The Cardano Chang hard fork team has scheduled the upgrade for August 27 and the final decision for August 23.
Cardano founder Charles Hoskinson has reacted to a major update on the much-anticipated Cardano Chang hard fork. Hoskinson posted a one-minute video of horses running in the wildwood while quoting a tweet from Stake with Pride.
Hoskinson stated in the post that it was important to allow the children grow up and have some autonomy, possibly referencing the imminent shift in Cardano governance from IOG to the Cardano community. He then welcomed the Voltaire era to the ecosystem.
After a decade of my life, it's good to see the kids grow up. You have to let the wild horses run. Welcome to Voltaire https://t.co/JpRn6uN7PV pic.twitter.com/ze6nZP7EK0
— Charles Hoskinson (@IOHK_Charles) August 21, 2024
Cardano Drops Major Hardfork Update
Hoskinson earlier quoted an X article sharing a major update on the looming Cardano hard fork. The major mainnet upgrade that will usher in the Voltaire era is slated for August 27, with the final decision on execution to be made on August 23.
According to the update, the decision was made following a meeting between the hard fork working team. The group came up with the date after comparing the progress of key parameters for the upgrade against the threshold while considering the inputs and sentiments of the network’s community.
The Cardano network has made considerable progress in the hard fork preparation as a notable hurdle—about 70% of Cardano’s stake pool operators (SPOs) updating their nodes for the Chang upgrade—has been cleared.
The Tuesday update also revealed that major decentralized applications (dApps) showed improved preparedness for the upgrade. The Crypto Basic earlier reported that before now, Bitfinex was the only exchange entirely ready for the upgrade.
What the Upgrade Means for Cardano
The Voltaire era will affect certain changes in the Cardano network, including its governance structure. Cardano will move to community-driven governance, making stakeholders more inclusive in decision-making on the blockchain.
The Chang upgrade will also create a constitutional committee (CC) and delegated representatives (DReps). The CC will consist of seven members, three of whom are from the Cardano community. The first phase will usher in the CC, while DReps will come in on the second phase of the upgrade.
Cardano’s ADA saw a boost early Wednesday after moving one place to 11 on the market cap ranking. The asset dropped to 12 after Dogecoin and Tron overtook it but moved up after Avalanche moved downward three places. ADA traded at $0.3587 at press time, with a market cap of $12.9 billion.
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