Input Output Global, the organization in charge of developing and upgrading the Cardano blockchain, just announced that it will take “a few more weeks” to fully deploy the Vasil hard fork on the project’s mainnet as the team wants to making sure that everything works out nicely before the rollout.
In a YouTube video published yesterday, IOG’s Technical Manager Kevin Hammond provided updates on the upcoming upgrade to the network and stated that his team is committed to make sure that all details “are fully worked out” before the Vasil hard fork goes live.
“This is incredibly important. All the users must be ready to progress through the hard fork to ensure a smooth process”, Hammond stated in regards to the delay and the reasoning behind it.
IOG has been working alongside the community and key stakeholders including exchanges and decentralized apps (dApps) to make sure that their operations are not disrupted by a malfunctioning of the Vasil hard fork.
Meanwhile, Javier Franco, IOG’s Core Technology Program Manager, stated that the organization’s priority at the moment is “to ensure to get things done right”. He added: “if that takes more time, so let it be”.
What is the Vasil Hard Fork?
Vasil is the next step on the project’s roadmap to become a potential Ethereum killer as it should dramatically improve the network’s scalability for the deployment of smart contracts and the support of dApps.
The developing team successfully implemented the hard fork on the project’s testnet on 28 June and has been conducting several tests on this environment to make sure that the upgrade is ready to be launched on the mainnet without hiccups.
“The Vasil upgrade will provide some key capabilities to enable further projects to launch as well as offer an upgrade path (bringing greater speed, transactional capability, and more powerful scripts) to existing DApps”, Input Output stated in a blog post published earlier this month.
Initially, the developers had set forth a maximum period of four weeks for stake pool operators and other relevant actors who interact with the Cardano blockchain to check, report, and solve any compatibility issues identified on the testnet.
“Once developers and SPOs are comfortable and ready (and the lion’s share of exchanges have completed testing and updated), the Vasil hard fork can occur” IOG emphasized.
ADA Rises in July but Ethereum’s Pivot to PoS Remains a Threat
The price of Cardano (ADA) is rising 7.1% today at $0.53 per coin in what has been a positive day for cryptocurrencies as a whole. Thus far in July, the token accumulates a 15.2% gain. Earlier this month it was reported that “shark” wallets have been accumulating ADA ahead of the implementation of the Vasil hard fork on the mainnet.
If the Vasil hard fork continues to be delayed, its deployment may coincide with the date on which Ethereum is expected to roll out its widely-awaited merge. This event will transform the smart contracts platform into a proof-of-stake (PoS) powered ecosystem, which should reduce the network’s energy consumption by 99.95% according to estimates from the developing team.
Many competitors of Ethereum – the first smart contracts network of the crypto ecosystem – have emerged over time amid the blockchain’s design flaws. During times of elevated network activity, Ethereum’s gas fees spiked to the point that the blockchain was considered too expensive while transactions took a long time to be recorded unless the user was willing to pay higher and higher fees for validators to pick up their blocks.
If Ethereum’s pivot to PoS turns out to be completed successfully and does solve some of the blockchain’s major issues, many of the so-called Ethereum killers may experience a slowdown in the rate at which their ecosystem is scaling as the blockchain created by Vitalik Buterin continues to be the most popular for the deployment of smart contracts and decentralized apps (dApps).
Other Related Articles:
- Cardano Price Prediction 2022 – 2025
- 11 Best Altcoins to Invest in 2022
- 13 Best Cryptocurrencies to Invest in July 2022
Battle Infinity - New Metaverse Game
- Listed on PancakeSwap and LBank - battleinfinity.io
- Fantasy Sports Themed Games
- Play to Earn Utility - IBAT Rewards Token
- Powered By Unreal Engine
- Solid Proof Audited, CoinSniper Verified
This article was written for Business 2 Community by Alejandro Arrieche.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
