Cardano's Age of Voltaire Approaches with Major Blockchain Upgrade in June

Charles Hoskinson, the creator of the open-source blockchain platform Cardano, has announced a significant upcoming event in the Cardano ecosystem.

In a social media post on June 9, Hoskinson revealed that the Cardano Node is expected to reach version 9.0 this month, signaling that the blockchain is ready for its anticipated hard fork. This update, known as the Chang fork, will usher Cardano into its final development phase, the Age of Voltaire.

The Cardano blockchain is now awaiting the installation of the new node by 70% of stake pool operators (SPOs). Once this threshold is met, the hard fork can proceed, marking the transition into the Voltaire era.

Named after notable figures in poetry and computer science, the development phases of Cardano are termed "eras." The first three eras—Byron, Shelley, and Goguen—introduced a basic blockchain, decentralization, and smart contracts. The Basho era, currently in progress, focuses on scaling the blockchain. The forthcoming Voltaire era will add governance, voting, and treasury management functionalities to the Cardano blockchain.

The Chang fork, the first hard fork in the Voltaire era, will enable community-run governance by facilitating on-chain community consensus. This will allow Cardano ADA holders to use their tokens to vote on proposals. The upgrade honors Phil Chang, an early leader in Cardano governance who passed away in 2022.

Hoskinson has also expressed high expectations for the Chang fork, describing it as the "most significant milestone in the history of Cardano." He believes it will help create a "decentralized civilization" with millions of participants worldwide. With the Chang upgrade, Cardano aims to establish the most advanced blockchain governance system, complete with annual budgets, a treasury, and valuable community insights.

Despite the excitement surrounding the upgrade, the ADA cryptocurrency has experienced a notable decline in 2024, dropping over 26% from approximately $0.60 to $0.44 since January 1, according to Cointelegraph. This decrease has caused ADA to fall out of the top 10 cryptocurrencies by market capitalization, surpassed by Toncoin (TON).

Nonetheless, Hoskinson remains optimistic about Cardano's future, emphasizing the robustness of its fundamentals. He envisions a fully decentralized network where the community, not IOHK, will manage Cardano, ensuring its continuous growth and advancement from a secure, decentralized foundation.