Cardano’s Stake with Pride calls attention to three conditions necessary for the pivotal Cardano Chang hard fork to occur.
The Cardano blockchain is on the verge of one of its most significant upgrades to date, the Chang hard fork. With discussions surrounding the update making headlines, Stake with Pride, a notable Cardano stake pool operator (SPO), recently outlined three critical conditions necessary for this upgrade to take place.
The Cardano hard fork will occur after these 3 things are met:
1. 70% of SPOs upgrade to v9.1 (which is not out yet), not v9.0
2. 7 ICC Councils create replacement keys for Genesis ones that get destroyed
3. CEXes and ecosystem service upgrade ancillary services. #Cardano pic.twitter.com/s94lyMYMiL
— St₳ke with Pride 🌈 SPO & DRep (@StakeWithPride) July 11, 2024
Conditions Necessary for the Chang Hard Fork
The first condition is that 70% of Cardano’s stake pool operators need to upgrade to node version 9.1. This version is pivotal because it integrates key features essential for the hard fork.
The upgrade aims to bring about the Voltaire phase, which will transition Cardano into a fully decentralized governance model. As of now, node version 9.1 is still pending release. The Voltaire era focuses on community-led governance, where ADA holders can vote on proposals that shape the future of the network.
The second requirement involves the creation of replacement keys by seven ICC (Interoperability and Communication Committee) councils. These new keys will replace the original Genesis keys, which were distributed among Cardano’s founding entities, such as IOHK, Emurgo, and the Cardano Foundation.
The destruction of the Genesis keys is a significant step towards decentralization, as it eliminates centralized control and distributes governance power across the community.
The final condition is that centralized exchanges (CEXes) and ecosystem services need to upgrade their ancillary services to be compatible with the new node version.
This ensures seamless integration and functionality across all platforms that support Cardano, thereby maintaining network stability and security during and after the hard fork. Upgrades from exchanges and other services are crucial to avoid any disruptions in ADA trading and staking operations during the transition.
Cardano Now Fork Ready
Meanwhile, in the latest update, Cardano recently welcomed Node 9.0. Charles Hoskinson, Cardano’s co-founder, called attention to this development, noting that the next step is for SPOs to test and update their systems.
Hoskinson had expressed optimism about the upcoming upgrade. He emphasized that the Chang hard fork will usher in the most advanced blockchain governance system to date.
This includes features like decentralized voting, treasury withdrawals, and the establishment of constitutional committees. These enhancements aim to transform Cardano into a self-sufficient network, reducing its reliance on IOHK and shifting control to the broader community.
The implementation of CIP-1694 is another key aspect of this upgrade. This Cardano Improvement Proposal will overhaul the on-chain governance structure, allowing ADA holders to have a direct say in protocol changes and treasury spending.
The community will be able to submit and vote on proposals, marking a significant shift in how Cardano is managed.
