What to expect from Cardano’s Chang hard fork?
- Cardano founder Charles Hoskinson said that the Chang hard fork could occur in June.
- Cardano’s blockchain will be managed by the community instead of the development firm IOG post the hard fork.
- ADA wiped out nearly 3% of its value on Tuesday.
Cardano (ADA) could move into the final phase of its program to become a blockchain ecosystem governed by the community. Until now ADA blockchain has been governed by the software developer firm Input Output Global (IOG).
The upcoming hard fork could push Cardano to the Voltaire era. The Ethereum competitor is currently in its Basho era.
Cardano’s Chang hard fork and what it means for ADA chain
Charles Hoskinson, the co-founder of IOG, the software development firm behind the Cardano blockchain said in a recent tweet on X,
It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.
We'll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.
It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.
— Charles Hoskinson (@IOHK_Charles) June 9, 2024
It's the most significant…
In the Cardano ecosystem, development phases are labeled as “eras.” Cardano is currently in its Basho era and will move to Voltaire with the Chang hard fork. The update was scheduled to occur in Q2 2024.
In the Voltaire era, the Cardano improvement proposal (CIP) 1694 was the first proposal to be implemented. CIP 1694 proposes a revision of the blockchain’s on-chain governance system to put the community in charge of the chain.
Three direct governance bodies, a constitutional committee, a group of delegated representatives (DReps), and the stake pool operators (hSPOs) will be responsible for the Cardano chain.
ADA wipes out nearly 3% of value on Tuesday
Cardano is currently in a downward trend. The altcoin could suffer another 7% decline and dip to the April 13 low of $0.3994 in the ongoing correction.
The Relative Strength Index (RSI) is 37.28, inching closer to the oversold zone at 30 and the signal line crossed over the Moving Average Convergence Divergence (MACD) line on Saturday, June 8, supporting a bearish thesis for Cardano.
ADA/USDT 1-day chart
A daily candlestick close above the June 7 high of $0.49 could invalidate the bearish thesis and Cardano could attempt a comeback to $0.6049. This level coincides with the 50% Fibonacci retracement of the decline from the March 14 peak of $0.8104 to the April 13 low of $0.3994.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
