Layer-1 blockchain was first activated on September 1st at 21.44UTC. Cardano Executed the “Chang hard fork” at block 10,764,778, directing the “Voltaire Era” and introducing On-Chain Governance using its native Token ADA.
Follow the hard forkADA token holders have now the ability to elect representatives, and vote on important development proposals.
The Cardano roadmapVoltaire’s era “will provide the final pieces required for the Cardano network to become a self-sustaining system.” The introduction of the voting system and treasury will allow network participants to participate in the other networks. “use their stake and voting rights to influence the future development of the network.”
Charles Hoskinson, Cardano’s co-founder and founder of the company, is not one to mince his words. lauded Hard forks are also known as “one of the greatest technical achievements in human history.”
It is not a tweetThe Cardano Foundation has written that the hard fork “marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.”
What exactly is a “hard fork”?
When changes are made in the rules of a Blockchain, they result in a second, parallel Blockchain that is run alongside the original. Cardano’s newest hard fork has been named in honour of Phil Chang. Chang was the executive that spearheaded Voltaire at IOHK.
Cardano has a new governance structure that no longer gives the Cardano Foundation exclusive power to make decisions about hard forks, major upgrades, and more.
You can also find out more about the following: CIP-1694 Cardano’s new governance structure will be built around three bodies, the Constituent Committee (CC), Delegate Representatives(Dreps), stake Pool operators (SOPs)
Two phases are being implemented for the Chang hard fork. The first phase is currently active and introduced the Constitutional Committee, which oversees the governance transition.
The second phase will see the introduction of DReps. This system allows ADA owners to delegate voting authority in an effort to streamline government, as well as a voting system that is integrated into the blockchain.
A hard fork resulted in the activation and upgrade to Plutus version 3, which provides advanced efficiency of smart contracts as well as cryptographic primitives.
The much-anticipated upgrade Can’t help it Cardano’s price The ADA price has dropped by 2.6% during the past 24 hour, according to data provided by CoinGecko.
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