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Intersect, a member-based organization within the Cardano ecosystem, has officially announced the scheduled implementation of the Chang Hard Fork on the Cardano mainnet, set to occur on September 1, 2024, at 21:45 UTC. The hard fork marks a major milestone for Cardano’s evolution towards a fully decentralized ecosystem.
The decision to implement the Chang Hard Fork was reached during a comprehensive meeting involving key stakeholders from the Cardano ecosystem, Intersect, Emurgo, the Cardano Foundation, and Input|Output. “The group voted unanimously to initiate the hard fork known as Chang #1, which will take effect on the Cardano mainnet on September 1,” Intersect announced on Thursday, August 28 via X.
The Chang hard fork announcement follows extensive deliberations and assessments within the hard fork working group. Last week, the hard fork was postponed because exchange liquidity remained a concern with only 28% of exchanges upgraded to the required version, with a target set at 85%. Now, as the group’s latest bulletin reveals, there’s a majority readiness across various sectors of the Cardano ecosystem.
Stake Pool Operators (SPOs) are reported to have achieved 92% readiness by stake, demonstrating stable preparedness for several days leading up to the hard fork. Exchanges show over 90% readiness by liquidity, indicating robust support for the upcoming transition. The total value locked in Decentralized Applications (DApps) is over 50%, suggesting a strong adoption rate among app developers and users.
Moreover, no severe issues have been raised, enhancing confidence in the smooth progression of the hard fork. The hard fork working group has committed to being on call to monitor the transition closely.
Commenting on the importance of the Chang hard fork, Intersect writes: “This marks the first major, irrevocable step in Cardano’s journey from already being one of the most decentralized blockchains to a fully decentralized ecosystem where the ADA holders make all the decisions about the chain’s future.”
Cardano Chang Hard Fork Overview
The Chang Hard Fork is designed to propel Cardano into what is being termed the Voltaire Era, enhancing the platform’s governance capabilities in a phased manner. The first phase of the upgrade introduces a set of governance features that initiate a technical bootstrapping phase as described in Cardano Improvement Proposal (CIP) 1694.
This phase is crucial as it sets the groundwork for the subsequent and final phase of the upgrade, which will unlock the full features of on-chain governance, including full participation of delegated representatives (DReps) and the enactment of various types of governance actions.
The governance restructuring is significant because it transitions the ledger into the Conway era, marking the establishment of decentralized decision-making foundations. The upgrade removes the previously specialized governance support for protocol parameter updates and Multi-signature (MIR) certificates. Instead, two new fields will be added to normal transaction bodies to accommodate governance actions and votes. This allows any Cardano user to submit a governance action, a democratic step forward that enhances user engagement and control over network decisions.
Every proposed governance action under the new system will require ratification by at least two of the three newly introduced governance bodies: a constitutional committee, DReps, and the SPOs. This multi-tiered ratification process is designed to ensure that all actions are thoroughly vetted and reflect the collective will of the community, adhering to a set of well-defined on-chain rules.
At press time, ADA traded at $0.3556.
Featured image from CoinDCX, chart from TradingView.com
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