The upgrade introduces an Interim Constitutional Committee and Delegated Representatives, marking a significant step towards a self-governing network.
On September 1, 2024, Cardano successfully executed the Chang #1 Hard Fork, marking a significant transition towards a self-governing, decentralized network. This upgrade introduces an Interim Constitutional Committee (ICC) for governance oversight during the initial phase, with Stake Pool Operators also playing a crucial role in protocol changes. The Chang Hard Fork is set to unfold in two phases, with the second phase enabling full on-chain governance capabilities.
Additionally, the upgrade encourages community involvement through the role of Delegated Representatives (DReps), who will have the authority to influence protocol changes and governance decisions. A refundable deposit of 500 ada is required to become a DRep.
Cardano's "Chang" upgrade has been activated, introducing decentralized governance to the blockchain. With this upgrade, ADA token holders can now participate in shaping the future of Cardano by electing governance representatives and voting on development proposals. The upgrade establishes three user-led governance bodies and transfers the responsibility of initiating chain upgrades from Cardano's founding entities to these new governance groups.
The Chang Hard Fork is being rolled out in two phases. The first phase includes the establishment of the Interim Constitutional Committee (ICC) and the involvement of Stake Pool Operators in protocol changes. The second phase will enable full on-chain governance capabilities, allowing for a more decentralized and community-driven network.
One of the key features of the Chang Hard Fork is the introduction of Delegated Representatives (DReps). These representatives will have the authority to influence protocol changes and governance decisions. To become a DRep, community members are required to make a refundable deposit of 500 ada. This encourages active participation and ensures that only committed individuals take on this important role.
