Cardano founder names the timing of the Chang hardfork

What’s new? Charles Hoskinson, the co-founder of Ethereum and Cardano blockchains, has named the timeline for the Chang hardfork. This Cardano upgrade aims to achieve full decentralization of the network, the developer calls it “the most significant milestone in the history of Cardano and for the industry as a whole.” According to Hoskinson, the 9.0 upgrade for node operators will be released in June, and once 70% of participants have installed it, Chang may be implemented.

Source: x.com

What else is known? The Chang hardfork, first introduced in the 2024 roadmap, will introduce a new consensus mechanism to the network. As Hoskinson writes, once it is implemented, Cardano will have “the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide” the project.

He also noted that it will take almost a decade from the launch of the blockchain until full decentralization is achieved.

“I’m proud of all of you. Cardano gives me hope for our industry and the world. Let’s spend the next decade making a big dent in the universe,” the developer added.

In the discussion under the X post, one commenter noted that a blockchain with governance, treasury, and budgets is described more like a centralized project. Hoskinson refuted this claim, explaining that tens of thousands of people from over a hundred countries are involved in the network.

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A major part of the hardfork is the implementation of the Voltaire project and Cardano Improvement Proposal (CIP) number 1694. It aims to increase the decentralization of the network’s governance by forming several governing bodies such as a constitutional committee, delegated representatives (dReps), and staking pool operators (SPOs), as well as giving every member of the community a say in the future direction of the project.

Cardano’s (ADA) native token ranks 11th in the overall cryptocurrency ranking by capitalization with a figure of over $15,75 billion and is trading at $0,4439, having added 0,6% overnight. The weekly drop was 2%, and the asset has lost 25,25% since the beginning of the year.

In late May, ADA dropped out of the top 10 cryptocurrencies by capitalization for the first time in several years.

In early May, Hoskinson proposed integrating Cardano with the Bitcoin Cash (BCH) network. According to him, this would allow Bitcoin Cash to become the fastest and most useful blockchain with the Proof of Work (PoW) consensus algorithm. The initiative in the developer’s X-account was supported by 69% of users.