Fri, July 26, 2024 at 23:15
Hey Annie!
Have you heard about the latest Cardano news?
They're about to launch the Chang hard fork, which will kick off the Voltaire era!๐
Oh, really?
That sounds interesting!
What exactly is a hard fork?๐ค
A hard fork is like a major software update for a blockchain.
It introduces new features and changes that aren't compatible with the old version.
So, everyone needs to upgrade to the new version to keep things running smoothly.
Got it!
So, what's special about this Chang hard fork?๐
Well, the Chang hard fork is super important because it brings on-chain decision-making to Cardano.
This means ADA holders can directly participate in governance through on-chain consensus.
It's a big step towards decentralization!๐
Wow, that sounds like a big deal!
How does it work?๐ค
So, the upgrade includes a new genesis file that's mandatory at startup, which is crucial for the hard fork.
Plus, there are tons of bug fixes and enhancements, like a new query treasury command for better financial insights.๐ฐ
Interesting!
What about those Cardano Improvement Proposals?
I heard they are part of this upgrade too.๐ค
Yep!
The upgrade ensures compatibility with CIP69, which standardizes metadata structures, and CIP119, which introduces a transaction metadata label for easier processing.
These proposals help streamline operations and improve efficiency.๐
That sounds like a lot of technical stuff!
How will this affect the Cardano community?๐
The community will play a huge role!
The hard fork will activate once 70% of validators adopt the new node.
Plus, Delegate Representatives (DReps) will help voice community interests and guide the network's future.
It's all about community-driven governance!๐ฅ
Wow, that's really inclusive!
So, what's the timeline for this upgrade?โณ
The upgrade is split into two phases.
The first phase, Chang Upgrade #1, will deploy the initial governance features and start the technical bootstrapping phase.
The second phase, Chang Upgrade #2, will fully enable on-chain governance, including DRep participation.๐ ๏ธ
Sounds like a thorough plan!
And why is it called the Chang upgrade?๐ค
It's named in honor of Phil Chang, a key figure in Cardano's governance strategies who passed away in 2022.
His work was foundational to the Voltaire era, which this upgrade aims to realize.
It's a tribute to his contributions.๐
That's really touching.
So, how's ADA performing in the market right now?๐
As of now, ADA is trading at $0.4134.
The market seems to be watching this upgrade closely, and it could have a significant impact on ADA's value.๐
Do you think this news is a good sign for investors?๐ค
Absolutely!
This upgrade is a major step forward for Cardano, enhancing its governance and technical capabilities.
It shows the project's commitment to decentralization and community involvement, which are great signs for long-term growth.๐
To sum up, this article is considered a ๐Bullish for investors!!