The Cardano Founder Charles Hoskinson made an announcement related to the update on the Cardano Vasil Hard fork in a Livestream the last Friday. The name of this is given in remembrance of the Vasil Dabove who was a Cardano evangelist and mathematician who is no more among us.
In this Livestream, he shared the technical details about the upcoming Cardano hard fork and he mentioned that “he is well aware of the bugs that will require some fixing and some extensive testing that needs to be done currently going on”.
Cardano coin ADA is at the 8th position in the Coinmarketcap listing and works on the Proof of Stake principle. It supports NFTs and smart contracts and its aim is to solve the global changes which are related to this identity management.
Hard forks in cryptocurrency happen when users on a blockchain network agree to update their programs to a new version. It represents a significant improvement over a soft fork, which is often less time-consuming and enables network users to update their software gradually over time.
A hard fork occurs when nodes of the most recent edition of a blockchain stop accepting the previous version, resulting in a permanent split from the prior version of the network. The co-founder of Ethereum Hoskinson told the users that the Hardfork will occur sometime around 15 September which is also the date for the Ethereum Merge as well.
He further added that “the exact date will depend on the crypto exchanges as we need to get them on board for this hard fork and the Binance is currently upgrading by volume which must be around 30-40% of the Cardano trade volume. Other exchanges like Kraken and Coinvase are also working to do the same.
The hard fork date will be set soon, already the largest 3 to 5 exchanges have upgraded the system, and the rest exchange will follow along as well. Even though we are not done with everything for now everything looks good”.
The latest 1.35.3-running Stake Pool Operators (SPOs) now produce 55% of the mainnet blocks in the current epoch, The 75% needed to activate Vasil on the Cardano mainnet is more than halfway there.
Unless there is a significant delay, Hoskinson predicts the upgrade will happen "sometime in September." Notably, the network's dapp development community and developers will be consulted before a final decision on the precise date is reached.
What will happen because of the Cardano Vesil Hardfork?
Since the launch of the Alonzo hard fork in September of last year, the Vasil hard fork has become Cardano's most awaited blockchain upgrade. It will bring about significant network enhancements that will shrink transaction sizes, increase network throughput, and cut transaction fees. Additionally, it is hoped that the upgrade would resolve the concurrency problem that has seriously impeded the capacity of Cardano's decentralized apps to scale.
Alonza was successful in introducing the smart contract functionality and it was made for the apps but it decreased the speed of the blockchain. The vesil hard fork will cover up that as it is based on the scaling purpose, the end result will be that Cardano will become much faster and easier.
Fundamentally speaking, the Vasil hard fork may encourage ADA adoption because of increased network effectiveness. This can then give the token the confidence to move up in rank. The coin's supporters are eager for it to reach $1. However, ADA will likely be in the bear market until Vasil is finished due to persisting macro risks and their negative impact on cryptocurrency markets.
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