On September 1, the Cardano blockchain completed the first phase of its Chang hard fork, marking a new era of decentralized governance for the network.
The upgrade is a significant achievement for Cardano and marks a crucial step toward fulfilling its vision of a fully self-governing, decentralized network. This move is also said to have the distinction of being the first major blockchain to implement a token-based governance system.
Charles Hoskinson, the founder of Cardano, described this achievement as monumental, surpassing even Bitcoin, saying: “This puts Bitcoin in the shade. It is unique and books will be written about what happened.”
Hoskinson emphasized that Cardano’s achievement is one of humanity’s most significant technical achievements, as a distributed system operating in more than 100 countries has seamlessly evolved into a decentralized entity, complete with its constitution, without central coordination.
Hoskinson continues commented:
“Cardano is now a governance virus that lives, self-replicates and self-perpetuates. It has intelligence and the will to survive and grow. Nothing can close it. Nothing can stop its growth.”
However, despite this monumental achievement, the blockchain network’s ADA token saw no gains and fell 4% over the past day to slip out of the top 10 cryptocurrencies by market capitalization, according to Crypto Slates facts.
What’s next?
The first phase of the upgrade, lasting 90 days, introduces foundational governance features and prepares for upcoming Conway-era functionality. During this period, Delegated Representatives (DReps) can register and ADA holders can delegate their voting rights.
An interim constitution will also be drafted, supported by a technical guardrail script. Furthermore, an interim constitutional committee will monitor the constitutionality of administrative acts until a full constitution is ratified.
This period will also be a testing ground for limited governance actions, including parameter changes, hard forks and ‘Info’ actions.
After 90 days, the second phase of the Chang hard fork will begin, with the new governing bodies given full powers, including the Constitutional Committee, delegates and strike pool operators.
Cardano Foundation noted:
“All governance entities, including DReps, SPOs and the Interim Constitutional Commission, can vote on governance actions at this stage. The conclusion of this phase will allow the withdrawal of government bonds.”
