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The 11th largest cryptocurrency, Cardano (ADA), is going for the biggest hard fork to boost the demand in the market. This network was launched in 2017 by Ethereum co-founder Charles Hoskinson and gained instant success in the market. It is now the 30th biggest blockchain network, per DeFILlama. More importantly, it is known for its token’s performance and consensus mechanism. Now, the Cardano Chang Upgrade is finally happening on September 1 at 21:45 UTC after an initial delay. With this, a major boost in the ADA price is also expected, currently trading at $0.3585.
What Is Cardano Chang Upgrade?
Cardano Chang upgrade is part of the Voltaire era, the final era per the network’s roadmap. This era will provide all the necessary properties to transform the Cardano network into a self-sustaining system. It is the biggest upgrade this network has ever implemented, making it the first to enforce the utmost decentralization.
The Chang Hard fork is named after former IO team member Phil Inje Chang and is set to happen tomorrow. It will implement on-chain governance to allow ADA holders to participate in network decisions.
With this, the token holders will elect the Delegate representative and present their votes on the network’s future decisions. Overall, a hard fork brings complete changes in the blockchain to provide new features and functionalities, and the same to happen here. The older or previous version usually becomes invalid or runs separately with no connection to the new one.
This upgrade has been much awaited since the introduction of Smart contracts three years ago. It is officially the biggest network upgrade in the last two years for crypto enthusiasts.
Why Was Chang Hard Fork Postponed?
Previously, the Chang hard fork was scheduled to happen on August 27. However, the network postponed the plan for later due to some technical constraints. And now, with a recent X post, the Ethereum founder announced on Friday to push it back to September 1 at 21:45 UTC.
The magic of deadlines is that people who aren’t taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.
It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on…
— Charles Hoskinson (@IOHK_Charles) August 23, 2024
Hoskinson further explained that this was to let crypto exchanges like Binance and others prepare their systems for the Cardano Chang upgrade. Additionally, the Binance readies Chang hard fork, as the exchange has offered to suspend the withdrawal and deposits on the blockchain during the hard fork to avoid any technical complications.
Final Thoughts
As per the Ethereum co-founder Charles Hoskinson’s recent X post, the Cardano Chang Upgrade Launch Set For September 1. This was a much-awaited event for the ADA holders as this will give me the right to vote and participate in the development of the network, implementing full decentralized governance on the network. Moreover, with this, Cardano has become the first to step into this for the future of the network and native token price growth. With this, many analysts have anticipated the Cardano price to hit $1 in September.
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