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Exciting Upgrades Ahead for Cardano Blockchain in 2024
Charles Hoskinson, one of the co-founders of Cardano, has announced two major updates set to take place this year in 2024. These upgrades, namely Chang Hard Fork and Ouroboros Leios, are designed to enhance and improve the current state of the blockchain system.
Chang Hard Fork: Empowering the Cardano Community
The Chang Hard Fork, expected to occur during the second quarter of 2024, will introduce significant changes to the governance structure of Cardano. One of the key features of this update is the introduction of voting rights for community members and holders of ADA tokens. This move aims to decentralize the Cardano Blockchain further by empowering ADA holders with the ability to participate in decision-making processes related to governance. The voting rights will enable them to provide their input on various proposals, marking a significant step forward in community involvement.
Ouroboros Leios: Enhancing Transaction Efficiency
Similarly, the Ouroboros Leios upgrade focuses on optimizing transaction efficiency and scalability within the Cardano ecosystem. This update aims to improve the overall speed and performance of transactions while maintaining the decentralized nature of the blockchain. By enhancing the capabilities of transactions, Ouroboros Leios aims to provide users with a smoother and more efficient experience when engaging with the Cardano platform.
These updates come at a crucial time for Cardano, as the ecosystem faces mounting pressure and criticism regarding its utility. However, Charles Hoskinson remains steadfast in his confidence in the future of Cardano. He emphasized that the strong pillars of community, scalability, creativity, and governance are key assets that will support Cardano through its evolution. Planned improvements are being carefully considered to build upon the ecosystem’s current strengths and address any existing challenges.
Recently, Grayscale Investments made headlines by announcing its decision to divest its ADA holdings from Crypto Large Cap Funds. This move was described as a strategic rebalancing of the platform, with reports indicating that the tokens will be sold to fund other components of the fund. The decision by Grayscale to sell off ADA holdings may have contributed to a gradual decline in the token’s value, with a decrease of 1.61% in the last 24 hours and 22.79% in the last 30 days. However, there is potential for a recovery if the upcoming upgrades deliver on their promises.
Addressing a common criticism within the industry, Charles Hoskinson highlighted the tendency to focus on short-term narratives when evaluating blockchain projects. He drew parallels with the AI sector, noting how trends and dominant players can shift over time. Despite detractors questioning Cardano’s utility, Charles Hoskinson’s statements signal a positive outlook for the blockchain’s future, with anticipated upgrades set to strengthen the community and transactional effectiveness. The Chang Hard Fork is anticipated for the second quarter of 2024, with the Ouroboros Leios upgrade likely to follow soon after.
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