With the Cardano Hard Fork named Chang approaching, the world's largest cryptocurrency exchange, Binance , has announced that it will support the network update.
The Chang Hard Fork is scheduled to take place on Sunday, September 1, at approximately 9:45 PM UTC. One hour before the event, Binance will suspend all deposits and withdrawals of ADA, the network’s native Token ; however, trading of the asset will not be affected.
The Chang Hard Fork , called Cardano ’s “most important” update to date, will make the network fully decentralized.
Few people know that Cardano is actually run by three entities: the Cardano Foundation, IOHK, and EMURGO.
In fact, they are responsible for every decision made regarding the blockchain and influence the price of the 10th largest cryptocurrency.
However, according to Chang, the keys and indeed the control mechanisms of Cardano will remain in the hands of the community and the actual ADA holders, who delegate their tokens to Staking pools.
Important steps
Amidst the exciting developments, blockchain enthusiasts will be able to elect their representatives and vote on certain improvement proposals.
Furthermore, the community will be able to manage Cardano's treasury, which according to multiple sources currently holds around 1.5 billion ADA, equivalent to nearly $540 million.
Additionally, the Cardano Constitution will be adopted in the Voltaire Era, of which the Hard Fork is also a part.
It will enshrine the key terms of blockchain in its final, fully decentralized, community-driven iteration.
The presentation of the Constitution will take place in Buenos Aires, the capital of Argentina.
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