A sovereign wealth fund of 1.5B ADA (~$500M) unlocks later today to be used by and for every single member in the Cardano ecosystem. The most consequential upgrade (Chang hard fork) brings the most advanced governance system in the history of the cryptocurrency industry.

1. Decentralization and the concept of sound money has always been a bedrock of the cryptocurrency space. Another bedrock is the idea of being governed by the many for the many, instead of the few. With blockchains we don’t have leaders; instead, we all come together as a community and decide on doing things.
2. A step towards realizing Satoshi’s vision of decentralized systems potentially running economic, political and social systems globally.
3. Positions Cardano to become an open platform that seeks to provide economic identity to the billions who lack it by providing decentralized applications to manage identity, value and governance.
4. Chang is the most consequential upgrade because it unlocks the most advanced on-chain governance system in the history of the cryptocurrency industry. It introduces the concept of liquid democracy.
5. The Chang (named as a tribute to Phil Chang & his significant contributions to Cardano’s governance strategies) hard fork brings the age of “Voltaire” to Cardano & it will take place today at 21:44 UTC
6. After Chang, community takes over and that is the reality and nature of a structure that is here to stay because it can survive the loss of its founders, bad roadmaps & the founders being wrong.
7. This approach emphasizes the long-term thinking vs. short term price fluctuations -> built to look at the world in terms of decades and centuries, a stark contrast to the ‘move fast and break things’ blockchain industry around us.
8. it unlocks a sovereign wealth fund of 1.5bn ada valued at almost $500m today. This is a truly extraordinary thing to be used by and for every single one of the millions of members in the Cardano ecosystem who don’t know each other, have never even met each other, are now going to work together through a blockchain and make decisions.
9. The purpose of Voltaire is to harness, aggregate, and refine that collective will into one clear voice – despite decentralization – about where to go and how to get there. The reality is that no one is smarter than everyone.

Bonus (for the haters): yep that means that Charles becomes just another community member as genesis keys (of IOG, Cardano foundation and Emurgo) will be burnt.

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