Cardano Completes Chang Update, Coin ADA How Are You?

Cardano Upgrade Hard Fork Chang. (Photo; Doc. NFT Now)

JAKARTA - The Cardano blockchain platform has recently successfully completed Chang's update. This marks a transition to a decentralized governance system that allows ADA holders to have votes in determining the future direction of the network. Cardano's upgrade is named after the Chinese mathematician, Chang Shou, and completed on the 10th block,764,778 on September 1, 2024.

Chang's update brought a number of important changes, including the decentralization of the Cardano administration through on-chain voting, the introduction of Delegation Representatives (Delegate Representatives), increasing the ability of smart contracts with PlutusV3, as well as implementing new government structures and improving cost models.

According to Cardano, this blockchain is now entering the era of "master Conway" which is based on the concept of "liquid democracy." This means that ADA holders now have the option to vote directly on government issues or delegate their voting power to trusted representatives known as Delegate Representatives (dReps).

Apart from dReps, two other governing bodies led by users, namely the Constitutional Committee and Pool Stake Operators, will supervise and carry out government actions. Previously, the three founding entities Cardano 'Cardano Foundation, Global Output Input, and Emurgo' held this role.

The transition to Cardano's new model will take place in two phases. The first phase, which is currently underway, involves the formation of the Constitutional Committee Meanwhile with limited authority to oversee the government temporarily. This phase focuses on maintaining security and stability while developing a new government framework, allowing dReps to register and build support.

After this phase, within 90 days, the network will gradually transfer power to new government agencies. The second phase, which is expected to start in early 2025, will fully empower dReps, Pool Stake Operators, and the Constitutional Committee to make important decisions, such as voting on proposals and managing treasury.

This latest hard fork is part of the road to the Voltaire era that will make Cardano an independent ecosystem. Originally scheduled for August 30, this update was postponed to give crypto exchanges time to prepare for change.

Binance is one of the first exchanges to announce support for this fork. Although this update is highly anticipated, the price of ADA shows no sign of a significant increase and has actually fallen 3.1% in the last 24 hours.