Hoskinson hails Cardano’s Chang hard fork as ‘dwarfing’ Bitcoin
On September 1, the Cardano blockchain completed the first phase of its Chang hard fork, marking a significant advancement in decentralized governance. This upgrade positions Cardano as the first major blockchain to implement a token-based governance system. Founder Charles Hoskinson hailed the achievement as monumental, asserting it surpasses Bitcoin and represents a major technical feat in creating a decentralized network without central coordination. Despite this progress, the ADA token experienced a 4% decline, falling out of the top 10 cryptocurrencies by market capitalization. The initial phase, lasting 90 days, introduces foundational governance features, allowing delegated representatives (DReps) to register and ADA holders to delegate voting power. An interim constitution will be established, with a constitutional committee overseeing governance actions. The second phase will empower governance bodies and enable treasury withdrawals.
