Chang Hard Fork
Cryptocurrencies are based on a chain of blocks called blockchain. By validating invalid blocks and transactions within this blockchain, a hard fork separates from its earlier state to create a new system and 1) so-called hard fork method. The new systemic path remains in the upgraded blockchain system, while the other systemic path goes back into the old blockchain. As a result, this very radical fork becomes what is called a Hard Fork. The users and systems participating in this type of change are considered to be the most current version of the software protocol.
By putting a new rule in the code of blockchain, a fork is created, and the systems operate completely autonomously from one another. Thus, a new altcoin is created from the existing coin. The two different blockchains created in the hard fork system can work in partnership with one another or one block can operate completely independently. On the other hand, a hard fork is a blockchain protocol change that is not backward compatible. This means that to validate every new transaction, nodes on the network must be updated to run the new version of the software. If some nodes fail to update, the result could be a permanent separation or “fork” of the blockchain.
Chang Hard Fork
The Chang Hard Fork marks the start of the Voltaire era, a major stage in Cardano‘s development plan to achieve complete decentralization. This change will also allow for direct community democratic governance. 2024–2027 marks Cardano‘s transformation into a fully decentralized blockchain, which will allow ADA holders to directly influence the future direction of the network. In addition, this upgrade will enhance transaction speeds and security, making Cardano more efficient and flexible than ever before.
Features to be introduced by the update will include:
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Bringing Cardano into the Voltaire era and commencing community governance.
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Establishing DReps to promote radical self-determination.
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Establishing a Cardano Constitution to regulate the future conduct of governance.
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Improving network security and scalability through protocol upgrades.
Enhanced Scalability Features
By upgrading the network infrastructure to handle many more transactions, the Chang Hard Fork will significantly increase Cardano‘s scalability. Cardano currently processes around 250 transactions per second. Through these improvements, the goal is to raise that figure to more than 1,000 TPS.
Resilience to Attacks
The upgrade will enable Cardano to resist a variety of attack types. Better defense mechanisms will protect the network from disruptive actions by malicious actors.
Community-Driven Governance
At the heart of the Chang Hard Fork is the establishment of a community-driven governance model. This change allows ADA holders to participate directly in decision-making through on-chain voting mechanisms.
Staking readiness of central exchanges can be seen from the chart below, and the completion of the Chang Hard Fork is expected in September.
The last Alonzo Hard Fork was completed on September 13, 2021. ADA was at its all-time high ($3.10) as the end date approached, but a major decline followed the hard fork with bear market effects, and the upgrade introduced by the hard fork was not reflected in the price for a period.
Disclaimer
This article should not be taken as financial advice, securities investment advice, or legal advice. Cryptocurrencies are quite volatile, and the outcome may be very different from your expectations. You must carefully sort out each step, then you can be involved with block chain technology and digital money. Be sure to consult a professional before making decisions involving blockchain technology or digital assets; You may have to pay them for their services.
