Cardano’s Stake with Pride has highlighted three pivotal conditions that must be met for the upcoming Cardano Chang hard fork, set to be one of the blockchain’s most substantial updates yet.
The impending Chang hard fork represents a crucial milestone for the Cardano blockchain. Amidst widespread discussions on the forthcoming update, Stake with Pride, a prominent stake pool operator (SPO) within the Cardano ecosystem, has delineated three critical prerequisites necessary to facilitate this upgrade.
Firstly, a key condition mandates that 70% of Cardano’s stake pool operators must transition to node version 9.1. This particular version plays a pivotal role as it integrates essential features crucial for the successful execution of the hard fork. The upgrade is geared towards ushering in the Voltaire era, aimed at establishing a fully decentralized governance model. At present, the release of node version 9.1 is pending, underscoring its significance in enabling community-led governance through ADA holder voting on network proposals.
The second requirement entails the creation of replacement keys by seven ICC (Interoperability and Communication Committee) councils. These new keys will supersede the original Genesis keys previously distributed among foundational entities like IOHK, Emurgo, and the Cardano Foundation. This strategic move towards decentralization marks a significant shift by eliminating centralized control, thereby distributing governance authority across the community.
Lastly, the final condition necessitates that centralized exchanges (CEXes) and ecosystem services upgrade their supplementary services to align with the new node version. This measure ensures seamless integration and operational compatibility across all platforms supporting Cardano. Such upgrades are crucial to maintaining network stability and security before, during, and after the hard fork, particularly to prevent disruptions in ADA trading and staking activities.
With these conditions in place, Cardano is now poised for the Chang hard fork. Recently, the introduction of Node 9.0 was announced, prompting Charles Hoskinson, Cardano’s co-founder, to encourage SPOs to proceed with testing and updating their systems. Hoskinson expressed optimism regarding the impending upgrade, emphasizing its role in advancing Cardano’s blockchain governance system significantly. This includes pioneering features such as decentralized voting, treasury management, and the establishment of constitutional committees, all aimed at fostering a self-sufficient network model. These enhancements signify a notable shift towards reducing reliance on IOHK and empowering the broader Cardano community with greater control.
Furthermore, the adoption of CIP-1694 stands out as a pivotal element of this upgrade, envisaging a transformative overhaul of the on-chain governance structure. This proposal empowers ADA holders to actively participate in protocol amendments and treasury expenditures through proposal submissions and voting, thereby redefining Cardano’s management approach.
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