Cardano, a Layer 1 blockchain founded by Charles Hoskinson, has initiated the first phase of its "Chang" hard fork. This marks a significant move from a centralised governance model to a decentralised, token-based system. The transformation will unfold over 90 days, eventually handing control to a new governance structure.
During the initial phase, an interim committee will oversee the transition, ensuring security and continuity. Cardano aims to establish a fully community-led governance model, involving a constitutional committee, delegate representatives, and staking pool operators. These bodies will assume complete governance powers after the 90-day period.
Cardano's new system, outlined in CIP-1694, will empower ADA holders to elect representatives and vote on proposals. This decentralisation ensures that Cardano's three founding entities—Cardano Foundation, Input Output Global (IOHK), and Emurgo—will no longer control chain upgrades or hard forks.
Despite its past position as a top-5 cryptocurrency by market capitalisation, Cardano has faced challenges, dropping out of the top 10 recently. Competition from TRON's TRX and Telegram's Toncoin has contributed to this shift.
ADA is currently priced at $0.3326, down 2.67% in the past 24 hours.
source：coinmarket cap
In a video, Hoskinson highlighted the journey Cardano has undertaken, acknowledging both achievements and setbacks. He emphasised the importance of the new governance model, which empowers every ADA holder to influence the future of the protocol.
“I would say it is the biggest event in Cardano history, and it really makes us different from many other chains,” Zinetti told CoinDesk. “I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.”
Cardano's move aligns with a broader trend in the crypto industry towards decentralised governance. This shift not only reflects the decentralised ethos of blockchain technology but may also serve to bolster ADA’s utility in response to regulatory scrutiny.
Charles Hoskinson has launched a policy office to push for clearer crypto regulations in the US, hoping to work with the incoming Trump administration. The move has sparked a 35% rise in Cardano's ADA price, reflecting investor optimism for regulatory progress.
AnaisCharles Hoskinson addressed the negative sentiment surrounding Cardano, stating it stems from the network's transition into the Voltaire era, which aims to decentralize governance and address long-standing issues. He emphasized that Cardano's transparency and unique governance set it apart from other blockchains, reinforcing its commitment to innovation, privacy, and long-term growth.
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