The highly anticipated Vasil hard fork was successfully executed on the Cardano testnet this week. Now that the mainnet launch is just around the corner, what is in next for Cardano?
On July 4th, the Vasil upgrade went live in the final testing phase on Cardano. IOHK stated that it was inviting stake pool operators (SPOs), developers, and exchanges to carry out final testing. In this article, you will discover why this milestone is important for Cardano’s future.
Will Vasil Testnet Be the Beginning of a Revolution in Cardano?
With Vasil Testnet, projects will need to check backward compatibility, it stated, adding that there may be some minor adjustments. Also, a four-week testing period has been allocated before the upgrade goes live on the mainnet. This has been slated for the end of July but is subject to delays should more testing be needed.
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. 🧵
— Input Output (@InputOutputHK) July 3, 2022
Moreover, Cardano founder, Charles Hoskinson, remains confident that more projects will join the ecosystem this year after the upgrade.
Chief Technical Architect at IO Global, Duncan Coutts, said that the Basho era of the Cardano roadmap is all about optimizing and scaling the network to support DeFi applications. He added that this will facilitate growth and adoption, “and the Vasil enhancements are a key element.”
Vasil also introduces smart contract improvements with a new Hydra technology. This will push network throughput even further. Chain compatibility improvements are also included in the upgrade. Additionally, there is a tuned Plutus interpreter for programming language enhancements.
More About Vasil’s Testnet Upgrade
On the other hand, the Vasil Testnet Upgrade has the following elements:
a) CIP-31 (Reference Inputs)
b) CIP-32 (Inline Datums)
c) CIP-33 (Reference Scripts)
d) CIP-40 (Collateral Outputs)
e) Diffusion Pipelining.
In addition, when Vasil’s Testnet star running, Cardano will dramatically improve its usability and scalability by:
a) increasing block size limit, so one block can have more transactions.
b) developers will have less complexity in building dApps.
c) Plutus V2 code will launch. This will improve smart contract performance and lower fees.
Finally, in late June, the Cardano Foundation announced it was joining the Linux Foundation. This non-profit advocates innovation via open-source technology.
Cardano is a decentralized ecosystem with the goal of becoming the financial operating system for the entire world.
— Input Output (@InputOutputHK) July 5, 2022
ADA Price Outlook
Cardano’s native token, ADA, has retreated 0.9% on the day and is unlikely to see any further upsides until Vasil launches on mainnet. As a result, ADA was trading at $0.4583 at the time of writing this article.
ADA has shed almost 19% over the past month. It is currently down a painful 85% from its September all-time high of $3.09.
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