Cardano’s Chang Hard Fork Ushers in Decentralized Governance Era

The Cardano network successfully executed the Chang hard fork at block #10,764,778. This update marks the beginning of the Conway ledger era and the ecosystem’s transition to decentralized governance.

Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.

Welcome to a new era of decentralized governance: Voltaire. ⚖️ https://t.co/sE0iyRKLg9 pic.twitter.com/dA0JkgYOio

— Cardano Foundation (@Cardano_CF) September 2, 2024

Holders of ADA tokens will be able to participate in voting, shaping the network’s future.

The implementation of CIP-1694 established a new governance structure with three components: the Constitutional Committee (CC), delegate representatives (dReps), and stake pool operators (SPOs).

“Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community, fulfilling the promise of a truly self-governing, decentralized network,” stated the Cardano Foundation tweet.

During the initial phase, the network will be overseen by a Provisional Constitutional Committee. This body has limited powers, presumably for 90 days, to “ensure security and continuity” as the governance model takes shape.

The second phase involves the full launch of the new structure.

The update will also enable the use of Plutus scripts for governance, including advanced mechanisms like DAO voting. Users can participate directly or delegate authority.

“[…] this is the biggest event in Cardano’s history, and it truly sets us apart from many other networks. I think we are the largest layer one with on-chain governance,” said CTO of Cardano Foundation Giorgio Zinetti in an interview with CoinDesk.

In April, Cardano founder Charles Hoskinson announced that another significant upgrade is expected by the end of the year—the implementation of a new version of the Proof-of-Stake consensus mechanism.