What was the significance of the Declaration of Independence adopted by the Continental Congress on July 4, 1776?

The Declaration of Independence adopted by the Continental Congress on July 4, 1776 emphasised that all men are born equal and cannot be denied the right to life and liberty. It asserted the people's right to form their own government. It was also stated in the Declaration that hence forward the Americans were free to take authoritative decisions independently in all matters of war, peace, truce and business which are the rights of an independent state.