Cardano carries out a major update: all power to ADA holders

Yesterday was a big day for Cardano (Ada). The Plomin Hard Fork was successfully implemented, an important network upgrade that completes Cardano’s transition to a democratic administrative system. ADA holders now have the complete power over the network, which marks a scoop in the crypto world.

Very first full decentralized blockchain

The Plomin Hard Fork is part of Cardano’s Voltaire era. This is the fifth and final phase of Cardano’s Roadmap and focuses on governance. Voltaire has to make Cardano a fully decentralized and self -controlling network

Last September the Voltaire era was ushered in with the so -called Chang Hard Fork. This upgrade was a preparation for decentralized board and introduced basic governance options. Plomin brings full decentralization by giving ADA holders all decision-making power about the network.

With the new Plomin Hard Fork, Cardano has officially become a DAO (Decentralized Autonomous Organization). The network is no longer dependent on the Cardano Foundation, Input Output Global (IOG) or Emurgo for decision-making-all ADA holders are in charge.

With a hard fork, the rules of the blockchain are adjusted so that all nodes with the old software can no longer participate. This can lead to a spin -off of the network – such as with Bitcoin Cash (BCH) and Ethereum Classic (etc) – but in most cases everyone switches to the new version.

At Cardano it is also a uniform transition, and it took place last night at 10:45 pm Dutch time. The Cardano Foundation announced on Socialmediaplatform X that it went without problems. “Cardano is now a self-sufficient network with on-chain voices and a treasury system-completely in the hands of the community,” this was written.

ADA holders can vote for proposals-who can deal with network change, financing projects or policy decisions-or can delegate voting rights to so-called Delegated Representatives (Dreps). There is a constitutional committee to supervise and to ensure that the decisions are in line with the constitution drawn up.

Cardano course hardly responds

The course of Cardano has hardly responded to the large milestone. Cardano is in the plus with 1.76% compared to 24 hours ago, but was largely raised by Bitcoin (BTC). After the new interest rate decision of the US central bank, Bitcoin has risen by more than 3% to $ 105,000.

Cardano is currently being traded for $ 0.95.

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