Cardano

Genesis

<ul>
 <li>Cardano's Chang hard fork empowers ADA holders to elect representatives and vote on development proposals.</li>  
 <li>The upgrade introduces three governance bodies: Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).</li>  
 <li>Cardano's governance transition aims for full implementation within 90 days, marking the start of the era of Voltaire.</li> 
</ul>  
<p>Cardano has officially <a href="https://cryptonewsland.com/cardano-sets-date-for-chang-hard-fork-in-major-network-upgrade/" target="_blank" rel="noopener noreferrer nofollow">launched</a> its Chang hard fork. The launch signifies a significant transition toward decentralized governance. Late Sunday, the governance of the $13 billion blockchain began its transfer to ADA token holders who have been eagerly awaiting the launch.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Cardano_CF/status/1830411972460093781
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-transition-to-decentralized-governance"><strong>Transition to Decentralized Governance</strong></h2>  
<p>With the Chang upgrade operational, ADA holders now have the power to elect governance representatives. They can also vote on critical development proposals. The change is part of the Cardano Improvement Proposal <a href="https://www.1694.io/" target="_blank" rel="noopener noreferrer nofollow">CIP-1694</a>.&nbsp;</p>  
<p>The upgrade introduces a new <a href="https://cryptonewsland.com/cardanos-chang-hard-fork-enhancing-decentralization-and-governance/" target="_blank" rel="noopener noreferrer nofollow">governance framework</a> comprising three user-led bodies: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).</p>  
<p>Previously, the authority to implement upgrades or hard forks lay with Cardano’s three founding entities. These include the Cardano Foundation, Input Output Global (IOHK), and <a href="https://www.emurgo.io/" target="_blank" rel="noopener noreferrer nofollow">Emurgo</a>.&nbsp;</p>  
<p>However, this authority now transfers to the newly established governance groups. On August 30, Charles Hoskinson, co-founder of Cardano, reiterated the finality of this transition by declaring that the Genesis keys are dead.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/IOHK_Charles/status/1829335040171421876
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-two-phase-implementation-process"><strong>Two-Phase Implementation Process</strong></h2>  
<p>Cardano’s Chang hard fork will be implemented in two phases. The first phase, already underway, features an Interim Constitutional Committee. This committee will temporarily manage governance and aims to ensure a seamless <a href="https://cryptonewsland.com/cardano-founder-addresses-community-concerns-amid-upcoming-chang-hard-fork/" target="_blank" rel="noopener noreferrer nofollow">transition</a> as the complete governance model is implemented. The new governance bodies will gain full empowerment within 90 days.</p>  
<p>The launch positions Cardano among the first major blockchains to adopt a token-based governance system. The shift is expected to redefine blockchain governance by emphasizing user-led decision-making.&nbsp;</p> 
<p>The post <a href="https://cryptonewsland.com/ada-holders-gain-power-as-cardano/" rel="noopener noreferrer nofollow">ADA Holders Gain Power as Cardano Launches Chang Governance Upgrade, Will ADA Price Surge?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

ADA Holders Gain Power as Cardano Launches Chang Governance Upgrade, Will ADA Price Surge?

Table of Contents

Crypto News Land

Other articles published on Sep 2, 2024

SEC Raises Concerns Over FTX’s Proposed Crypto Repayment Plan

1 Billion XRP Unlocked! How Did the Price React? Should We Worry?

Crypto dominates biggest 2024 ETF launches: The ETF Store

Shiba Inu Announces DAO Initiative to Strengthen Decentralized Governance

Analyst Predicts Sideways Movement for Bitcoin in September

Breaking: Japan’s MicroStrategy Metaplanet Teams Up With Ripple-partner SBI

Join our free newsletter for daily crypto updates!