The Cardano network is on the verge of one of its most significant upgrades, poised to introduce new features and finalize the blockchain’s transition into a community-run network. Originally scheduled for August 27, the Chang hard fork has now been delayed to September 1, 2024, to allow crypto exchanges like Binance more time to prepare for the transition.
The development of the Cardano network is divided into five eras: Byron (foundation), Shelley (decentralization), Goguen (smart contracts), Basho (scaling), and Voltaire (governance). With the network entering the Voltaire era, participants and stakeholders will soon be able to present and vote on Cardano Improvement Proposals (CIP) through the staking and delegation process.
The Chang hard fork is set to implement an on-chain distributed governance framework, outlined in CIP-1694, that will transfer the network’s maintenance to the Cardano community. The hard fork is split into two parts, the first to be deployed on September 1 and the second in Q4 2024. The initial phase will establish the Interim Cardano Constitution and the Interim Constitutional Committee (ICC) to guide the network during the transition.
During the technical bootstrapping phase, the ICC will act as a temporary governance body, upholding the constitution and making decisions on governance actions. The community will later convene for the Cardano Constitutional Convention to draft the main constitution and establish a formal Constitutional Committee. The second phase of the Chang hard fork will introduce Delegate Representatives (DReps), stake pool operators (SPOs), and community-run treasury withdrawals, granting these bodies the ability to vote on governance proposals and execute treasury withdrawals.
The upcoming upgrades on the Cardano network mark a significant milestone in the blockchain’s evolution towards community-driven governance. With the Chang hard fork paving the way for on-chain governance structures, Cardano is poised to empower its participants and stakeholders to shape the network’s future direction.
