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The central goal of the Chang fork upgrade is to remove IOHK, Cardano’s development firm, from the direct responsibility of managing the seven-year-old blockchain.
The much-anticipated Chang hard fork upgrade on the Cardano (ADA) blockchain is on track to go live soon. Recent data from the Cardano Feed shows that 70% of Stake Pool Operators (SPOs) have upgraded to Node 9.1.0.
Cardano’s Chang Hard Fork Implementation
Cardano’s Chang hard fork will usher in the Voltaire era, which will focus on decentralized governance. As noted in a Coinspeaker report, Cardano innovators believe the Chang hard fork upgrade will propel advancement in the network’s infrastructure, which is a significant achievement.
The central goal of the Chang fork upgrade is to remove IOHK, Cardano’s development firm, from the direct responsibility of managing the seven-year-old blockchain. As a result, Cardano will transition into a decentralized blockchain, allowing ADA holders to contribute to the network’s growth. This transition is vital for Cardano, seeing its core competitors are advancing in this regard already.
Note that implementing the Chang hard fork upgrade focuses on two key phases. In the first phase, Intersect, a member-based organization for the Cardano ecosystem, will release an interim version of the Cardano constitution. An Interim Constitutional Committee (ICC) will ensure governance actions align with the enacted Constitution.
At the beginning, the interim committee will have seven members from the Cardano Foundation, IOG, EMURGO, and Intersect. Additionally, three seats will be represented by the community members voted by the Cardano community.
The second phase of the Chang hard fork implementation will see Cardano establishing delegated representatives. As the blockchain transitions into a fully decentralized government, ADA holders can delegate their voting power to dReps to represent their interests.
The Constitutional Committee will also expand beyond just seven members during this phase. From here, the Cardano community is expected to assume all responsibility for the blockchain’s further development.
For the hard fork to be activated, at least 70% of SPOs must use the most recent node version, Node 9.1.0. Now that this percentage has been achieved, the Cardano community eagerly awaits the blockchain’s next move.
How ADA is Reacting in the Market
ADA, Cardano’s native digital asset, appears to be riding the waves of recent development in the ecosystem. ADA has experienced a 2.9% increase to $0.3426 over the past 24 hours. This price boost comes after a tumultuous start to the week across the board. The token now ranks as the 10th largest cryptocurrency by market capitalization, valued at $12.3 billion.
However, the trading volume declined by 1.5% in the past day, reducing investors’ interest. Notwithstanding, the Chang hard fork could cause a bullish spike for ADA.
This expectation is out of premise because ADA recently experienced a 31% increase in trading volume in a single day, pushing the total volume to $800 million. The surge also resulted in a turnover of $457.71 million in Cardano perpetual futures.
