Cardano has successfully completed the Chang hard fork. The update marked the beginning of the Conway ledger era and the ecosystem's transition to decentralized governance. What does this mean for the crypto business and specifically for Cardano?
The Chang hard fork is of great importance both for the Cardano ecosystem and for the crypto business as a whole:
1. Chang marks Cardano's transition to fully decentralized governance. This allows any ADA holder to have a say in the decision-making process regarding the network’s future development.
2. Now every ADA holder can vote or delegate their powers to representatives, making the system more democratic and inclusive.
3. The update introduces new cryptographic and performance improvements to smart contracts, which can potentially lead to the creation of more efficient and secure decentralized apps.
4. The innovation provides an additional layer of governance and control in the Cardano ecosystem.
5. Support for advanced voting mechanisms, including decentralized autonomous organizations (DAO) voting, which opens up new possibilities for Cardano-based decentralized organizations.
For Cardano itself, the update means:
1. Delivering on its long-term promise of creating a truly decentralized network.
2. The potential to attract new users and developers interested in a more democratic ecosystem.
3. The ability to roll out the network more quickly and flexibly in accordance with the wishes of the community.
4. Strengthening its position in the competitive struggle with other blockchain platforms.
However, it should be noted that despite the technological significance of this update, it has not yet exerted a positive impact on the market value of ADA.