- These Top Crypto OGs Love to Hang Out at Parties - September 16, 2022
- Crypto Twitter is Raging Bulls over Name-calling - September 15, 2022
- Stop Putting “Feminism” Labels on the Demand for Internet Privacy in Web3 verse - September 14, 2022
Cardano price looks like it will face a massive amount of selling pressure that could lead to choppy price action.
The widely anticipated CardanoVasil hard fork is about to start. The Cardano team has already started the process of launching. The promise of the hard fork launching this June still stands. The Cardano team completed the first round of the Vasil hard fork, and it was a success. Hoskinson announced that the launch of the Cardano node 1.35.0 was a success. He also said it is one of the major miles for the CardanoVasil hard fork launch. CardanoVasil is the hard fork that is going to make the Cardano chain more competitive. This is one of the moves that the Cardano team hopes will grow the adoption of the Cardano chain.
Among the major things that CardanoVasil hard fork is expected to do is increase the Cardano chain speed. The hard fork is also going to make the Cardano chain cheaper by reducing the gas fee. Therefore, Cardano will be a more efficient blockchain with the launch of the CardanoVasil hard fork.
The Cardano team referred to the Hard Fork Combinator (HFC), which “is part of a series of upgrades and network optimizations expected in the current development phase,” as described on the Cardano feed. It “is part of the eleven planned scaling proposals to be implemented in 2022,” the article adds.
In addition, the tweet thread highlighted that:
“Once the changes have taken effect after the start of epoch 215 at 20:20 UTC on 3 July, the Cardanotestnet will start to enjoy the new Vasil enhancements and capabilities that we’ll soon see on mainnet.”
Input-Output also reminded their followers that the Vasil improvements guarantee “higher throughput through diffusion pipelining to a better developer experience via much-improved script performance & efficiency (plus lower costs),” adding that “it is Cardano’s biggest and best upgrade to date.”
As of June 28, over 75% of testnet blocks were being created by the newly deployed Vasil node, which IO deemed enough to safely proceed with the upgrade. All of the changes Vasil brings will take effect after the start of epoch 215 at 20:20 UTC on July 3.
Once the Vasil hard fork is implemented to the Cardanotestnet, staking pool operators (SPOs), developers, and exchanges will have around four weeks to test an upgrade before the Cardanomainnet is hard forked. The news comes less than a week after IO announced that it had delayed the Vasil hard fork due to outstanding bug issues. At the time, none of the bugs were classified as “severe,” but the company decided to allow more time for testing, scheduling the main net release date to the last week of July.
What Is Cardano (ADA)?
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent, and fair.
Cardano was founded back in 2017, and named after the 16th-century Italian polymath Girolamo Cardano. The native ADA token takes its name from the 19th-century mathematician Ada Lovelace, widely regarded as the world’s first computer programmer. The ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.
The team behind the layered blockchain says that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity. In August 2021, Charles Hoskinson announced the launch of the Alonzo hard fork, causing Cardano price to surge, gaining 116% in the following month. On Sept. 12, 2021, the Cardano ‘Alonzo’ hard fork officially launched, bringing smart contract functionality to the blockchain. Over 100 smart contracts were deployed in the following 24 hours after the launch.
Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.