The Highly Awaited Cardano Vasil Hard Fork Date
Input Output Hong Kong (IOHK) is the blockchain development firm backing Cardano, delivering the blockchain’s fifth major upgrade. The date for its release has been set for September 22, three months later than initially planned. The upgrade will arrive a week after the Ethereum merge, which transitions Ethereum from proof of work to proof of stake. The Vasil upgrade will enhance the Plutus programming language, ensuring greater scalability at lower costs.
Charles Hoskinson, the founder of Input Output Global, confirmed the Vasil mainnet upgrade date during a live Twitter stream. IOHK also shared several tweets, calling the Vasil upgrade its most critical one to date. He added that this upgrade was the most challenging ever undertaken by the ecosystem. Four Cardano Improvement Proposals (CIPs) will be incorporated into Cardano’s (ADA) database. The upgrade includes CIP-31 for Reference Inputs, CIP-32 for Inline Datums, CIP-33 for Reference Scripts, and CIP-40 for Collateral Outputs. Developers at IOG previously stated that CIP-31’s reference scripts will notably reduce ADA’s transaction costs.
Insights from Cardano’s Founder
Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, revealed that the set date for the Cardano Vasil hard fork holds special significance. It coincidentally falls on Bulgaria’s Independence Day, adding symbolic meaning, as the hard fork is named after Vasil St. Dabov, a late Bulgarian community member. Vasil, who served as the Chief Blockchain Advisor at software R&D firm Quanterall, passed away in December 2021.
Hoskinson also highlighted the immense workload required for the Vasil upgrade, with many collaborators overwhelmed by the demands. He emphasized the necessity of building better processes and foundations for future upgrades of this scale. The developers were pushed to their limits during the Vasil upgrade.
Relief Following Vasil’s Delay
The Vasil upgrade was initially scheduled for release in July. However, the development process proved complex, resulting in a delay of several months. While this caused some unrest among developers, it appears that the issues have now been resolved. The Cardano developers have confirmed they have met the three crucial mass indicators needed for the upgrade. The Vasil node candidate (1.35.3) is responsible for generating 75% of mainnet blocks, and approximately 25 exchanges have updated their nodes to support the new hard fork, representing 80% of ADA liquidity. Furthermore, the top 10 Dapps by TVL are prepared for the upgrade with the (1.35.3) node in Preproduction and ready for the mainnet upgrade.
IOHK has indicated that 12 reputable crypto exchanges, including MEXC and Bitrue, are ready for the upgrade. The largest exchange, Binance, is almost prepared, while Coinbase, HitBTC, WhiteBit, UpBit, and BKEX are still in progress. IOHK expects a smooth technical transition, with no disruption to users or interruptions in block production.
CryptoChipy has observed that Cardano developers are now more excited than ADA traders as the final release date approaches.
Разбиране на хард форк
A hard fork occurs when participants in a blockchain network agree to split the chain, creating two versions of the same protocol. This can happen for a variety of reasons, and can sometimes be contentious, such as the anticipated ETHPOW hard fork after the Ethereum merge. Alternatively, a hard fork can be part of a planned upgrade, as seen with the Beacon Chain hard fork leading up to the Ethereum merge.
The primary goal of the Cardano Vasil hard fork is to scale and expand the network, putting Cardano in direct competition with Ethereum. The hard fork will also enhance the experience for Web3 developers building decentralized applications on Cardano, in addition to improving Plutus, the smart contract development platform. These upgrades will enable developers to create more powerful and efficient blockchain-based applications.
CryptoChipy anticipates a smooth transition with the Vasil hard fork and will continue providing updates on its impact on Cardano and the broader ecosystem.
