The cardano Chang upgrade introduces on-chain governance, allowing ADA holders to vote on network decisions and choose delegates.
Cardano (ADA), the eleventh largest cryptocurrency, is planning to implement the most significant violent fork in order to increase the amount of demand in the market. Charles Hoskinson, a co-founder of Ethereum, introduced this network to the market in 2017 and it quickly achieved success.
It has now become the thirty-first largest blockchain network, according to DeFILlama. More importantly, it is well-known for its token performance as well as the consensus process that it uses.
After an initial delay, we now schedule the Cardano Chang Upgrade for September 1 at 21:45 UTC, without any further postponements. We anticipate a significant increase in the price of ADA, currently trading at $0.3585, as a result of this.
What Is Cardano Chang Upgrade?
According to the network’s plan, the update to Cardano Chang is part of the Voltaire period, which is the final age. This era will supply all of the qualities that are required to accomplish the transformation of the Cardano network into a system that can maintain itself.
This is the most significant upgrade this network has ever implemented, and it is the first to achieve the highest possible level of decentralization.
Phil Inje Chang, a previous member of the IO team, will be honored with the naming of the Chang Hard fork, which is scheduled to take place tomorrow. In order to allow ADA holders to participate in the network’s decision-making process, it will adopt on-chain governance.
By doing this, token holders will have the ability to choose the delegate representative and cast their votes for future network decisions. When viewed as a whole, a difficult fork is characterized by the introduction of comprehensive modifications to the blockchain, which result in the introduction of new features and functionalities.
A common occurrence is that the earlier or preceding version either becomes invalid or operates independently, without any relationship to the newer version. There has been a lot of anticipation for this upgrade since the launch of smart contracts three years ago.
Why Was Chang Hard Fork Postponed?
Cryptocurrency aficionados may now say that this is the most significant network improvement that has occurred in the past two years. Under previous circumstances, the Chang hard fork was supposed to take place on August 27.
On the other hand, the network decided to postpone the plan to a later time because of some technological limitations. On Friday, the founder of Ethereum announced that he will be moving the event to September 1 at 21:45 UTC.
The founder of Ethereum made this announcement in a recent post on X. Charles Hoskinson clarified that the purpose of this action was to enable cryptocurrency exchanges like Binance and others to ready their systems for the Cardano Chang upgrade.
In addition, the Binance exchange is getting ready for the Chang hard fork. In order to minimize any potential technical issues, the firm has promised to halt Bitcoin withdrawals and deposits on the blockchain while the violent fork is taking place.
Charles Hoskinson, one of the co-founders of Ethereum, recently posted on X that the Cardano Chang Upgrade will launch on September 1. Given the opportunity to vote and participate in the network’s growth, along with the implementation of full decentralized governance, the holders of the ADA have been eagerly anticipating this event.
Furthermore, Cardano has become the first cryptocurrency to enter this market, which is significant for the future of the network as well as the increase in native token prices. As a result, many analysts have predicted that the price of Cardano will reach $1 in the month of September.
