Cardano will soon roll out its new Vasil update. Initially scheduled for June 29th, the Hard Fork has been slightly delayed due to development issues, but the Cardano team assures us: it’s coming!
Vasil, you have been waiting for it, they should finally launch it!
Charles Hoskinson, CEO and founder of IOG (formerly IOHK), the company behind the Cardano blockchain, revealed on Friday that the long-delayed Hard Fork Vasil will finally launch. Fans of the ADA cryptocurrency can rest assured, Hoskinson expects the upgrade to run on the mainnet as early as next month!
The upgrade was originally scheduled for June 29, but it has fallen victim to several delays. Delays that have been caused by the extreme care the teams are taking to make sure the upgrade goes smoothly.
More recently, a Cardano developer, Adam Dean, also pointed out a bug with Node v.1.35.2. The team released version 1.35.3, which fixes the issue, but there have been voices stating that the issue is still present. Charles Hoskinson refuted these claims, saying that the development team had fixed it.
So it is easy to understand the reasons for Vasil’s delay.
Hard Fork Vasil, kesako, what future for ADA and Cardano?
Vasil, Cardano’s Hard Fork requires 3 confirmations
Before going any further, let’s mention that this update does not depend only on the Cardano team. Yes, the network and its many validators must also approve it! More precisely, it is necessary that :
- 75% of Stake Pool Operators (SPOs) upgrade their nodes to version 1.35.3;
- 25 specific exchanges that represent 80% of ADA volume do the same;
- the 10 largest decentralized applications (DApps) by Total Value Locked (TVL) to do the same.
Wondering what an OPS is? Hmm.
Imagine you are in a highway with a lot of fluctuation, you are given the opportunity to save time by creating your own route. Cardano wants to free the way with the possibility to create your own block in the blockchain, this operation will allow you to earn rewards called Stakepool the rewards are then shared to the block creator. This process will allow many users to save time and money between each transaction in the blockchain.
In short and simplified, they enable the decentralization of Cardano and the smooth functioning of the Proof of Stake (PoS).
To date, only the 75% of SPOs are good! The rest is based on exchanges and DApps: we believe it!
A major update for Cardano
But what does this famous Vasil, which takes its name from a tribute to Vasil Stoyanov Davov, Cardano’s world ambassador who died in December 2021, include? Well, several improvements:
- The reduction of transaction fees;
- Improved network security;
- A better interaction with the different smart contracts allowing even faster contracts;
- A simpler implementation of oracles;
- Easier access to the cross chain.
Now that more than 75% of the 7,561 SPOs have already validated Vasil, it remains to be seen when the exchanges and DApps will follow … If you want to follow the progress of Vasil in real time, just go here.
Just starting to write on coinpri 🙂