Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Cardano (ADA) at a Milestone: Date Given for Major Update

Cardano (ADA) at a Milestone: Date Given for Major Update

BitcoinsistemiBitcoinsistemi2024/08/28 21:39
By:Mete Demiralp

A major update is imminent for Cardano (ADA), one of the world's largest altcoins.

Cardano, the blockchain platform launched in 2017 by Ethereum co-founder Charles Hoskinson, is on the verge of its most significant update in two years.

With the upcoming Chang hard fork, significant changes will be made to Cardano’s mainnet, particularly on-chain governance mechanisms that will allow users to directly participate in the platform’s decision-making processes.

Hoskinson announced on Friday that the Chang hard fork, originally scheduled for this week, has been postponed until Sept. 1 to allow major exchanges like Binance to prepare their systems. “The magic of deadlines is that people who weren’t taking upgrades seriously suddenly say we need to act,” Hoskinson said on X.

Currently ranked as the 30th largest blockchain by DeFiLlama, Cardano is closely watched in the crypto community, in part due to Hoskinson’s prominent and colorful presence in the industry. Hoskinson, who co-founded Ethereum with Vitalik Buterin in 2014 before parting ways, has since become a well-known figure who frequently shares his views through videos and podcasts.

A hard fork is a major update to a blockchain that renders previous versions obsolete. These changes can be controversial, but are typically planned and coordinated to introduce new features or fix issues within the blockchain. The Chang hard fork is particularly significant for Cardano because it will see the introduction of on-chain governance features, a key component in Cardano’s development.

Related News An Interesting Altcoin Surpassed $100 Million Market Cap Within Hours After Its Launch Today: What's the Secret?

Once the update goes live, holders of ADA, Cardano’s native token, will have the power to elect Delegate Representatives (dReps) and vote on proposals for future improvements and technical changes to the blockchain. “This will mark the first step towards a minimum viable community-led governance structure outlined in CIP-1694, meaning the Cardano community will be responsible for maintaining and shaping the blockchain network,” the Cardano Foundation said in a recent blog post.

The Chang hard fork is a critical part of the Voltaire Era, the final phase in Cardano’s current roadmap.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ethereum Boosts Altcoin Surge with Significant Rally

In Brief Ethereum surged nearly 20%, fueling a broader altcoin rally. Technical indicators show strength, yet new altcoin season debate persists. Growth in ETH and altcoins challenges Bitcoin's dominance amid market shifts.

Cointurk2025/05/09 22:22
Ethereum Boosts Altcoin Surge with Significant Rally

Ethereum Outshines Bitcoin with Impressive Surge

In Brief Ethereum's price surged past $1,900, outpacing Bitcoin significantly. Institutional investments drove Ethereum's substantial upswing post-Pectra update. Potential record surge may push Ethereum above $6,000, exciting cryptocurrency enthusiasts.

Cointurk2025/05/09 22:22
Ethereum Outshines Bitcoin with Impressive Surge