Cardano Vasil Hard Fork Successfully Initiated Its Update
✍️ 23 September, 2022 - 10:47 👤 Editor: Jakub Motyka
- The upgrade of Cardano Vasil hard fork brings efficiency, speed, and smart contract capability to Cardano (ADA).
- It is a major update since last year's Alonzo hard fork.
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Cardano's much-anticipated hard fork Vasil went live on September 22 at 9.44 pm UTC. Network developer, Input Output Hong Kong, made the announcement through a Twitter post. The blockchain upgrade will enhance several aspects of the blockchain.
First, Cardano Vasil hard fork will increase throughput by allowing block transmission without full validation. Faster block generation means more efficiency with less delays and higher speeds. Vasil also cuts transaction costs and expands capacity for handling more data.
Cardano Vasil Upgrade's Second Phase Set For September 27
With the first phase of the update complete, the second phase comes after one epoch. An epoch, in technical terms, means a specific period defined by a blockchain. For Cardano, it is equivalent to five days and falls on September 27.
The second phase will equally bring new capabilities through the Plutus Script update. It focuses on more scalability, especially in the smart contract module. Plutus is the smart contract language for decentralized apps on Cardano. The second phase will see development time reduced and Vasil-enabled applications enhanced.
Other features introduced by the fork include advanced CIP methods. According to Input Output Hong Kong, Unspent Transaction Output support and Hydra integration will see a major overhaul.
The Most Important Cardano Upgrade Since Alonzo Hard Fork
Vasil is the most important upgrade since the Alonzo hard fork. Alonzo went live last year, bringing smart contract capability to Cardano. The new upgrade was not without a setback.
It comes after several months of delays and postponements. The fork was due in June. IOHK cited setbacks on the testnet related to bugs prompting the delays. The developer made the final announcement in early September.
However, the critical mass indicators triggering the upgrade happened on the last day of the shift. Vasil upgrade derives its name from Vasil St. Dabov, the late member of the Cardano community.
More Scalability With Layer-2 Solution
Meanwhile, Cardano is reportedly moving on with its layer-2 scaling solution. Hydra head protocol is an important addition to Cardano mainnet and its scalability agenda. It will allow for the processing of transactions outside the Cardano blockchain. The second layer will still use the mainnet as the settlement layer.
Vasil hard fork has driven ADA token on an upward surge. The token is up 5% in the past day, currently trading at $0.46. The momentum is despite an extended crypto market correction. Multiple macroeconomic factors have held down cryptos. A hike in interest rates by major central banks and political instability are pushing investors away from riskier assets.
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ES: Jared Kirui es un escritor financiero experimentado apasionado por todo lo relacionado con la tecnología blockchain. Anteriormente, estuvo en los mercados bursátiles y forex, brindando a los administradores de activos contenido de primer nivel. Con un don para producir artículos de alta calidad, comenzó a cubrir noticias crypto en 2021. Tiene una mente abierta, comercia por diversión y disfruta de los deportes.
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Image sources:
- cardano-ada-coin: Pixabay
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