The cryptocurrency market is struggling to recover, bringing Bitcoin (BTC) back above $60,000. As the market comes under heavy selling pressure, altcoins are also falling despite important achievements and partnerships.
Despite the bearish market and asset liquidation similar to the FTX crash, top analysts are still reminding the community of an upcoming bull run.
Notably, Cardano (ADA) price also fell like Bitcoin but ADA holders remained optimistic. Additionally, Cardano founder Charles Hoskinson celebrated important milestones with the latest hard fork update and the launch of CIP25 Metedata.
ADA is Ready to Become a Decentralized Exchange
An analyst has taken a deep dive into Cardano and its related updates to boost optimism among the ADA and altcoin community. Cardano has built a robust blockchain, offering a completely decentralized network.
Thanks to this latest update, Cardano has entered a community-governed consensus phase with its own constitution. This governance process has three phases. The first phase is delegated representation, where holders delegate their stake instead of traditional voting.
The second phase is Cardano’s constitutional assemblies. Here, representatives will present drafts and then a vote will take place. Once completed, a new system will be put in place to become a truly decentralized blockchain.
ADA Price Could Soon Surge on These Developments
Meanwhile, CIP25 Metadata makes Cardano the ideal blockchain for handling metadata and NFTs efficiently. This new standard will streamline the process to ensure that Cardano can deliver more complex and valuable applications.
Overall, Cardano is gearing up to become a decentralized cryptocurrency exchange and the price of ADA could soon surge thanks to these developments.
Cardano Releases “Node 9.0,” Paving the Way for Upcoming Chang Hard Fork
Cardano has just released “Node 9.0,” the latest version of its Cardano validator node software, on July 8. According to Cardano founder Charles Hoskinson, in a YouTube video released on July 7, the new software is the final development needed to prepare for the upcoming Chang hard fork.
The software was released around 7pm UTC. According to the release notes, this is “the first node that can support the transition across the 9.0 (Chang) hard fork boundary on mainnet and long-running testnets such as PreProd.”
The Beginning of the Age of Voltaire
The Chang hard fork is expected to be the first step towards providing Cardano with a fully decentralized governance system. It is the beginning of the “Age of Voltaire” in the development roadmap of Cardano, with significant changes to the network’s political system.
The developers have outlined these changes in Cardano Improvement Proposal 1694 (CIP 1694). According to this proposal, the Chang hard fork will gradually allow the introduction of Delegate Representatives (DReps), who are elected by ADA token holders.
These Representatives will draft the Cardano Constitution, which will become the highest political law of the network. Once the Constitution is drafted and ratified, DReps will continue to propose changes to the network according to this Constitution.
