Home CryptocurrencyBitcoin A fork, yes! Cardano Vasil update is launched

A fork, yes! Cardano Vasil update is launched

by SuperiorInvest

After several months of delay, the Cardano Vasil update and hard fork finally went live on Thursday at 21:44 UTC, bringing “significant performance and capability improvements” to the blockchain.

The success of the Cardano mainnet hard fork was announced on Thursday by blockchain company Input Output Hong Kong (IOHK) on Twitter and others as well observed hard fork tick over live on Twitter Spaces with Cardano co-founder Charles Hoskinson.

IOHK has previously stated that the significant improvements the fork brings are the transfer of blocks without full verification, which allows for faster block generation. Upgrades to its Plutus smart contracts to increase efficiency also enable decentralized applications to be deployed and run at lower costs.

The new capabilities brought by the Plutus script update will be available to developers on the mainnet on September 27th, Mon one epoch which currently takes about five days.

Bill Barhydt, founder of crypto trading platform Abra, called the upgrade a “big win for developers” with decentralized finance platform Genius Yield. tweeting it was “one of the most comprehensive and consequential updates to the Cardano network ever”.

The update date was announced in early September IOHK, while the “critical mass indicators” needed to launch the hard fork was reached in 24 hours leading to the event.

Related: Post-Merge Ethereum Hard Forks Are Here: Now What?

It comes after months of delays and rescheduling, with a launch day originally planned for June twice delayed due to problems on the testnet caused by errors in previous node version causing compatibility issues.

After the upgrade, Vasil Cardano continues to develop its layer 2 scaling solution, the Hydra head protocol, which processes transactions outside the Cardano blockchain while still using it as a security and settlement layer.

Last Update on September 16th Hydra detailed the team addressing a known issue with Hydra nodes. The protocol does not have a set start date, but it is intended sometime in late 2022 or the first quarter of 2023.

The announcement of a successful launch sent the price of Cardano’s coin up ADA up nearly 4% in the last 24 hours to $0.46 according to CoinGecko data, although it is still up more than 4.5% for the week.

Source Link

Related Posts

%d bloggers like this: