Cardano rapidly inching closer to introduction of much-awaited hard fork
The latest version of Cardano’s validator node was introduced in July, setting the stage for the crucial update. For the much-hyped upgrade to be activated, at least 70% of SPOs have to adopt the newly released version of the validator node. At this stage, more than half of them have already made such a step. , the Chang hard fork has been touted as the biggest update in Cardano’s history by founder Charles Hoskinson.
During the first phase of the implementation of the Chang hard fork, Cardano is set to transform into an entirely community-governed blockchain. The second upgrade will build upon this progress by introducing a government system, allowing SPOs to vote on governance actions and allowing the community to control treasury withdrawals. hard fork was initially expected to go live in June. However, developers moved to introduce another node upgrade following a failed spam attack.
Despite the enthusiasm surrounding the new fork, the ADA price is in the red, dipping by roughly 3% over the past 24 hours. Prior to the latest upgrade, Cardano implemented the Vasil hard fork in 2022, which improved the blockchain’s security and usability. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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