Founder of the established blockchain Cardano, Charles Hoskinson, announced on social platform X last Sunday (6/9) that Cardano Node might reach version 9.0 this month. This implies Cardano is prepared for the Chang hard fork upgrade and is currently awaiting 70% of stake pool operators (SPOs) to install the new nodes.
After this hard fork, Cardano will enter the final stage of its roadmap, Voltaire. The Voltaire phase is the last stage of the Cardano roadmap. Before the update, Cardano focused on expanding the blockchain, while the updated Voltaire phase introduces governance, voting, and treasury management features aimed at making the blockchain a self-sustaining network.
"This is the most significant milestone in Cardano's history, as well as the most important milestone in the entire industry. Cardano will be a decentralized civilization spanning the globe, with millions of inhabitants. We will have the most advanced blockchain governance system, annual budgets, treasuries, and the wisdom of our entire community to guide us," Hoskinson said.
The Chang hard fork will introduce the necessary tools and infrastructure to support this new phase. This will enable the Cardano blockchain to achieve self-sustainability, granting governance rights to network participants (including ADA holders). They can propose improvements to Cardano and vote on them using the existing staking and delegation processes.
In the Voltaire era, the Cardano blockchain will also implement a treasury system funded by a portion of all transaction fees. These funds will be allocated to network development projects selected through voting. Before the upgrade, the community must test all new governance features outlined in Cardano Improvement Proposal (CIP) 1694.
Possibly influenced by the recent downward trend in the cryptocurrency market, the positive news of the Chang hard fork upgrade doesn't seem to have reflected in the price of Cardano's native token ADA. Since Cardano announced the upgrade, the price of ADA has continued to decline, reaching 0.420 at the time of writing, with a 4.7% decrease in the past 24 hours and a 9% decrease over the past week.
In the past significant updates of Cardano, the price of ADA has been positively influenced. Before the release of Cardano node v.8.5.1 on July 20, 2023, the price of ADA remained relatively stable, ranging between $0.45 to $0.48. On the release date, ADA's price saw a significant increase, reaching a peak of $0.50 shortly after the update. This reflects the market's positive response to the new node release, indicating increased confidence and demand for ADA among investors post-update.
Cardano's future includes the Leios upgrade, aimed at enhancing transaction efficiency and scalability. This is part of a broader commitment to maintaining Cardano's competitive edge in the blockchain space. Overall, these upgrades will enable the network to handle increased transaction volumes while maintaining decentralization.
These improvements could potentially have a positive impact on ADA prices by influencing market sentiment. Upgrades that enhance scalability, security, or functionality can bolster investor confidence.
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