Binance to Support Cardano Network Upgrade

September 02, 2024 04:02 PM AEST | By Team Kalkine Media

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Binance to Support Cardano Network Upgrade — Image source: shutterstock

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The Cardano network is poised for the Chang hard fork, a pivotal upgrade marking the transition to the Voltaire era of decentralized governance. Binance has announced its readiness to support this network upgrade, which was initially scheduled for August 27 but has been rescheduled to September 1. The delay was necessitated by the need for additional preparation time by various {crypto} trading platforms, including Binance.

In preparation for the Chang hard fork, Binance will suspend token deposits and withdrawals on the Cardano blockchain to avoid potential technical issues. The exchange will manage all necessary technical adjustments to ensure ADA’s compatibility with the new fork. Once the upgrade is complete and the network stability is confirmed, Binance will resume token transactions on the Cardano network.

The Chang hard fork represents a significant advancement in the Cardano ecosystem. According to Charles Hoskinson, founder of Cardano, this upgrade introduces the Voltaire era, which is the final phase in Cardano’s roadmap aimed at achieving a fully decentralized blockchain network. The Chang hard fork will initiate major changes to the network’s governance model, blending elements of liquid democracy with a constitutional republic framework. This model is designed to enable efficient decision-making processes for institutional actions such as budgets and roadmaps.

Outlined in Cardano Improvement Proposal (CIP) 1694, the Chang hard fork will eventually facilitate the introduction of Delegate Representatives (DReps). These representatives will be elected by ADA token holders, further enhancing the decentralized governance of the Cardano network.

This upgrade is expected to play a crucial role in advancing Cardano’s goal of decentralization, transforming how decisions are made and implemented within the blockchain ecosystem. The transition to the Voltaire era signifies a commitment to evolving Cardano’s governance mechanisms and ensuring a more participatory and democratic network structure.

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