Cardano Founder Announces Major Burn Prior to Change Fork Update
Cardano Founder Charles Hoskinson recently confirmed the burning of the Genesis Keys in preparation for the upcoming Chang hard fork scheduled for September 1. The Genesis Keys, which were controlled by Input-Output Global (IOG), have been eliminated to shift Cardano towards a more decentralized protocol, in line with the community’s vision for a fully autonomous network.
Overview of the Genesis Keys
This move is a significant step towards the Voltaire Era, which is expected to empower the Cardano community with greater influence over the network’s future developments. Despite the technical complexities involved, the IOG team has been diligently working to ensure a smooth transition with a focus on security and scalability.
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Cardano Founder Absence
However, there has been speculation and concern within the community due to Charles Hoskinson’s recent absence from public engagements. While some have attributed this to his involvement in the Chang hard fork, others have expressed unease about undisclosed challenges.
Price Action and Performance
In response to these developments, ADA price has experienced a decline, currently trading at $0.3432, reflecting a 6.23% drop in the last 24 hours. Despite the decrease in price, trading volume has surged by 17.55%, indicating heightened activity and speculative trading within the Cardano ecosystem. This market sensitivity underscores the potential for future appreciation tied to the implications of the Chang hard fork and the upcoming Voltaire Era.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
