The Chang Hard Fork upgrade, which has been eagerly anticipated, is anticipated to be completed this June, according to a recent social media post by Charles Hoskinson, the founder of Cardano.
Hoskinson recently disclosed that Cardano Node will shortly achieve version 9.0 in his most recent post on X. This milestone indicates that Cardano is prepared for the Chang Hard Fork, as his statement implies that the update is anticipated to be released in June.
Consequently, Charles Hoskinson declared that the hard fork would commence once 70% of Stake Pool Operators (SPOs) have updated to the new node. This update aims to introduce an innovative governance model for the blockchain, thereby transitioning Cardano into the “Age of Voltaire.”
Hoskinson underscored that this upgrade is the most significant development in Cardano’s history. He depicted the future of Cardano as a decentralized civilization that is dependent on the support of millions of individuals worldwide.
Cardano aims to establish the most advanced blockchain governance system through this transformation. It will incorporate community-driven decision-making processes, annual budgets, and a treasury.
Hoskinson’s assertion that “In nearly a decade, we’ve built a nation” underscores his vision and confidence in Cardano’s journey and its potential to revolutionize the blockchain industry.
Governance and Decentralization
Although Hoskinson praised the progress made in decentralization, his remarks also addressed apprehensions regarding Cardano’s centralization within the ecosystem. To provide context, a user proposed that a blockchain with budgets and structured governance could be analogous to a centralized entity.
Nevertheless, Hoskinson refuted that assertion by emphasizing that the governance, treasury, and budgeting processes are overseen by tens of thousands of participants from more than 100 countries, thereby highlighting the genuinely decentralized nature of Cardano. This decentralization is essential for Cardano’s vision of a global, autonomous blockchain community.
In the interim, his statement indicates the project’s objective to distribute power and decision-making among its user base by engaging a diverse and extensive group in governance.
Additionally, this methodology starkly contrasts centralized systems, which frequently restrict control to a small number of entities. Hoskinson’s assurances underscore Cardano’s dedication to decentralized finance (DeFi) as it expands and develops.
Cardano’s price has increased by 0.35% to $0.4415 as of this writing, following its intraday nadir of $0.436. CoinGlass data indicated that the ADA futures open interest decreased by 1.08% to $253.36 million, while its trading volume decreased by 7.6% to $360.69 million in the past 24 hours.
