The crypto space has had an ever-evolving ride ever since Bitcoin was introduced to us. The regular updates on the blockchains are just a way of catering to the rising demand from the community along with improvising on the use cases of the tokens!
Very recently, Cardano had announced the launch of their Vasil hark fork but it had been postponed due to various reasons. However, the crypto community has now been assured of the Vasil hard fork being launched on the Cardano mainnet within four weeks, following the launch on their testnet. Before getting into the update, let’s take a quick download of the basics.
WHAT IS CARDANO?
Cardano is the third-generation, decentralized Proof-of-Stake(PoS) blockchain. The platform aims to address the issues related to Scalability, interoperability, and sustainability by being cost-effective, and environment-friendly with high throughput.
The blockchain is been built in five stages namely, Foundation, Decentralization, Smart-Contracts, Scaling & Governance. The native token of the Cardano blockchain is ADA which is named after 19th-century mathematician Ada Lovelace.
Check out the Latest ADA Price Charts, and Data.
Additional Read: ADA Launches its Vasil Fork Update on Testnet
UNIQUE FEATURES OF CARDANO
- Cardano blockchain follows a layered architecture and is composed of 2 main elements, The Cardano Settlement Layer(CSL) & The Cardano Computational Layer (CCL). These interoperate and communicate easily while performing their functions.
- The key feature of the Cardano blockchain is its Ouroborous PoS which divides the time into epochs. Each epoch is handled by a set of validators and they are rewarded with ADA tokens
- The platform claims to have a higher degree of decentralization as anyone can become a node validator on Ouroborous
Additional Read: How to Invest in Cardano (ADA)
According to the recent CoinTelegraph update, once the update is up on the mainnet, the Vasil hard fork will enable faster block creation and greater scalability for decentralized apps (dapps) running on the Cardano ecosystem. According to a CoinTelegraph report, the organization that produced Cardano, Input Output HK (IOHK), said in a tweet on July 3, 2022 that in addition to the performance upgrades, developers would benefit from “much-improved script performance and efficiency” and lower costs.
Vasil will also enable interoperability between Cardano (ADA) sidechains, one of the main features developers intend to launch in the current Basho phase of the blockchain’s development. Basho is the fourth development phase for Cardano that focuses on scaling and will be followed up with the Voltaire phase, in which governance will be the main focus.
According to the U.Today report, the massive update was one of the biggest and most anticipated things that has ever happened to the Cardano ecosystem. With the implementation of the update, Cardano will receive a number of important Improvement Proposals (CIPs) that are aimed at updating the network’s overall performance and throughput.
Smaller changes will affect the optimization of the Cardano network and make it more developer-friendly, which is an extremely important change for the most actively developed network in the industry. Cardano decentralized applications are expected to become more user-friendly and optimized. Onboarding of applications that are currently in development is also expected to become more straightforward and simpler.
With the improved performance of the network, easier dApps development and interoperability, Cardano is expected to stake out a place among the biggest projects in the digital assets industry.