Input Output Hong Kong has confirmed a new set date for the Cardano Vasil HARD fork release after months of speculation. Crypto Lists understands that the new set date is September 22nd of 2022.
This is contrary to what several developers had speculated in recent months, that the Cardano Hardfork will be the 15th of September. It follows successful completion and thorough testing of all key components. It also has confirmed community readiness.
The much anticipated date for Cardano Vasil Hard Fork
Input Output Hong Kong (IOHK) is the blockchain development firm supporting Cardano. It provides the blockchain’s latest upgrade which becomes the fifth upgrade. It has settled on September 22 as its release date 3 months after its initial target date. Its release comes exactly a week after the Ethereum merge moving from proof of work to proof of stake. The Vasil upgrade provides improvements to the Plutus programming language and assurances of significant scalability for lower costs.
Founder of Input Output Global, Charles Hoskinson, confirmed the date for Vasil mainnet upgrade via a Twitter live stream. The IOHK also shared via a series of tweets on the Vasil upgrade stating it would be its most important upgrade. He also added that this particular upgrade is the hardest it has ever had to do as an ecosystem. Four Cardano Improvement Proposals (CIPs) are to be added to the Cardano’s (ADA) database. When implementing the upgrade, Vasil docks CIP-31 for Reference Inputs, CIP-32 for Inline Datums, CIP-33 for Reference Scripts, and CIP-40 for Collateral Outputs. The IOG developers previously confirmed that CIP-31’s reference scripts significantly reduce ADA’s transaction costs.
Reflections from Cardano Founder
Charles Hoskinson, founder of Cardano and also co-founder of Ethereum, unveiled that the set date of the Cardano Vasil hard fork has a significant meaning. It randomly happens to be the Independence Day of Bulgaria. The significant relation occurs to be as Cardano Vasil hard fork derives its name from the late Bulgarian Community member Vasil St. Dabov. Vasil was the Chief Blockchain Advisor at software Research and Development firm Quanterall. He passed away on December 2021.
Hoskinson also disclosed the heavy workload needed for the Vasil upgrade. Several collaborators were overloaded. He reflects that there is a need to build better processes and foundations to enable the launch of such scale and magnitude. The developers pushed to the limit with Vasil.
Relief after Vasil Delay
The Vasil upgrade was initially set for launch in July. However, developing the hard fork proved complex delaying it by some months. It caused unrest among developers who may be relieved that the issues are solved. The Cardano developers confirm that they have attained the three critical and necessary mass indicators. The Vasil node candidate (1.35.3) is creating 75% of the mainnet blocks. Additionally, about 25 exchanges have upgraded their nodes to support the latest hard fork which represents 80% of ADA liquidity. Also, the top 10 Dapps from TVL guarantee upgrade to (1.35.3) during Preproduction and set for the mainnet upgrade.
The IOHK indicated of the reputable 12 crypto exchanges, MEXC and Bitrue are clear for the upgrade. The largest cryptocurrency exchange, Binance, is nearly ready, while Coinbase, HitBTC, WhiteBit, UpBit, and BKEX are in progress. The IOHK states they expect a seamless technical transition without disruption experienced by users or a break in block production.
Crypto Lists have identified Cardano developers are now more excited than ADA traders as we approach the set date.
What is a hard fork?
A hard fork occurs when participants on a blockchain network agree to split the chain to have two versions of the same protocol. It occurs for various reasons and can be contentious such as the anticipated ETHPOW hard fork after the Ethereum merge or as part of a planned upgrade such as the Beacon Chain hard fork leading up to the merge.
Cardano Vasil’s hard fork’s primary focus is to significantly scale and expand in competing with Ethereum. The hard fork also intends to upgrade the developer experience for Web3 engineers who are building decentralised applications on Cardano. This is in addition to enhancements to Plutus enabling developers to create more powerful and efficient blockchain-based applications. Plutus is the smart contract development platform for Cardano.
Crypto Lists anticipates the Vasil hard fork seamless transition and continues to update on the impact it shall have for Cardano and the ecosystem users.