Cardano will have an imminent update. What does that change imply?

Cardano is ready for a new update that could arrive this month. This is the bifurcation (fork) Chang. This will push Cardano into the Voltaire era, as the fifth step towards network decentralization is known.

«It seems that June will be the month in which Cardano Node will reach version 9.0. This means that Cardano is ready for the Chang fork and is waiting for 70% of SOPs to install the new node,” said Charles Hoskinson, founder of the Cardano network.

The “sums of products» (SOP) improve the efficiency of scripts and are crucial to maintaining fast and profitable operations on the network, so the scripts will be smaller and more efficient than current ones, which could improve performance. These are programs or codes that represent and execute the logic of smart contracts.

A fork occurs when a blockchain separates, leaving two networks with a common origin, but that end up differing in some aspect that prevents them from functioning as one.

In the case of Cardano, what will happen is a hard fork (hard fork, in English). These modify the protocol so that updated nodes accept transactions with the new format, but outdated ones reject them.

A treasury is part of the Cardano upgrade

The Voltaire era provides “the final pieces necessary for the Cardano network to become a self-sustaining system,” according to the project roadmap.

In this way, the new stage will add the capacity of the Network participants submit proposals for Cardano improvement that can be voted on by interested parties, taking advantage of the already existing participation and delegation process.

To finance the future development of the network, Voltaire will also have the addition of a treasury system, whereby a fraction of all transaction fees will be combined to provide funds for development activities made after the voting process.

“With the introduction of a voting and treasury system, network participants will be able to use their participation and voting rights to influence future development,” explains the website showing the path the network will take.

Cardano could have the most advanced governance, says its founder

For Hoskinson, this is the most significant milestone in the history of Cardano and for the industry as a whole. “Cardano will be a decentralized civilization spanning the entire world with millions of residents,” she said.

Likewise, the American businessman believes that Cardano’s governance system will be the most advanced, with annual budgets, a treasury, and the wisdom of an entire community that will guide the project.

For its part, Emurgo, the entity behind the Cardano network, has indicated that future development will be aimed at greater tokenization and promoting the creation of decentralized applications (dApps).

Last May, the CIP-0069 proposal was included in the Chang update, which seeks to facilitate the development of decentralized applications (dApps) on the network, as reported by CriptoNoticias.

Regarding this, Hoskinson commented that adding this update would not represent “a significant delay to Chang’s delivery.”

The Cardano Community She is excited about the arrival of Voltaire. An investor in the cryptocurrency, under the pseudonym Sssebi, believes that “people outside of Cardano have no idea how big Chang will be” and that this update should be disseminated widely.

Events like Chang could not only maintain, but increase the price of ADA, the network’s native cryptocurrency. However, the crypto asset has not managed to perform well in the last two years, as can be seen in the following TradingView chart.

ADA since the beginning of 2022 has not been able to reach the price of 1 dollar, maintaining a price range between 0.2 and 0.8 dollars. This is 86% below its all-time high of $3.10 recorded in 2021.