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Cardano Enhances Decentralized Governance

The Cardano (ADA) blockchain is approaching a critical juncture with the upcoming Chang hard fork update. Recent accelerated progress suggests that this significant upgrade might be implemented ahead of schedule. The update is expected to greatly influence the network’s governance, giving ADA holders a more active role in its management.

What is the Readiness Level of the Nodes?

Stake Pool Operators (SPOs) play a vital role in the Cardano ecosystem, and recent updates reveal that 72% of the network's nodes have successfully installed the Cardano Node 9.1.0 software. This demonstrates considerable preparedness for the Chang hard fork upgrade, as reported by Cardano Feed on X.

Major platforms, including the cryptocurrency exchange Bitfinex, have also completed their preparations for the upgrade. The Chang hard fork aims to reduce the direct control of Cardano's development company, IOHK, over the blockchain, thereby granting ADA holders a more substantial role in shaping the network's future.

When Will the Update Be Completed?

While an exact date has not yet been set, the update is expected to be completed by the end of August. As of Thursday, 69% of SPOs had installed the required software, with this figure rising to 72% just two days later. If this trend continues, it is likely that all SPOs will have completed the update within the next three weeks.

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Implications of the Update

The Chang hard fork will mark the beginning of the Voltaire Era for Cardano, ushering in a new phase of decentralized governance. This development is a pivotal step, aligning Cardano with other leading blockchain networks that have already implemented decentralized governance models. Additionally, the update is anticipated to positively impact ADA’s market value, which has recently seen a 1% increase in the past 24 hours, with the current trading price at $0.3477.

Key Points:

- The Chang hard fork will enable ADA holders to have a say in network management.

- 72% of Cardano’s nodes have installed the required software.

- The update is expected to be completed by the end of August.

- ADA’s market value has risen slightly in anticipation of the update.

In summary, the upcoming Chang hard fork represents a significant shift toward decentralized governance for Cardano. The network’s preparedness and the positive market reaction highlight the importance of this transition for Cardano’s future.