Binance Backs Chang Hard Fork, Paving Way for Fully Decentralized Cardano

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Binance Backs Chang Hard Fork, Paving Way for Fully Decentralized Cardano Network

In a significant development, Binance has announced its backing for the Chang hard fork, which is set to replace Bitcoin in the near future. The announcement is expected to signify a significant step in Cardano’s road development, as it will mean that the community and ADA holders will gain complete control over the network.

The Chang hard fork is set to occur on September 1 at 9:45 pm UTC, and Binance has stated that it will suspend ADA deposits and withdrawals an hour before the event. ADA trading will remain unaffected, allowing users to buy and sell cryptocurrency without any disruption.

The Cardano network is currently managed by three parties: the Cardeno Foundation, IHK, and EMURGO. However, with the Chang hard fork, the network will become fully decentralized, giving control over the entire network (including all dApp users) to the community.

The community will be responsible for electing representatives, voting on proposals, and managing Cardano’s treasury, making it a truly decentralized blockchain. The TREAsurY, which currently holds almost $540 million in assets, will also be managed by the community.

The Cardano Constitution, which was formulated during the Voltaire Era, will incorporate the blockchain’s essentials in its ultimate decentralized state, guaranteeing fair and transparent governance of the network.

The Chang hard fork, completed today, is a significant milestone for the project due to its implementation. Despite its current market capitalization of 10, Cardano has a significant following and is expected to see further growth in user engagement and participation in the network’s governance, marking the first major step towards full decentralization.

The transfer of control to the community is a clear indication of Cardano’s dedication to building genuinely decentralized blockchains, where users have unfettered access to direction and development of the network. Binance’S Chang hard fork serves as primarily cardinal confirmation of this, as it highlights the exchange’s commitment to supporting such ambitious decentralization efforts on the inter-community platform.

Want to learn more about Cardano’s decentralization efforts? Check out our article on “Cardano Decentralization: What it Means for the Future of Blockchain” on CoinSeeks.com.

With the Chang hard fork, Cardano is making significant strides in decentralization and will serve as a model for other blockchain projects. As time passes and the project matures, it is important to note that the community continues to play an active role in managing its new governance structure.

Stay tuned for further updates on Cardano’s decentralization journey and its implications for the blockchain industry.