Cardano, the proof-of-stake blockchain, is on the verge of executing the highly anticipated Chang hard fork. Currently, 63% of stake pool operators (SPOs) have upgraded to Node 9.1.0. This upcoming hard fork is set to transform Cardano into a fully decentralized blockchain, enabling ADA holders to participate in network governance.

The hard fork will initiate the Voltaire era, which specifically emphasizes decentralized governance. During the first phase of the hard fork’s implementation, Intersect, a member-based organization for the Cardano ecosystem, will release an interim version of the Cardano constitution.

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An interim Constitutional Committee (CC) will uphold this constitution. Initially, the committee will consist of seven members, with three seats allocated to the Cardano community. 

Transition To Full Decentralized Government

In the second phase, the focus will shift towards establishing a fully decentralized government by introducing delegated representatives. ADA holders will have the ability to delegate their voting power to these dReps, who will represent their interests. Concurrently, the CC will expand beyond its initial seven members. At this stage, the Cardano community will take full responsibility for the blockchain’s future development.

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While ADA is currently down 2.2% over the past 24 hours, according to CoinGecko, the token may experience a substantial rally following the imminent upgrade. To activate the hard fork, at least 70% of SPOs need to adopt the latest version of the node. Despite the recent appearance of a death cross signal on ADA’s short-term chart, which is typically a lagging indicator, the Chang hard fork could act as a bullish catalyst, potentially reversing the current trend.

ADA’s Position in the Market

Although ADA remains outside of the top 10 cryptocurrencies, with a valuation of approximately $11.5 billion, the forthcoming upgrade could significantly impact its market position. The anticipated hard fork presents a crucial moment for Cardano, potentially driving a positive shift in ADA’s valuation and market performance.

Cardano’s Chang hard fork marks a significant step towards decentralization and community-driven governance. The successful implementation of this upgrade will empower ADA holders and could potentially trigger a bullish trend for the ADA token. As the blockchain moves closer to this milestone, the Cardano community eagerly anticipates the transformative changes that lie ahead.