• Cardano will undergo the Chang hard fork, transferring control of the $13 billion blockchain to ADA holders.

• Once seventy percent of the validators have upgraded to the new version, the Cardano node 9.0 will be turned on.

• The Cardano hard fork will shift control from the Cardano Foundation, EMURGO, and Input-Output Global to the community, fostering decentralized ownership.

Cardano is set for a hard fork that will change the ownership structure of the $13 billion project. This monumental shift could happen as early as mid-July.

Cardano founder Charles Hoskinson, in a Sunday Livestream, announced that the network’s upgraded node, tagged Cardano node 9.0 upgrade, was ready for release and would be rolled out next week, pending any last-minute issues.

The Chang hard fork, named after early Cardano enthusiast Phil Chang, who passed away two years ago, will occur once the blockchain reaches a node density of 70% — when at least 70% of Cardano’s validators upgrade to the new node version.

Cardano Hard Fork That Will Soon Hand Control of $13bn Blockchain to ADA Holders

Hard forks are significant changes to a blockchain’s software that result in a new version that is not backward compatible with previous ones. Significant blockchains like Bitcoin and Ethereum have undergone similar hard forks that dramatically altered their operations.

For instance, Ethereum’s latest hard fork occurred two years ago and transformed the network’s consensus model from Proof of Work to Proof of Stake.

In Cardano’s case, the Chang hard fork will fundamentally change the blockchain’s ownership structure. Since its inception in 2017, Cardano’s development has been under the control of the Cardano Foundation, EMURGO, and Input-Output Global.

EMURGO serves as Cardano’s official commercial arm, and Input-Output Global is Hoskinson’s blockchain development company.

The hard fork aims to transition ownership of the project from these three entities to the community, empowering users and promoting decentralized ownership akin to a decentralized autonomous organization (DAO), commonly used to manage DeFi protocols.

Also, Read Cardano’s Charles Hoskinson refutes Hydra abandonment: ‘It’s raining FUD.‘

Implications for ADA Holders

The transition to decentralized ownership through the Chang hard fork is pivotal for ADA holders. As the control shifts from central entities to the community, it could lead to increased participation and stake in the decision-making processes related to the network’s future.

This empowers ADA holders to directly impact governance, project direction, and improvements, fostering a more democratic ecosystem.

Additionally, the shift towards decentralization may enhance security and resilience. A more distributed control can mitigate risks associated with central points of failure, making the network more robust against potential attacks and manipulations.

With more nodes in the network, Cardano could achieve greater scalability and performance, accommodating a higher volume of transactions without compromising efficiency.

These advancements align with the broader vision for Cardano as a platform for innovation, financial inclusion, and transparency. By entrusting the community with the project’s evolution, Cardano aims to build a more sustainable and collaborative blockchain, ultimately contributing to the growth of decentralized finance (DeFi) and other blockchain-based applications.

As the community gears up for this transition, all eyes will be on the rollout and adoption of the Cardano node 9.0 upgrade. The success of this hard fork will not only mark a significant milestone for Cardano but also set a precedent for how blockchain projects can evolve through community-driven governance.

Chang Hard Fork Overview

The Chang hard fork is poised to redefine Cardano’s governance model. With this transition, the ADA token will assume a more significant role within the ecosystem.

It will become a governance token, giving holders the power to vote on proposed changes to the blockchain. Hoskinson emphasized the importance of this milestone, noting that it reflects Cardano’s evolution over the years.

“It’s been almost ten years, and we’ve gone from a static and federated system to a dynamic and decentralized system with best-in-class staking and a powerful smart contract platform. It’s the best in class for governance and the best strategy and plan overall,” he said.

Also, Read: Dubai Police Employs Cardano To Secure Its Criminal Investigations.

The Chang hard fork will mark the beginning of the fifth generation of the Cardano blockchain, known as the Voltaire era. This follows the Basho era, the current phase, and the Goguen era, the previous one.

The Goguen and Basho eras introduced critical features such as scalability and smart contract capabilities. The upcoming Voltaire era will build upon these advancements by focusing on decentralized governance.

ADA Token Transformation

As part of the Voltaire era’s pivot to decentralized ownership, ADA token holders will gain the ability to delegate voting power and manage the project’s treasury. These governance functions are similar to those found in DAOs, further aligning Cardano with decentralized principles.

The Cardano node 9.0 upgrade is instrumental in achieving this decentralized vision, ensuring a smooth transition to the new governance model.

The Chang hard fork represents a significant step forward for Cardano, positioning it as a leader in the blockchain space. With its focus on decentralized ownership, enhanced governance, and community empowerment, Cardano is poised to set new standards for blockchain innovation.

Charles Hoskinson’s vision for Cardano has always been continuous improvement and innovation. By integrating the latest in blockchain technology, such as the Cardano node 9.0 upgrade, and fostering a community-driven governance model, Cardano is well on its way to achieving its long-term goals.

In conclusion, the forthcoming Chang hard fork is more than just a technical upgrade; it is a testament to Cardano’s commitment to building a decentralized future.

Cardano sets a new benchmark for what blockchain technology can achieve by empowering ADA token holders and promoting community involvement. Stay tuned for more updates as we approach this exciting milestone.