Cardano (ADA) Blockchain is nearing a pivotal moment as it gears up for the Chang hard fork update. This major upgrade could be rolled out ahead of schedule thanks to recent accelerated developments. The update is set to significantly impact the network’s governance, allowing ADA holders to take a more active role in its management.
How Prepared Are the Nodes?
Stake Pool Operators (SPOs) are crucial to the Cardano ecosystem, and recent reports indicate that 72% of the network’s nodes have already installed the necessary Cardano Node 9.1.0 software. This shows a substantial readiness for the Chang hard fork update, as confirmed by Cardano Feed on the X platform.
Several major platforms, including cryptocurrency exchange Bitfinex, have also finalized their preparations for the update. The Chang hard fork aims to diminish the direct control of Cardano’s development company, IOHK, over the Blockchain, thereby enabling ADA holders to have a more significant say in the network’s future.
When Will the Update Be Completed?
Although no exact date has been announced, the update is anticipated to be finalized by the end of August. As of Thursday, 69% of SPOs had adopted the necessary software, and this number increased to 72% within two days. If this progression continues, it is expected that all SPOs will complete the update within the next three weeks.
Implications of the Update
The Chang hard fork will usher in the Voltaire Era, marking Cardano’s transition to decentralized governance. This milestone is crucial as it aligns Cardano with most other leading blockchain networks that have already adopted decentralized governance models. Moreover, the update is expected to boost ADA’s market value, as evidenced by its recent 1% gain in the last 24 hours, with the current trading price at $0.3477.
Key Takeaways:
- Cardano’s Chang hard fork will allow ADA holders to influence network management.
- 72% of Cardano’s nodes have installed the necessary software.
- The update is likely to be completed by the end of August.
- ADA’s market value has seen a slight increase in anticipation of the update.
In summary, Cardano’s upcoming Chang hard fork represents a significant shift towards decentralized governance. The network’s readiness and the subsequent market response underscore the importance of this transition for Cardano’s future.