On Sunday, September 1, the Cardano blockchain successfully conducted the Chang hardfork upgrade entering the Voltaire era of decentralized governance. This makes Cardano one of the first major blockchain networks to implement a token-based governance system.
The blockchain’s CEO Charles Hoskinson said that Cardano’s recent upgrade puts it above Bitcoin in matters of decentralization.
Charles Hoskinson Celebrates Cardano Chang Hardfork
The Cardano Chang hardfork saw the first leg of implementation on Sunday. This will now allow ADA token holders to make decisions by voting on development proposals and electing governance representatives.
The Cardano Improvement Proposal CIP-1694 introduces a new governance structure with three new governance-led bodies. The new governance bodies are the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).
Under the new governance structure these three bodies will be replacing the Cardano Foundation, EMUGO, and Input Output Global (IOHK). Commenting on the milestone development, CEO Charles Hoskinson wrote:
“Working on Cardano this past decade has been a whirlwind of emotions, challenges, and tremendous obstacles to overcome. It’s been a journey that not everyone completed, and watching friends fade, false starts, and ending up in a place unexpected, but not undesired, is hard to process.”
Hoskinson also highlighted the seamless upgrade of the distributed system spanning over 100 countries. Interestingly, Hoskinson asserted that Cardano’s unique structure now surpasses even Bitcoin describing it as a “governance virus” that is self-replicating, self-sustaining, and unstoppable. He further added that Cardano’s growth and resilience are unparalleled, and its further expansion is inevitable.
Reflecting on the broader implications, Hoskinson remarked that Cardano is now a living entity, created collectively. He also said that its existence marks a significant milestone in the world of decentralized systems.
ADA Price Action Dissappoints
Despite this milestone upgrade, the Cardano (ADA) price is seeing strong selling pressure dropping by 4.5% in the last 224 hours and is currently trading at $0.3281 with its market cap dropping under $12 billion.
However, on-chain data shows that this could be a good time to accumulate ADA as the historical risk levels have dropped to multi-year lows. But for the ADA price to rally, it would require a strong macro catalyst that can trigger potential breakouts for the altcoin.
