Prominent blockchain network Cardano supported by Charles Hoskinson is about to undergo a significant update. Aimed for June, the forthcoming Chang hard fork promises to bring forth a new period named the “Age of Voltaire.” A vital question remains: will this translate to a price spike for ADA, the network’s native token? Excitement simmers throughout the Cardano community.
Hoskinson’s Vision Realized
Cardano’s growth has been a marathon rather than a sprint, painstakingly under direction from Charles Hoskinson. Cardano stresses thorough testing and peer-reviewed research instead of certain blockchain projects that give fast invention top priority.
One of the main characteristics of the Chang hard fork is the application of Voltaire, a new government structure supported by Hoskinson himself. Voltaire will be “the most advanced blockchain governance system” he claims to be in use.
It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.
It’s the most significant…
— Charles Hoskinson (@IOHK_Charles) June 9, 2024
Using a system of suggestions and voting, it enables ADA holders to help to shape the future of the network. This further decentralisation answers a main issue Cardano has received: worries over supposed centralising under Hoskinson’s direction.
Will Cardano Investors See The Light?
Although Hoskinson’s advocated technical innovations and further decentralisation are promising, the effect on ADA’s price is still under contention. Currently selling at almost $0.44, the coin has had a difficult year, a marked decline from its all-time high of nearly $3.
Chang fork proponents think could be a trigger for a price hike. Demand for ADA may rise as more investors show interest in a stronger governance framework. One other option is a decoupling from the price swings of Bitcoin. Should ADA prove to be a leader in distributed government, its value proposition could stand apart from more general market trends.
Still, mistrust exists. The market for cryptocurrencies is famously erratic, and significant price fluctuations usually result from a confluence of elements outside mere technical improvements. Some analysts caution that the hard fork’s effect on price could be exaggerated.
Innovation Vs. Market Volatility
For Cardano, the Chang hard fork comes at a turning point. Regarding decentralisation and utility, it marks a major advance. The project must balance its dedication to complete development with the fast-paced, sometimes impatient character of the bitcoin market, though.
Cardano’s painstaking approach is admirable in the interim, but it could have to change to fit the often changing needs of the cryptocurrency scene.
Featured image from Indian Infrastructure, chart from TradingView
