The Cardano network is on the brink of one of its most significant upgrades to date, poised to introduce new features and usher in a new era of community-driven governance. Originally scheduled for deployment on August 27, the Chang hard fork has been delayed until September 1, 2024, to allow crypto exchanges like Binance to ensure a smooth transition.
The development of the Cardano network is divided into five distinct eras: Byron, Shelley, Goguen, Basho, and Voltaire. Having recently entered the Voltaire era on May 30, 2024, Cardano now prepares to implement on-chain distributed governance through the upcoming Chang hard fork.
The Chang hard fork will kickstart Cardano’s community-run governance structure, as outlined in CIP-1694. The first part of the hard fork, launching on September 1, will establish the Interim Cardano Constitution and the Interim Constitutional Committee to guide the network through its initial governance phase.
During the technical bootstrapping phase following the first part of the hard fork, the Interim Constitutional Committee will oversee governance actions and uphold the principles set forth in the interim constitution. Subsequently, the community will convene for the Cardano Constitutional Convention to draft the main constitution and establish a permanent Constitutional Committee.
The second part of the Chang hard fork, slated for Q4 2024, will introduce Delegate Representatives (DReps), stake pool operators (SPOs), and community-run treasury withdrawals. These governing bodies, working in conjunction with the Constitutional Committee and token holders, will have the authority to vote on governance proposals, request ADA delegations, issue certificates, and manage treasury withdrawals.
As the Cardano network gears up for this transformative upgrade, the community stands poised to take on a more active role in shaping the platform’s future. With decentralized governance at its core, Cardano is setting a precedent for other blockchain projects to follow suit in empowering their stakeholders and fostering a truly collaborative ecosystem.