of it. Hoskinson hopes to have the signal for a mass upgrade of validators as early as early next week.

The main goal of the Chang hard fork is to change the ownership structure of the Cardano blockchain. It will be the first part of the project to fully decentralize network management and the beginning of the so-called “Voltaire Era” (Voltaire).

Cardano has been developed by the Cardano Foundation, EMURGO, and Input Output Global since its inception in 2017. EMURGO is the official commercial arm of Cardano, while Input Output Global is Hoskinson’s blockchain development company.

The hard fork will strip these three organizations of their ownership of the project, putting Cardano’s governance in the hands of the community. CIP-1694 Chang will introduce Delegated Representatives (DReps), who will be elected by Cardano token holders. They will draft the Cardano constitution, which will be the supreme law governing the network.

The Node 9.0 release notes indicate that this version does not yet include DRep voting and all governance activities, as the full voting protocol will only be available in 10.0. However, Node 9.0 already supports the start of the CIP-1694 initial phase in production environments.

The native coin of the Cardano ecosystem, ADA, will become the network’s governance token. Holders of the asset will have the right to vote on any changes to the blockchain. This could have a positive effect on the cryptocurrency’s price. Updates that improve security, functionality, and scalability usually strengthen investor confidence.

ADA is currently trading at $0.3728, down 1% in the last 24 hours. According to CoinGeckothe coin’s capitalization is $13.2 billion.

According to Cardanoscanat the time of publication of the material, exchanges and stake pools are not yet ready for the hard fork.

Stay up to date! Subscribe to World Stock Market on Telegram.

Source: Cryptocurrency

You may also like

Cardano is set for a major fork
Top News
David

Cardano is set for a major fork

The Cardano development team has released a new version of the Node 9.0 node, which will be the basis for

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular