Cardano Investors Highlight Importance of Upcoming Hard Fork

Cardano community members are enthusiastic about the upcoming Chang hard fork and see the upgrade as a major game-changing event.

The upcoming Chang hard fork has become the focus of the Cardano community. With this crucial update expected to go live this quarter, prominent Cardano enthusiasts have expressed that the upgrade will bring significant changes to the network. This sentiment has been expressed by prominent Cardano community members including Chris, ADA Whale, Saint, and Ed n’Stuff.

The Impact of the Chang Hard Fork on Cardano Governance
To understand the context, the Chang hard fork is one of the final stages of the Cardano roadmap, Voltaire. The Voltaire phase is designed to help Cardano become truly decentralized and self-sustaining.

In order to achieve this goal, a Chang hard fork needs to be implemented. Chang is scheduled to be released in the second quarter of 2024 and will introduce a minimum viable community governance mechanism. This is the first technological upgrade in the Voltaire era.

At the heart of the Chang hard fork is its role in launching Cardano’s governance journey throughout the year. The network’s decentralized governance mechanism will be launched through three key phases.

Stages of Decentralized Governance in Cardano
Cardano will introduce a new governance feature called Delegated Representatives (DReps) in the first phase of the Chang hard fork. These representatives, elected by ADA holders, will speak for the interests of the wider Cardano community and vote on all governance actions and proposals.

The second phase will revolve around a constitutional convention, scheduled to take place in Buenos Aires later this year. At the congress, governance representatives will gather in the Argentine capital to develop the first version of the much-anticipated Cardano Constitution.

Finally, the drafted Cardano Constitution will go through a ratification process where the community will vote on whether to adopt the proposed legislation. If approved, the Constitution will ultimately serve as the foundation for Cardano’s decentralized governance model.

Notably, the drafting and ratification of the Cardano constitution will be completed by the end of the year.

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