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Proof-of-stake blockchain Cardano is on the cusp of implementing the much-anticipated Chang hard fork.
The latest data shows that 63% of stake pool operators (SPOs) have now upgraded to Node 9.1.0.
The upcoming hard fork is on track to turn Cardano into a fully decentralized blockchain by allowing ADA holders to have a say in how the network operates.
The hard fork will kick off the Voltaire era that specifically focuses on decentralized governance.
During the first part of the hard fork's implementation, Intersect, a member-based organization for the Cardano ecosystem, will release an interim version of the Cardano constitution. An interim Constitutional Committee (CC) will be responsible for upholding the Constitution. The interim committee will initially have seven members, with three seats being represented by the Cardano community.
Alex DovbnyaThe second part of Chang will focus on transitioning to a full-fledged decentralized government by introducing delegated representatives. As the term suggests, ADA holders will be able to delegate their voting power to those dReps representing their interests. During the second phase, the CC will also be expanded beyond just seven members.
At that point, the Cardano community is supposed to be fully responsible for the blockchain's future development.
A new bullish catalyst?
According to data provided by CoinGecko, Cardano (ADA) is down 2.2% over the past 24 hours.
However, the token could experience a substantial rally following the much-anticipated upgrade that appears to be imminent. For the much-awaited hard fork to be activated, at least 70% of SPOs have to adopt the latest version of the node.
Tomiwabold OlajideThe ADA token remains outside of the top 10 with a valuation of roughly $11.5 billion.
As reported by U.Today, a death cross signal recently appeared on ADA's short-term chart. However, it typically tends to be a lagging indicator. Hence, the Chang hard fork could be a bullish catalyst that turns things around.
Arman Shirinyan
Godfrey Benjamin
U.Today Editorial Team
Vladislav Sopov
Dan Burgin