Cardano is gearing up for its biggest upgrade in two years. The "Chang hard fork" will reshape the network's structure. It'll introduce on-chain governance features.
Cardano launched in 2017. Ethereum co-founder Charles Hoskinson created it. Now the biggest upgrade of the network was set for this week. But Hoskinson pushed it back to September 1.
"The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving," Hoskinson wrote on X.
Some exchanges needed more prep time. Binance was one of them. The delay's got folks talking.
Cardano's not the biggest player in town. It ranks 30th by DeFILlama's standards. But crypto circles keep a close eye on it. Hoskinson's a bit of a celebrity in the space. He's all over videos and podcasts.
A hard fork's a big deal in blockchain. It invalidates older versions. Sometimes it causes drama. Often it's planned. This one's bringing major changes for users and devs.
The upgrade's main gig? On-chain governance. ADA token holders will elect representatives. They'll vote on proposals and technical changes. It's a whole new ballgame.
"This will mark the first step towards a minimum-viable community-run governance structure," the Cardano Foundation said. They're pretty stoked about it.
Cardano's got a history of taking its sweet time. It added smart contracts back in 2021. That was a game-changer. Now, it's pushing the envelope again.
The project's been a dark horse in crypto. Some call it the "Ethereum killer". Others say it's all hype. But Cardano's stuck to its guns. It's focused on peer-reviewed research and gradual development.
This upgrade's part of the Voltaire Era. It's the final stage of Cardano's roadmap. The goal? A self-sustaining system. No training wheels needed.
CIP-1694's at the heart of it all. It's introducing new governing structures. There's a Constitutional Committee, delegate reps, and stake pool operators. Once it's live, the community's in charge.
Cardano's aiming to shake things up. It wants to prove that slow and steady wins the race. The Chang fork could be its make-or-break moment.
For the crypto market, Cardano's move is significant. It's pushing the boundaries of decentralized governance. If it works, other projects might follow suit.
But it's not all smooth sailing. Critics say Cardano's too academic. They argue it's lost ground to faster-moving competitors. The project's betting big on this upgrade to silence the naysayers.
In the end, it's a bold move. Cardano's putting its fate in the community's hands. It's either gonna be a massive flop or a game-changer for the whole industry. Only time will tell.