On Sept. 1 at 21:44 UTC, layer-1 blockchain Cardano executed the ‘Chang’ hard fork at block 10,764,778, entering the “Voltaire Era” and introducing on-chain governance using its native token ADA.
Following the hard fork, ADA token holders now have the power to elect representatives and vote on key development proposals.
According to the Cardano roadmap, the Voltaire era “will provide the final pieces required for the Cardano network to become a self-sustaining system.” It added that the introduction of a voting and treasury system will enable network participants to “use their stake and voting rights to influence the future development of the network.”
Not mincing his words, Cardano co-founder Charles Hoskinson lauded the hard fork as “one of the greatest technical achievements in human history.”
In a tweet, the Cardano Foundation wrote 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.”
Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.
Welcome to a new era of decentralized governance: Voltaire. ⚖️ https://t.co/sE0iyRKLg9 pic.twitter.com/dA0JkgYOio
— Cardano Foundation (@Cardano_CF) September 2, 2024
What is a hard fork?
A hard fork occurs when changes are made to a blockchain’s rules, resulting in a new, parallel blockchain that runs alongside the original. Cardano’s latest hard fork is named in honor of Phil Chang, the executive who spearheaded the Voltaire initiative at IOHK.
Under Cardano’s new governance model, the Cardano Foundation, Input Output Global (IOHK), and Emurgo no longer hold exclusive authority over decisions related to hard forks and other major upgrades.
The CIP-1694 lays out that three key bodies will form the foundation of Cardano’s new governance model: the constitutional committee (CC), delegate representatives (Dreps), and stake pool operators (SOPs).
The Chang hard fork is being rolled out in two phases. The first phase, currently live, introduced the constitutional committee, responsible for overseeing the governance transition.
Phase 2 will introduce DReps, letting ADA holders delegate their voting power to streamline governance, along with an on-chain voting system, all set for full implementation by 2025.
The hard fork also triggered the activation of Plutus v3, which delivers advanced smart contract efficiency, cryptographic primitives, and governance integrations.
However, the much-anticipated upgrade couldn’t prevent Cardano’s price from sinking alongside the wider crypto market, with ADA slipping by 2.6% over the past 24 hours, per data from CoinGecko.
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Source: https://decrypt.co/247456/cardanos-chang-hard-fork-introduces-on-chain-governance
