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- Cardano stake pool operator (Stake with Pride) has highlighted 3 fundamental conditions needed as the crypto community awaits the Chang hard fork.
- This upgrade aims to transition Cardano into a self-governing community.
Cardano is on the cusp of a major upgrade, the Chang hard fork, which will usher in the Volaitre era, the last step towards full decentralization. As the Cardano community highly anticipates the game-changing hard fork, discussions about this significant upgrade have gained traction all over social networks.
To set the stage for the Chang Hard fork, renowned Cardano stake pool operator (Stake with Pride) via X has identified 3 essential components that must be met.
- Adoption of node version 9.1: According to the SPO, the widespread adoption of node version 9.1 by stake pool operators is necessary as it integrates the foundational components needed for the hard fork. At least 70% of all stake pool operators must upgrade to node 9.1. Once all SPOs (at least 70%) upgrade to node 9.1, ADA holders will be one step closer to having full community-driven governance.
- Creation of replacement keys by the seven Interoperability and Communication Committee (ICC) councils: Stake with pride, via x, stated that replacing the initial genesis keys, which were distributed among IOHK, Emurgo, and the Cardano foundation, requires the generation of replacement keys by seven members of the Interoperability and Communication Committee (ICC) councils. Disposing of the initial genesis keys means putting aside centralized control and redistributing governance power to the community as it welcomes full decentralization.
- Adoption of New Node Version by CEX and ecosystem: The final step requires all Centralized exchanges and ecosystem services to update to the latest node version 9.1. This step is crucial as it will see seamless and uninterrupted operations not forgetting a smooth transition during the hard fork. By integrating the latest node version CEX will have smooth functioning of ADA trading, staking, and other related activities.
As earlier reported in CNF, Cardano led by Charles Hoskinson announced the successful introduction of Node 9.0, bringing the network closer to the Chang hard fork. Charles expressed great optimism about the anticipated hard fork. He went on to highlight the importance of establishing an advanced blockchain governance system.
Among the features that the Chang hard fork plans to introduce include, decentralized voting, treasury withdrawals, and the establishment of constitutional committees. This significant milestone is a stepping stone to a self-sufficient network.
Also worth noting is the implementation of CIP-1694 is of great importance to the upgrade. The application of CIP-1694 will remodel the on-chain governance structure, granting ADA holders full decision-making authority. The community will be able to propose and vote on matters that concern the Cardano ecosystem.
Focusing on Cardano’s price movement, ADA has positively responded to the expectancy. At the time of writing, ADA is changing hands with $0.4433 marking a noble 20.57% price surge in the past week.
