Cardano’s Big Moment is Coming: Positive Development is Coming for ADA Holders

Cardano (ADA), The highly anticipated Chang hard fork is nearing completion.

Stake Pool Operators (SPOs), who verify transactions on the Cardano blockchain, today began upgrading to the network’s new software, Node 9.1.0.

The Chang hard fork is set to transfer control of the $14 billion blockchain to ADA holders. The hard fork will be triggered when at least 70% of all SPOs have migrated to the new node. As of the time of writing, Cardano’s node density for the update is at 27%, according to data from ADA staking platform PoolTool.

Hard forks introduce significant changes to a blockchain’s software, making the network incompatible with previous versions once the process is complete. Bitcoin ve Ethereum Major blockchains like Ethereum have gone through hard forks in the past. Ethereum’s 2022 hard fork, in particular, shifted the network’s consensus from Proof of Work mining to Proof of Stake.

Named after Cardano’s early founder Phil Chang, who passed away in 2022, the Chang hard fork will bring decentralized governance to the Cardano blockchain, similar to DeFi DAOs. This means that Cardano will no longer be under the control of the Cardano Foundation, Emurgo, and Input Output Global, the three organizations previously responsible for ADA governance.

Emurgo serves as the commercial arm of Cardano, while Input Output Global, a blockchain development firm, is owned by Charles Hoskinson. With the transition to a DAO-like governance, CADA holders will have the power to vote on changes to the blockchain.

Hoskinson has previously stated that this move towards decentralization is a testament to Cardano’s maturation over the years. In addition to voting on blockchain changes, ADA holders will also have control over the project’s budget and treasury. ADA holders who choose not to participate in active governance can delegate their voting power to other participants.

The Chang hard fork marks the fifth network change for Cardano and will usher in the Voltaire era, which will decentralize control of the network, according to the project’s roadmap. Previous eras, Goguen and Basho, introduced network features such as scalability and smart contract functionality.

*This is not investment advice.