The evolution of Cardano into the Voltaire is just shaping out with only the first phase of the Chang Hard Fork implemented on-chain. The Cardano ecosystem is gearing up for the Phasse 2 that will usher in new features to cement its community governance pivot. In light of this, EMURGO, the commercial arm of the protocol has teased the key updates that will accompany the phase 2 of the hard fork.
Cardano Chang Hard Fork, What Is Coming Again?
As reported earlier by Coingape, the Chang Hard Fork went live on the mainnet in September. The mainnet debut marked a major milestone for the Layer-1 Proof-of-Stake (PoS) network. In the first phase, updates like the ability to empower Interim Constitutional Committee (ICC) went live.
In the second phase, the community will have the power to vote on Delegate Representative (DRep). It is worth noting that DReps are an important element of the entire decentralized governance trend. It will empower the DReps with the ability to vote on proposals and governance actions on behalf of others.
Stake Pool Operator (SPO) upgrade will also ship with the Cardano Chang Hard fork Phase 2. Here, SPOs can exercise the strength of their stakes to decide on crucial protocol changes. The third update will focus on Governing Actions. This update will broaden the governance action proposal to other members of the Cardano ecosystem. With a small ADA stake, anyone can propose an update and get their coins back after voting ends.
3/ Governing Actions Community members will be encouraged to propose governance actions. Anybody in the community can initiate a proposal with a small ADA deposit (refunded after voting ends).
The proposal will be going through a voting process by DReps and SPOs to ensure the…
— EMURGO (@emurgo_io) October 29, 2024
Treasury Withdrawals is also a major update that will be encoded on-chain with the Cardano Chang Hard Fork Phase 2 update. After proposals have passed, this feature will enable the release of funding to meet proposed changes.
While the ICC recorded massive embrace with the participation, Phase 2 of the update will expand the Constitutional Committee. The essence of this is to drive a larger ecosystem participation. The timeline for the Phase 2 remains uncertain, however, early 2025 is the most likely timeline.
Cardano Valuation Boost And Other Projects
Besides Chang hard fork, Cardano sat at the frontline of most crypto media’s pages in the past week. This is because of the Bitcoin-Cardano bridge from BitcoinOS to connect both protocols.
With Cardano’s high-end programmability and Bitcoin’s liquidity, both formed a major bond that can transform Decentralized Finance (DeFi). By tapping Bitcoin’s liquidity, the expectation is that there may be a ruboff on the price of ADA.
As of writing, the coin was changing hands for $0.3515, up by 2.40% in the past 24 hours. With Bitcoin on the run, the coin may see more valuation boost in the coming weeks amid its numerous boost.
The post Cardano Chang Hard Fork: Here Are 5 Upcoming Updates To Watch appeared first on CoinGape.
