a cryptofork that could boost the project?

Updated Sept 12. 2022 at 3:46 pm

After multiple delays, Cardano (ADA) has finally announced the date for the biggest upgrade in its history. September 22 marks a pivotal moment for the project. Despite much criticism, Cardano is about to get a facelift and that could change a lot for the network. The token also responds to the news. Can Cardano, hitherto undervalued, regain the level it deserves?

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What will change after the Vasil upgrade for Cardano (ADA)?

A new stage on September 22

The Vasil upgrade is desired. First planned for June, then postponed to July, in a few days it will finally take place: the September 22, 2022.

This date was not chosen arbitrarily in the end. It comes a week after The Merge of Ethereum.

It is also a kind of double tribute. September 22 is also the Independence Day of Bulgaria, the country from which Vasil St. Dabovi, mathematician and strong supporter of the Cardano network. The latter died in December 2021 and Cardano wanted to honor him.

Cardano is one of the most popular blockchains and belongs to the Top 10 Crypto Capital Letters. With the Vasil update, the project follows thelogical evolution planned on the roadmap. He is about to leave the Goguen era, dedicated to the development of his smart contracts, to turn to the Basho period, the scaling phase.

Changes due to the upgrade

Launched on the mainnet, should bring the Vasil update two areas for improvement for the Cardano Blockchain

For starters, the Vasil hard fork should make some profound changes to the programming language of its smart contracts through CIPs 31, 32 and 33 (Cardano improvement proposals). Currently called Plutus, Vasil should implement the version Plutus 2.0. This language evolution will have a direct impact on the developers on the network who will see their work simplified and more accessible.

Finally, Vasil must enable the Proof of Stake (PoS) blockchain to: develop their performance and make the network faster. This evolution will use techniques from diffusion pipeling ” (translated by ” channel broadcastsThe data captured on the blockchain will thus become more easily accessible. De facto, the operations will be sent faster to the nodes of the network.

The ultimate goal is therefore toincrease the number of transactions per second (GST).

To note

According to founder Charles Hoskinson, Cardano could eventually exceed the million TPS!

In summary, Cardano’s (ADA) Vasil hard fork would, if effective and efficient, increase speed andoperational efficiency performed on the network.

On the side of ADA token holders, the update should not change anything. The implementation of the update is the responsibility of exchanges, nodes and Dapps developers.

Cardano (ADA) tries to reassure amid investor fears

This highly anticipated hard fork has been the subject of several criticisms in recent months. It even briefly played against Cardano in front of impatient investors.

This summer, reviews and false rumors began to flourish on social networks. This is especially true on Twitter, where they’ve been most virulent. As the days and weeks passed, they swelled up, accusing the Vasil update of being “a trick that would never work”. These claims gained more scope and credibility as bugs were discovered.

The THORchain.Bull Twitter account spread the rumor of an “incompatibility between smart contracts and the Vasil update”.

Tweet Charles Hoskinson - Cardano (ADA)
Tweet from Cardano founder after all the rumors about the Vasil update

Finally, communication problems between the Input Output HK (IOHK), Cardano’s parent company, and SPO (Stake Pool Operation) ruined the mood of Cardano’s founder and CEO of IOHK.

Faced with these unfriendly waves, the latter sometimes decided to react harshly to his opponents, while confirming that certain accusations were proven.

Version 1.35 of the hard fork was the one to be used when running the hard fork. However, it revealed several bugs in it. Corrected three times, it’s finally the version 1.35.3 which is expected to do the largest upgrade job in Cardano (ADA) history.

In reality, the successive delays are the product of unfavorable conditions to execute the hard fork. According to IOHK, the update can only be effective if the following three criteria are met:

  • 75% of the blocks mainnet produced by nodes must run on the latest code version 1.35.3;
  • 25 major fairs upgraded from version 1.35.3 (they account for 80% of ADA liquidity);
  • the Top 10 dapps by TVL are suitable for upgrading to version 1.35.3.

Currently almost 700 people are working full-time on this breakthrough. Their goal is to minimize the risk of a bug or problem that could compromise the surgery.

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Possible Effects of the Vasil Fork on ADA Crypto?

ADA crypto, the network’s native token, will undoubtedly be the first to be affected by the Vasil update. The effects are already being felt on the token’s price after a bear market marked by a return to values ​​in early 2021.

ADAUSDT - Cardano ADA Chart
ADA’s value rose 10% after the hard fork effective date announcement
Source: Trade View

Within hours, the token saw its value increase by more than 10% thus timidly the psychological price of $0.50 and are MM50. This price level also plays a crucial role in: a row flow since last June with support at $0.40 touched twice during the period.

Apart from the Vasil update, Cardano also welcomes the benefits of a new offer, that of Robin Hood. Indeed, ADA crypto is now available on the exchange. In addition to build the credibility of the tokenthis new increases visibility and with it the potential for mass adoption, particularly in the United States.

Added to the release of the first DeFi protocol on the Cardano network, the blockchain has all the ingredients to see the price of its token, but also to explode its performance in the coming weeks.

Of course, this also depends on how well the Vasil update goes. Indeed, in case of failure, the Cardano project could know dark hours and experience difficulty getting up.

It’s therefore time to wait, hoping to see Cardano perform its bug-free hard fork and return to the levels it deserves.

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