With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.

The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.

The Chang hard fork, which is being called Cardano's “most significant” update to date, will make the network fully decentralized. Few people know that Cardano is now actually run by three entities: Cardano Foundation, IOHK and EMURGO. They are in fact responsible for all decisions made regarding the blockchain and affecting the price of the 10th largest cryptocurrency. 

Under Chang, however, the keys and in fact the control mechanisms of Cardano will remain in the hands of the community and actual ADA holders who delegate their tokens to the staking pool.

Key steps

Amid interesting developments, blockchain enthusiasts will be able to elect their representatives and vote for certain suggestions for improvement.

Moreover, the community will be able to manage Cardano's treasury which, according to various sources currently holds about 1.5 billion ADA, which is equivalent to almost $540 million.

In addition, Cardano Constitution will be adopted during the Voltaire Era, of which the hard fork is also a part. It will enshrine the main provisions of the blockchain in its final fully decentralized, community-driven iteration. The presentation of the Constitution will take place in Buenos Aires, the capital of Argentina.