Cardano co-founder Charles Hoskinson has announced an update on the blockchain from his ranch in Wyoming. This update is set to influence the market conditions and the future of the token. Hoskinson highlighted that Cardano Chang Hard Fork is on the verge of completion and is anticipated to roll out next week. The anticipation is building up, and investors believe it will be a significant milestone, marking a transition to the Voltaire era, a new phase of governance for Cardano’s network.
Reflecting on Progress: Cardano’s Journey to CIP-1694 Completion
Hoskinson started by weighing the challenges and achievements that the network has made in the past few years. The completion of all the elements of the Cardano Improvement Proposal (CIP) 1964 was celebrated. This development took two years and remains crucial for advancing the Cardona ecosystem and infrastructure to the next level. CIPs are essentially community-driven feedback tools that allow the enhancement of the blockchain. A democratic system is in place that allows the community to vote on these proposals and decide which to implement.
A crypto update that has been flying around points that CIP-1694, Cardano Chang Hard Fork, will introduce Delegates (DReps) elected by Cardano token (ADA) holders. These representatives will create the Cardano constitution, which will become the final law governing the Cardano network. It is believed that soon, the broader market will adopt the same approach as coins like Bitcoin (BTC) and Ethereum (ETH) may consider such infrastructure.
Node 9.0 Update and Governance Activities
Officials reported that the Node 9.0’s release notes show that this version does not include DRep voting and all governance activities, as the full voting protocol will be featured in Node 10.0. Node 9.0 supports the initial phase of CIP-1694 in prototyping environments. Hoskinson suggests in the latest crypto news that Node 9.0 is the final step before Cardano Chang Hard Fork. The token was named in honour of Cardano enthusiast Phil Chang, who passed away two years ago. The main focus of Cardano Chang Hard Fork is to influence the ownership structure of the Cardano blockchain. It will set into motion the Voltaire era, which is fully decentralized network management. This will build more activities and possibly influence Bitcoin (BTC), Ethereum (ETH) and the broader market.
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Cardano Chang Hard Fork – Transition to the Voltaire Era
According to news sources, the new node will improve version 8.2.2; the update will be released next week, curbing any last-minute issues. Cardano Chang Hard Fork reflects a crucial moment, marking the transition into a new era: the Voltaire era, which is geared towards good governance. This era will bring about significant changes that will enhance a community-driven ecosystem. The crypto update states that hitting a network node density of around 70% will initiate the hard fork, bringing new governance capabilities and wider community participation in decision-making. Network node density refers to the percentage of total nodes in the network running a particular software version or update. The crypto update indicates that a higher density indicates a larger percentage of nodes operating the same update.
Future Milestones: Plutus V3, Hydra, and the Next Governance Vote
In the latest crypto news, Hoskinson elaborated on the difficulties that lie ahead after initiating Cardano Chang Hard Fork, particularly in the Basho era. The Basho era will address any issue related to scalability and optimization. Hoskinson stated that “Basho is a very multidimensional thing and requires a lot of discussions about which direction and what trade-offs people want.”
“Plutus V3, Leios, Hydra and Mithril have been mentioned as milestones that are important for the next governance vote. This vote is critical for Basho as it will formally sanction the final stage and allocation of resources,” Zoltan Vardai, Crypto expert at Cointelegraph, mentions.
Conclusion
Charles Hoskinson’s announcement that Cardano Chang Hard Fork is practically finished marks an important benchmark for Cardano’s network. With the transition to the Voltaire era looming around the corner, the focus will be on decentralising network management and enhancing community-driven governance. As Cardano Chang Hard Fork approaches, a huge improvement is expected to happen in the blockchain’s governance and infrastructure. The BIT Journal is available 24/7 to provide you with insight into Cardano’s development.
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