After a few delays in June and July, the Cardano Vasil update went live earlier, and the native cryptocurrency reacted with a price increase.
The upgrade is touted as the most significant one for the IOG-backed blockchain since the implementation of smart contracts a year ago.
- The IOG team took it to Twitter to announce that the Vasil hard fork was successfully deployed at 21:44:00 UTC and outlined some of the benefits the network is supposed to experience.
The Vasil upgrade will bring significant performance & capability enhancements to #Cardano, from higher throughput capability via diffusion pipelining to a better developer experience with much improved script performance, efficiency & lower costs.
— Input Output (@InputOutputHK) September 22, 2022
- The upgrade, named after a famous Bulgarian mathematician, includes several Cardano Improvement Proposals (CIP) – reference inputs (CIP-31), inline datums (CIP-32), reference scripts (CIP-33), collateral outputs (CIP-40), and diffusion pipelining. All of these are explained in our comprehensive guide.
- The Vasil update was supposed to occur at the end of June but was postponed to late July before being delayed once again due to issues with previous node versions.
- Aside from Vasil, Cardano is still developing its own Layer-2 scaling solution – Hydra – which should see the light of day next year.
- Cardano’s native cryptocurrency reacted positively to the news, with a 6% daily increase. Consequently, ADA currently sits close to $0.5. Despite the immediate jump, a recent report by Messari claimed that the asset has already been “aggressively” priced in.
This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
#Bitcoin #Crypto #Cryptocurrency