The long awaited crypto updates are coming to an end by 2022! The Ethereum Merge, that started its process of transition from its Proof of Work consensus mechanism to its Proof of Stake consensus mechanism back on 2020 is finally at its last stage and is set to be completed by September 2022, as per the ETH developers’ comments.
Along with the ETH Merge, Cardano’s Vasil Hard Fork has also been an exciting event for the crypto community! Being one of the most interesting crypto project, since its launch, Cardano (ADA) was scheduled to launch its hard fork way back, but due to certain bugs within the chain, there has been delays in the upgrade.
However, Cardano Vasil Hard Fork Coming In September Amid Ethereum Merge – Says Cardano Founder Charles Hoskinson
Updates on the Cardano Vasil Hard Fork
- The recent updated plans of the PoS blockchain Cardano (ADA) to implement a hard fork is coming roughly close to the same time The Merge is expected to be implemented in the ETH blockchain. The Merge is roughly 16 days away from today and the change will be transitioning Ethereum’s PoW consensus mechanism to a PoS blockchain.
- While updating the crypto community during a Twitter live stream on Friday, Hoskinson stated to the crypto enthusiasts that while “extensive testing” is still being conducted, the Vasil hard fork has a possibility to take place in mid-September. Similar to the recent delay in The Merge, Cardano’s hard fork was also postponed at the end of June.
- During the live stream, Hoskinson said Vasil will take place “sometime in September” and he further stressed that the “next major lift is to get the exchanges on board.” Hoskinson mentioned that it was difficult to make sure major exchanges and third parties upgraded.
- One particular change, CIP-31, will reduce Cardano’s transaction costs a great deal, as developers detailed a few months ago. “Reference scripts reduce your transaction costs,” the Cardano development team at Input-Output Global (IOG) explained during the first week of May.
Reference scripts reduce your transaction costs.
Currently, new scripts need to be included in each transaction.
With reference scripts, you can interact with the script through a reference, pushing it onto the chain.
➡️Interaction with a smart contract becomes minimal. pic.twitter.com/g8qVukL75W
— Input Output (@InputOutputHK) May 2, 2022
According to the U.Today report, users of the Cardano blockchain can now keep a track of the progress of Vasil through a page created by IOG. This page is built specifically for the communication of Vasil readiness. The data presented on the page will be updated on Tuesdays and Thursdays, by 4 p.m. UTC. Thus, it urges users to get the very latest “live” figures on Vasil from PoolTool or Cexplorer.
Want to keep track of progress? There’s a now a page for that.
— Input Output (@InputOutputHK) August 26, 2022
As per the report from U.Today, Vasil functionality is dependent on the vast majority of block-producing nodes running the latest 1.35.3 version. To trigger the upgrade, 75% of mainnet blocks must be created by the final Vasil node candidate (1.35.3). According to IOG’s report, 48% of mainnet blocks have been created by the Vasil node as of Aug. 26. To trigger the mainnet hard fork event, IOG and the Cardano Foundation have set a metric of approximately 25 exchanges (representing 80% of liquidity) being upgraded.