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Cardano Will Transition to Full Decentralized Governance After Wednesday's Hard Fork, Cardano Foundation Says
A hard fork is a non-backwards compatible change to the blockchain's programming.
What to know:
- Cardano's Plomin hard fork is set to go live later Wednesday.
- Cardano's ADA token trades slightly higher ahead of the upgrade to a full decentralized governance.
Proof-of-stake blockchain Cardano will switch to decentralized governance later Wednesday after the Plomin hard fork takes effect, Cardano Foundation, a non-profit organization backing the project, said on X.
"The Plomin hard fork takes effect, marking the transition to full decentralized governance. ADA holders gain real voting power – on parameter changes, treasury withdrawals, hard forks, and the blockchain’s future," Cardano Foundation said. "[It's] A milestone in blockchain governance."
STORY CONTINUES BELOW
Cardano's ADA token changed hands at 93 cents at press time, up 1.4% on the day, according to data from CoinDesk and TradingView. A hard fork is a non-backwards compatible change to the blockchain's programming.
The Plomin hard fork needs Stake Pool Operators to upgrade their nodes and approve the upgrade with a 51% vote. As of last week, nearly 80% of nodes had elevated to the new version.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
