Chang Hard Fork
The Cardano blockchain is preparing for the Chang hard fork, a significant update that will introduce a decentralized governance model. This move aims to distribute decision-making power more evenly among stakeholders.
Governance Reform
The Cardano Foundation has outlined a framework for governance reform that includes:
- Delegate Representatives (DReps): Elected representatives who vote on governance proposals.
- Stake Pool Operators (SPOs): Operators who run the blockchain and have voting rights.
- Constitutional Committee: A body that approves protocol changes and initiates hard forks.
Transition Phase
During the transition phase, governance actions will be limited to parameter changes and informational actions. The Cardano Foundation will serve as a member of the Interim Constitutional Committee (ICC) during this time.
ICC Elections
The ICC members were elected through a voting process that emphasized transparency and representation. The top-ranked candidates include:
- Cardano Atlantic Council
- Eastern Cardano Council
- Lloyd Duhon
- Johnny Kelly
Transparency and Trust
The Foundation has prioritized transparency throughout the electoral process, allowing stakeholders to track voting and fund allocation. This commitment aims to build trust and ensure a fair governance transition.
Market Impact
At the time of writing, the price of ADA has fluctuated, dropping slightly in the past 24 hours and over the past week. However, trading volumes have increased, indicating increased activity and interest from traders.
