Cardano’s Vasil Hard Fork Goes Live – The Significance Of The Upgrade Explained

After suffering multiple delays in June and July, Cardano’s long-awaited network upgrade, the Vasil hard fork, has successfully been implemented, bringing “significant performance and capability” enhancements to the network.

The Vasil Hard Fork Is Live

Input Output Hong Kong (IOHK), the development team behind Cardano, announced via Twitter that the Vasil hard fork upgrade was carried out on the blockchain at 21:44 UTC on Thursday, September 22nd. IOHK tweeted:

#Vasil mainnet HFC event successful!

We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
1/5

— Input Output (@InputOutputHK) September 22, 2022

The successful launch of Vasil signals the start of a five-day hard fork process, which is expected to be finalized on September 27th. The hard fork will introduce new features, while protecting the blockchain from data loss.

The Significance of the Vasil Hard Fork

The upgrade has been touted as the most significant period since Cardano’s launch. For one, Vasil will serve to enhance Cardano’s smart contract capabilities through Plutus V2, which was initially released in September 2021.

Cardano has long been criticized for failing to compete with other smart contract platforms, but Vasil is expected to fix that. The upgrade’s implementation could potentially lead to the development of more decentralized applications on Cardano.

The hard fork also aims to improve Cardano’s throughput capability via diffusion pipelining, thereby increasing the overall scalability of the network, while also lowering the cost of transactions.

On the Flipside

In addition to Vasil, Cardano is also developing a new Layer-2 scaling solution called Hydra, which is expected to launch in 2023.

Why You Should Care

With Vasil working to make Cardano more developer friendly, the project may finally begin to live up to its hype as an “Ethereum-killer.”

Related Posts

Net Bitcoin ATMs growth drops globally for the first time ever

Data on net changes of crypto ATM installations confirm that, in September, 796 crypto ATMs were pulled off from the global network. The domino effect of a…

Cardano reaches 3.9m wallet addresses and invests $200m to boost ecosystem – ADA about to explode

Cardano’s founding entity (Emurgo) will invest these funds in various projects over the next three years. Cardano’s wallet addresses surpass 3.9 million, but ADA price is still…

A Decade Later, Ross Ulbricht’s Silk Road Sentencing Demonstrates The Government’s Fear Of Bitcoin

Silk Road Founder Ross Ulbricht’s excessive 2013 sentencing betrays the U.S. government’s fear of Bitcoin and dollar competition. This is an opinion editorial by Aaron Daniel, an appellate…

Bitcoin Volume Spikes With Market Uncertainty In The UK

Is bitcoin diverging from traditional markets? Are people starting to wake up to the fact that the fiat system will not save them in times of crisis?…

Not Again: Solana (SOL) Down 4% as It Suffers Another Outage

Solana network is back online after experiencing another outage that had it offline for six hours during the early hours of October 1. Solana Status revealed that the…

Block’s TBD Partners With Circle to Create Global Fiat-Crypto Bridges

TBD – a Bitcoin-focused wing of Jack Dorsey’s payments company Block – has partnered with Circle to help expand on and off ramps between the worlds of…

Generated by Feedzy