Friday, September 06, 2024 – Cardano the first stage of its Chang upgrade had gone live since Sunday, September 01, transitioning control of the blockchain to holders of its ADA token.
“The Chang upgrade will usher in the Conway Ledger Era, a deeply transformative advancement for Cardano’s governance, where any ADA holder can submit or participate in the voting process for governance actions,” Cardano says in its Document Blog.
The Chang upgrade is a key step in Cardano’s transition to decentralized governance, a system where users rather than a central authority make decisions about the platform’s future.
Cardano, a Layer 1 blockchain founded by Ethereum co-founder Charles Hoskinson, completed the initial phase of its Chang hard fork.
The move makes Cardano the first major blockchain to shift from a centralized governance structure to a decentralized, token-based system.
Over the next 90 days, Cardano will fully transition to a community-led governance model.
An interim committee will oversee the process. By the end of the period, the second phase of the Chang upgrade will activate, giving power to a new governance body made up of a constitutional committee, delegate representatives, and staking pool operators.
Cardano, a blockchain platform launched in 2017, activated its major upgrade Sunday that will allow users to have a greater say in how the network operates. Cardano, was once among the top five cryptocurrencies by market capitalization.
However recently it has fallen out of the top 10, with tokens like TRON’s TRX and Telegram’s Toncoin gaining ground.
Cardano’s ADA token has dropped 4% over the past 24 hours, according to data from The Block.1
