Top Crypto News Today: What to Expect from Cardano’s Vasil Hard Fork Update happening this WEEK!

Key Takeaways 

• The Cardano Vasil Hard Fork should complete in less than a week. Cardano made an official announcement that the fork will be completed by September 22, 2022.
• Vasil Hard Fork was expected to complete in June, 2022 but has been delayed.
• The Hard Fork has already shown a price hike in ADA’s value. 
• The Hard Fork will primarily upgrade the chain with remarkable features like Plutus smart contract upgrade, and diffusion pipelining for better throughput of the chain. 

After the Ethereum Beacon chain merge upgrade, Cardano’s Vasil Hard Fork is in the limelight. The fork is expected to complete on September 22, 2022. The fork was scheduled to go live in June but was delayed as the testing and software-related issues were difficult to solve, according to Charles Hoskinson, founder, Cardano blockchain. 

Cardano foundation shared some behind-the-scenes information on Twitter

Vasil Update: This weekend, a joint @CardanoStiftung & IOG team successfully submitted an update proposal to the chain, setting the #Vasil upgrade in motion for 22nd September.

Thanks to all the technical community for their support over past months in getting us to here.🙌

1/3 pic.twitter.com/I1auhX5goH

— Input Output (@InputOutputHK) September 18, 2022

How will the Vasil Hard Fork change the existing blockchain? 

A hard fork happens when a change is made in the blockchain protocol. In a hard fork event the chain is split in two, the former chain’s transactions, nodes and other operational systems are considered null. Cardano’s Vasil hard fork will introduce Plutus V2 – an enhanced smart contract solution. Another pertinent outcome from the hard fork is diffusion pipelining. Diffusion pipelining is a feature that improves block propagation times and further leads to higher throughput. In essence, it streamlines the process of sharing information about newly created blocks among network participants. (Source: Cardano Docs) 

On September 22, 2022 a collaborative effort by IOG – Input Output Global – the Cardano Foundation’s development team will implement the hard fork with hard fork combinator. An epoch later, on September 27, 2022 the developers on Cardano will be able to leverage the new features (including node and CLI support for reference inputs, inline datums, reference scripts and collateral outputs), along with the new Plutus cost model. An epoch is the time taken to process a stipulated amount of blocks. 

IOs update on the hard  fork 

According to IOG, the team is observing three metrics: Node, Exchange and its readiness for decentralized applications. The stake pool operations community was the first to hash out its readiness with 98% blocks created by the 1.35.3 node of Vasil, which exceeds the minimum 75% criteria. The exchange liquidity is approximately at 60% and the top crypto exchanges have confirmed their readiness to upgrade their system aligned to the prerequisites of software compatibility. Cardano Foundation’s team is expecting the liquidity on exchanges to reach 80% at the time of upgrade. 

The BUIDLing season is booming. The IOG is closely working with its ecosystem’s top dApps to check their readiness for the upgrade, The number of projects that are ready to go live on the upcoming forked Cardano chain is quite promising.  

What’s next?

IOG stated that some tasks need to be done before the hard fork is taken live. The community development platform will be the new ecosystem altogether with projects being developed for them to be mainnet ready. 

As per the team, the pre-production stage will implement a hard fork over Vasil/Babbage era on September 19, 2022.  Cardano’s Vasil mainnet upgrade proposal needs to be deployed by the same date. 

Source: u.today

Additional Read: Bitcoin vs Cardano