Charles Hoskinson, the co-founder of Cardano, has said that the blockchain is bringing two major updates this year, which will be in 2024. These are Chang Hard Fork and Ouroboros Leios upgrades. Both serve different purposes but aim to achieve improvement in comparison to what blockchain has at the moment.
Charles has confirmed that Chang Hard Fork will happen in the second quarter of 2024. It will bring voting powers for the community members, or the holders of the ADA tokens – allowing them to share their points on governance. Chang Hard Fork aims to further decentralize Cardano Blockchain by boosting the influence that ADA holders have. Voting rights will pertain to proposals as a significant step in the community.
Ouroboros Leios does something similar, except it specifically relates to transactions. It aims to improve the efficiency and scalability of transactions. A reason why it is similar to Chang Hard Fork is that it also serves well to the community members by enhancing the capabilities of transactions plus not hampering the decentralized nature of the blockchain.
Both of these issues occur at a moment when Cardano is facing tremendous pressure to sell. The ecosystem’s meager utility is drawing a lot of criticism. On the other hand, Hoskinson has expressed confidence in Cardano’s future. Charles underlined that their community, scalability, creativity, and governance all support them tremendously. If anything, planned improvements are being considered in order to bolster the ecosystem’s current advantages.
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Grayscale Investment recently decided to let go of its ADA holdings from Crypto Large Cap Funds. Grayscale called the move a way to rebalance the platform. According to reports, it will now sell the token in order to pay for more fund components. Such a move on the part of the investment firm indicates that ADA will inevitably drop gradually.
That is evident from the fact that the token has lost 1.61% in the last 24 hours, and 22.79% in the last 30 days. That said, ADA can still make a recovery if upgrades are as effective as they are being described.
Charles Hoskinson has addressed a major issue within the industry. He said that the problem is that the industry is quick to judge on short-term narratives. The Co-Founder mentioned AI as an example, explaining that there was a time when Open AI dominated the AI sphere. But, trends have changed, with other players not just entering the market but also attempting to dethrone Open AI from the position.
Critics may still have a negative opinion about Cardano when it comes to utility. If statements by Charles Hoskinson are to be believed, then the blockchain is poised for major upgrades this year, strengthening its community and transaction effectiveness.
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Chang Hard Fork is tentatively scheduled for the second quarter of 2024. Ouroboros Leios upgrade could soon follow.
