- Charles Hoskinson announces Cardano’s major hard fork for June, set to upgrade governance with the Chang Hard Fork.
- Cardano’s hard fork requires 70% of Stake Pool Operators to upgrade, crucial for transitioning to the Age of Voltaire.
Charles Hoskinson, has announced that a major hard fork for the blockchain protocol is scheduled for June. This development aims to upgrade the Cardano Node to version 9.0, a step that has been in preparation for several years by the protocol’s development teams.
It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.
It's the most significant…
— Charles Hoskinson (@IOHK_Charles) June 9, 2024
The upcoming Chang Hard Fork represents a significant update, promising to enhance the blockchain’s governance system.
It’s the most significant milestone in the history of Cardano and for the industry as a whole. Cardano will be a decentralized civilization spanning the entire world with millions of residents. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.
Details of the Chang Hard Fork
Hoskinson shared on his official X account that the success of the hard fork depends on 70% of the protocol’s Stake Pool Operators (SPOs) upgrading to the new node.
Achieving this milestone will transition Cardano into what Hoskinson calls the “Age of Voltaire,” a phase anticipated to introduce a more sophisticated and decentralized governance structure.
The update has been designed to empower millions of users globally with a governance model that includes annual budgets, a treasury, and community-driven decision-making processes.
Cardano’s Response to Criticism and Its Vision
Despite facing criticism regarding issues of centralization, Cardano has continued to develop its platform with a strong emphasis on decentralization.
Hoskinson describes the upcoming hard fork as “the most significant milestone in the history of Cardano and for the industry as a whole,” suggesting that it will establish a “decentralized civilization” with a highly advanced blockchain governance system.
Community Anticipation and ADA’s Market Response
The Cardano community is keenly observing the developments around the Chang Hard Fork. While the technical updates are substantial, many are also focused on the potential economic implications, particularly how they might affect the price of ADA.
Currently, ADA is trading at $0.4398, having increased by 0.68% in the last 24 hours. However, it has seen a decline of 27% on a Year-to-Date basis, which has been a point of concern among investors.
As the hard fork approaches, there is speculation about how it might influence ADA’s valuation. A successful update could attract more investors, especially those interested in participating in a refined governance model.
Such interest could potentially decouple ADA from Bitcoin’s market movements and help elevate its market price.
Looking Forward
The Cardano Chang Hard Fork is not just a technical upgrade; it is poised to redefine blockchain governance. If executed successfully, it could set a precedent for how decentralized networks manage growth and user engagement, potentially leading to increased demand for ADA.
