Highlights:
- Cardano’s Voltaire era is set to begin in June 2024 with the Chang hard fork.
- The Chang hard fork will implement CIP-1694, enhancing Cardano’s on-chain governance.
- All Genesis keys will be burned post-upgrade, decentralizing decision-making to the Cardano community.
Cardano is nearing a major milestone with the imminent Voltaire era. Founder Charles Hoskinson announced the release of a new Cardano node, marking a significant upgrade. The new node will integrate the Chang hard fork and initiate the Voltaire era, completing Cardano’s roadmap. This update aims to fully decentralize the Proof-of-Stake network, fulfilling the vision outlined in CIP-1694.
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It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.
It’s the most significant…
— Charles Hoskinson (@IOHK_Charles) June 9, 2024
Charles Hoskinson Confirms Chang Hard Fork for June
Charles Hoskinson confirmed the June release of Cardano Node version 9.0. This node will introduce the Chang hard fork, a key network upgrade. Consequently, Hoskinson noted that this update would begin the Voltaire era once 70% of the network’s Stake Pool Operators (SPOs) have upgraded. At present, Cardano has 5,874 total pools, with 3,110 active pools.
The Chang hard fork will deploy governance features on Cardano, starting a bootstrap phase as outlined in CIP-1694. The second phase, expected in Q4 2024, will finalize CIP-1694, incorporating on-chain governance, treasury withdrawals, and more. Hoskinson emphasized that this transition would make Cardano a decentralized network with global reach and advanced governance.
Understanding the Chang Hard Fork
The Chang hard fork is essential for implementing CIP-1694, a proposal to overhaul Cardano’s on-chain governance. This change will empower ADA holders to control the network by submitting governance actions or votes on-chain. CIP-1694 also introduces constitutional committees, delegation representatives, and stake pool operators to ratify user-submitted governance actions.
Additionally, the Chang hard fork will transfer power from the current Genesis key custodians to the Cardano community. Initially, Genesis Keys managed system parameters and facilitated hard forks. After Chang, these keys will be burned, thereby decentralizing decision-making and transferring control to the community. Consequently, this marks a significant shift from a semi-centralized to a fully decentralized governance model.
Cardano Price/Technical Analysis
As of press time, the price of Cardano is trading at $0.4382, up by 0.18% in the past 24 hours. Since announcing the upcoming upgrade, the bulls have led amid the sluggish outlook. Cardano has been trading downwards over the past week and month, declining by 3% and 6%, respectively.
Cardano’s market capitalization has sharply dropped, declining from $17.40 billion to $15.80 billion on 7th June, and it currently hovers at $15.65 billion. Moreover, trading volume stands at $354 million, a decrease of 8%.
Technical indicators on the daily chart present a neutral outlook. The Relative Strength Index (RSI) hovers below the 50 index at the 40 mark, indicating bearish activity in play as the trendline trends toward the south.
However, the Moving Average Convergence Divergence (MACD) indicator has remained neutral as the MACD and signal lines trend relatively together. In addition, the histogram has started to print red bars, indicating that the sellers have overwhelmed the buyers. Should the selling pressure increase, ADA could continue to drop toward the key support at $0.400.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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