Cryptocurrencies are based on a chain of blocks called a blockchain. A hard fork is separated from a blockchain by a so-called hard fork method and is the creation of a new system by validating invalid blocks and transactions within this blockchain. Adding a new rule to the code in the blockchain causes a fork in the chain. This fork creates 2 different options. The new systemic path remains in the upgraded blockchain, while the other systemic path remains in the old blockchain. This very radical change is called a hard fork, and the users and system involved in this change are considered the most up-to-date version of the protocol software. By placing a new rule on the code in the blockchain system, a fork is created and the system works completely independently of each other. Thus, a new altcoin is created from the existing coin. The 2 different blockchains created in the hard fork system can act in partnership with each other or one block can work completely independently of the other. On the other hand, a hard fork is a blockchain protocol change that is not backwards compatible. This means that all nodes on the network need to be updated to the new version to validate new transactions. If some nodes fail to update, a permanent separation or “fork” of the blockchain occurs.
Chang Hard Fork
Chang Hard Fork marks the beginning of the Voltaire era, an important stage in Cardano’s roadmap that aims to achieve full decentralization. It will also enable community-driven governance. These changes aim to make Cardano a fully decentralized blockchain and enable ADA holders to have a direct impact on the future of the network. The upgrade will also improve transaction speeds and security, making Cardano more efficient and flexible.
The innovations that this update will bring are as follows;
- Marking the transition to community governance by bringing Cardano into the Voltaire era.
- Introducing DReps to facilitate decentralized decision making.
- Create the Cardano Constitution to guide future governance.
- Improving network security and scalability through protocol upgrades.
Enhanced Scalability Features:
Chang Hard Fork will significantly increase Cardano’s scalability by upgrading the network infrastructure to efficiently handle more transactions. Cardano aims to significantly increase transaction throughput. Currently, Cardano processes approximately 250 transactions per second (TPS), but the upgrades will potentially increase this figure to over 1,000 TPS.
Resilience to Attacks:
The upgrade also makes Cardano more resilient to various types of attacks. Improved security measures will protect the network from malicious actors aiming to disrupt its operations.
Community Driven Governance:
One of the most important aspects of the Chang Hard Fork is the introduction of community-driven governance. This change allows ADA holders to directly participate in decision-making through on-chain voting mechanisms.
The readiness and staking of the central exchanges are available in the chart below, and the completion of the change hard fork will end in September
1. The previous Alonzo hard fork was completed on September 13, 2021. ADA, which peaked as the end date approached, saw its highest peak and was priced at $ 3.10. However, after the hard fork was completed, it experienced major declines with the effect of the bear market, and the update brought by the hard fork was not reflected in the price for a long time.
