Cardano (ADA) is one of the largest blockchain platforms out there that is open-source and decentralized.
Cardano has, over time, managed to grow in terms of features and functionality. Founded by Charles Hoskinson in 2015, Cardano is a well-respected project because all of its users, as well as developed, utilize scientific research and formal verification throughout its development.
The network launched in 2017, where a total of 31 billion ADA tokens were created.
ADA is the native cryptocurrency that powers the network, and what makes it stand out is that it utilizes a unique consensus mechanism known as Ouroboros, and unlike Bitcoin (BTC)’s Proof-of-Work (PoW) consensus model, Ouroboros works through the Proof-of-Stake (PoS) model.
However, what everyone is currently excited about is one of the latest network upgrades, known as the Vasil Hard fork. Today, we will go over just about everything you need to know when it comes to this specific development.
What is the Cardano Hard Fork, and What Does it Aim to Accomplish?
The Vasil Hard fork is named after a Bulgarian mathematician known as Vasil Dabov, who was also a prominent community member of the Cardano community.
Furthermore, Vasil is one of the most important network upgrades, which is aimed at boosting the overall usability and scalability of the network.
To get a better perspective of what it aims to accomplish, we need to take a look at the number of Cardano Improvement Proposals (CIPs) that are ready to be implemented in the network.
CIPs are implemented that are geared towards improving the usability and increasing the capacity of the Plutus smart contract language.
CIP-31 is where Cardano will introduce a new kind of input, known as a reference input. This input is aimed at allowing developers to look at the output without actually spending it. The data in transaction outputs can provide a way through which developers can store and access information on the blockchain. Prior to the Vasil Hard fork, all of the outputs have to be spent in order to know the information.
CIP-32 is another proposal that has the main goal of enabling datums to be attached to outputs instead of them being attached to datum hashes. The intention here is to essentially provide quick and simple communication of datum values between users.
The Cardano developers are aiming for many developers of decentralized applications (dApps) to utilize this feature due to the fact that it can simplify the overall state of the stability of their systems.
CIP-33 is a proposal that aims to allow reference scripts to get attached to outputs whilst also enabling scripts to be utilized as a means of satisfying any script requirements through the validation process rather than just requiring the procedure of spending transactions to do so.
CIP-40 will introduce a new type of output to transactions, known as Collateral Outputs. This will essentially improve the overall scalability of the network.
Another key improvement coming to the network will be in the form of Diffusion Pipelining, which is Cardano's consensus layer scaling solution. This improvement proposal will overlay some of the steps which a block will need to go through as it moves across the chain with the main goal of enabling them to happen concurrently.
When is The Cardano Hard Fork Expected to Occur?
Cardano has set a date for September 22, 2022, for its Vasil mainnet upgrade.
This was announced by the blockchain's founder, Charles Hoskinson, through his YouTube Vlog. Note that the hard fork was originally scheduled for June of 2022 but got rescheduled two times.
According to the Cardano-associated R&D company Input Output Hong Kong (IOHK), which was responsible for the upgrade's development, three necessary critical mass indicators have been reached, including:
- 75% of mainnet blocks being created by the final Vasil node candidate (1.35.3)
- 25 exchanges upgraded (which are a representation of 80% of ADA liquidity)
- The top 10 Decentralized Applications (dApps) by TVL confirm they have upgraded to 1.35.3 on PreProduction and are ready for mainnet.
Furthermore, in the YouTube vlog, Hoskinson said the following:
"If we've all done our job right, we will wake up on September 22, and it will be just another day.".
Clearly, this hard fork coming to the Cardano (ADA) network through the Vasil upgrade represents numerous improvements to the network and will play a vital role in its evolution, development, and future. With this in mind, you might want to learn what is the perfect time to actually invest in Cardano.
If things go according to plan, we will be able to see the upgrade go live on September 22, 2022, and throughout the following months, see how well the community, developers, and overall network reacts to this change.