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- Cardano (ADA) has launched the first stage of the much-anticipated hard fork, with the second stage expected after 90 days.
- According to an analyst, ADA could rise as high as $75 once Bitcoin reaches $500,000.
Cardano (ADA) has officially launched the first stage of its Chang hard fork, marking a huge step towards the full transformation to a community-led governance model. This initiative has made Cardano the first major blockchain to transition its centralized governance structure to a token-based decentralized governance system.
What to Expect in the First Stage
According to Cardano’s official blog post, this first stage would witness a complete introduction of the initial governance feature while preparing the grounds for the Conway-era functionality. Over the next 90 days, DReps’s registration will reportedly be enabled, and ADA holders will be able to delegate their voting power. Plutus would also be introduced to enable sophisticated voting possibilities.
An excerpt of the post reads:
Chang also brings advanced Plutus cryptographic primitives, other new primitives, and performance enhancements to the platform. These additions provide developers with a richer smart contract creation toolkit, enhancing both developer and user experiences, and unlocking new possibilities for decentralized applications (DApps) on Cardano.
As we reported earlier, the goal of this stage is to ensure absolute security and enhance continuity within the governance bootstrapping phase. Our review of the transition roadmap also discloses the establishment of an interim constitution as well as an interim constitutional committee.
The Cardano (ADA) Team Set to Launch Phase Two of Chang
Immediately after the 90 days, the second stage would begin, where the community would initiate decentralized governance. Intersect, a member-based organization for the Cardano community, would then take charge of establishing and facilitating the community in self-government initiatives for the ecosystem. According to reports, this stage would enable all governance entities, including DReps, SPOs, and the interim constitutional committee, to vote on governance actions.
Addressing the community, Cardano co-founder Charles Hoskinson described the project’s beginning, the challenges encountered, and the current groundbreaking development.
When I reflect on where we started as an ecosystem, it was just an idea…we’ve grown tremendously throughout the years. There’ve been ups and downs, there’ve been a lot of disappointments, but now we are here. Now we are here today…a day where the entire ecosystem, the community, and every holder of ADA stands shoulder to shoulder as equals, and they all have a say in the future, not just of this protocol, but what this protocol can do for everyone in the world.
Despite this exciting news, ADA’s bullish capabilities were suppressed by the ongoing broad market bearish wind, pushing the price down to $0.325. In the last 24 hours, the asset has declined by 5% and also made a 13% fall in the last seven days.
Regardless, TradingView analysts, including Alan Santana, have predicted that ADA could surge by 2,200% in the future. According to him, ADA could rise by 284.58% from the current level to hit $1 in the near term. Later, it can rise by 475.39% to hit $1.6.
Another analyst Aryan, who strongly believes that the performance of ADA is closely tied to Bitcoin, predicts that the asset could hit $75 when Bitcoin reaches $500k. This represents a 19,405% surge from the current price.
