Submitted Vasil hard fork proposal by Cardano: The countdown begins

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Submitted Vasil hard fork proposal by Cardano: The countdown begins

Submitted Vasil hard fork proposal by Cardano: The countdown begins
Source: CoinTelegraph
1656585394 30 Jun / 10:36

Input Output Hong Kong (IOHK), a developer of the Cardano Blockchain, has filed a revised proposal to hard fork the Cardano testnet, initiating the countdown to the network's Vasil mainnet upgrade.

The Vasil update is anticipated to deliver "significant performance and capability upgrades" to the blockchain, with IOHK characterizing the fork as the "far biggest and best upgrade to date" because of its increased throughput and more excellent script performance for developers, and cheaper expenses.

The addition of diffusion pipelining to improve the scalability of blockchains for decentralized apps has been cited by the team as one of the most significant developments (DApps).

The upgrade will expedite the generation of blocks, as they will be transferred without complete validation.

If all goes according to plan, the testnet will be upgraded on July 3, and the mainnet will be upgraded at the end of July. The Cardano community requested four weeks to evaluate and upgrade testnet apps. According to IOHK, the mainnet hard fork will occur “once everyone is comfortable and ready.”

Originally scheduled for this Wednesday, the Cardano mainnet upgrade was postponed by one month on June 22 due to multiple remaining problems. IOHK has described the project as its “most complex program of work we’ve undertaken.”

IOHK’s “primary priority” is the “safe and secure” management of the upgrading. It finds that the Vasil node generates over 75% of the testnet network’s blocks and concludes that “good chain density to proceed safely.”

The latest necessary blockchain upgrade occurred in September 2021 with the Alonzo hard fork, which introduced the long-awaited smart contract capability utilizing Plutus scripts, a smart contract programming language explicitly designed for Cardano.

According to DefiLlama, the update was primarily regarded as a letdown, as Cardano currently has only eleven DApps. Charles Hoskinson, the co-founder of Cardano, had estimated there would be “thousands of DApps” on Cardano by 2021. He believes developers are awaiting the Vasil update to deploy their products.

The Vasil node is named in honor of Vasil Stoyanov Dabov, an artist, Cardano community member, and ambassador who died of a pulmonary embolism in December 2021.

Cardano is a proof-of-stake (PoS) blockchain marketed as an “Ethereum Killer” because of its superior scalability, transactions per second, and transaction costs.

Cardano (ADA) is now ranked ninth with a market value of $15.7 billion and a price of roughly $0.45, down 85 percent from its all-time high of over $3.00 in September 2021, according to data from CoinGecko.

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