Top Crypto News Today: Cardano Vasil Updgrade Closer with Release of New Test Versions of Daedalus Wallet

The Cardano Foundation is soon performing the heavily talked about Vasil hard fork onto the blockchain. With the delays happening for the bugs pointed out by the developers, the Cardano Foundation announced yesterday that ADA had released the test versions of the Daedalus wallet ahead of the fork.

According to the U.Today news, Input Output (IOHK), a renowned research and engineering firm that is behind the Cardano blockchain claims that it is a part of “the final mile” toward the much-anticipated Vasil upgrade. The new versions are available only for developers and stake pool operators who are currently working on pre-production and preview testing environments. 

As per the most recent update published by Input Output, node version 1.35.3 is the reason behind 85% of mainnet blocks are now being created. The node version 1.35.3 is the final candidate for the Vasil hard fork.

Source: U.Today

What is a Daedalus wallet?

According to the Cardano Docs, Daedalus wallet is a full-node hierarchical deterministic (HD) desktop wallet for the ada currency. Daedalus comes bundled with a full Cardano node, and it stores the entire history of the Cardano blockchain and validates all blocks and transactions for fully trustless and autonomous operation.

Key features of Daedalus wallet

• Easy installation with one-click setup of bundled Cardano node
• Locally stored wallets and encrypted private keys, not shared with third-party servers
• Trustless operation with locally running full Cardano node which independently validates full transaction history of the blockchain
• Supports Cardano network by participating in Cardano protocol
• Wallet backup and restoration using mnemonics phrases
• Staking Support
• Complete autonomy without reliance on third-party servers and services
• Paper wallet generator for offline storage of funds

Source: Cardano Docs

Given the epoch cycle. I would say early to mid if we can get the community moving. And luckily, the entire community is tuned in and listening for news right now 🙂

— Adam Dean (@adamKDean) August 23, 2022

What is Cardano Vasil Hard Fork?

Cardano Vasil Hard Fork is the next step in its plan to improve the speed and scalability of the network. This essentially brings the project one more step closer to dethroning the largest smart contract and DeFi platform out there – Ethereum. With this latest upgrade, Cardano’s developers hope to improve the efficiency of smart contracts to make Cardano cheaper and faster to use.

Why is this such a momentous occasion? Well, it will be tackling two of the biggest issues that a blockchain network faces when it becomes popular. Network congestion and fees. Ethereum is already having a tough time with it, with gas fees skyrocketing beyond all acceptable levels and that is what Cardano is trying to solve and get ahead of.

We’re happy to report that today at 20:20 UTC the IOG team has successfully hard forked the #Cardano Testnet. This is an important next step in the journey towards the Vasil upgrade on mainnet. 🧵

1/10 pic.twitter.com/9F9vzec0pK

— Input Output (@InputOutputHK) July 3, 2022

Cardano’s smart contract capabilities launch saw intense traffic coming on the chain with a huge number of developers wanting to build DeFi protocols on the chain. As blockchains get busier, speeds typically slow down and fees increase. So the Vasil Hard Fork is expected to solve this two-pronged issue at once.

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WHAT IS THE RELEASE DATE OF THE CARDANO VASIL HARD FORK UPGRADE?

The release date, which had been previously decided to be in the last week of July has now been postponed to take place by the end of September. The delay has been due to the fact that the developers wanted to make sure that the hard fork is functioning accurately before releasing it to the public.