Transition to Decentralized Governance Begins
The Cardano network is prepared for the Chang hard fork following the latest release of the node validator software. This significant update marks the initial phase of the network’s transition to the Voltaire era, which focuses on decentralized governance.
Node 9.1.0: Key Updates and Requirements
The new version, Node 9.1.0, is an upgrade of Node 9.0, which was released on July 8. Besides fixing some bugs, this version requires the use of the Conway Genesis file on the mainnet. This file is crucial for enabling the crossover to the Chang hard fork. For the hard fork to be implemented, 70% of validators must upgrade to the new node.
Rapid Validator Upgrades and Future Phases
Validators are upgrading swiftly, with 11% already upgraded at the time of writing. However, observers note that scripts and tooling still need updates. The Intersect Cardano user group highlighted the significant transformation this upgrade will bring to the ecosystem:
“This release signifies the completion of primary development work for the bootstrap phase of on-chain governance. This milestone marks the installation of the core elements of decentralized governance, rolled out across two distinct phases.”
The second phase of the Cardano Chang Hardfork upgrade will initiate later this year. The first phase will introduce “bootstrap governance,” allowing the ecosystem to adapt to the new features outlined in Cardano Improvement Proposal 1694, published in November 2022.
Advancing Cardano’s Decentralization
The Chang hard fork will establish on-chain governance mechanisms for a constitutional committee and delegate representatives. These representatives will vote on behalf of individual Cardano Ada coin holders and provide a new governance role for stake pool operators. All proposals and votes will occur on-chain.
Previous Upgrades and Current Market Position
The last significant upgrade to Cardano was the Vasil hard fork in September 2022, which enabled faster block creation and improved smart contract performance. The Alonzo hard fork in September 2021 introduced smart contracts to the ecosystem.
The launch of the Chang software faced a delay of one month, likely due to necessary upgrades to the Node 8 series following a distributed denial-of-service (DDoS) attack on June 25.
The Voltaire era, the final phase planned for the network, will see governance transition from the Input-Output Hong Kong company to the community. Currently, Cardano boasts a market cap of approximately $14 billion.
