After several months of delays, Cardano’s latest and most significant update, Vasil, is finally available.
Vasil’s update came after the platform added smart contract functionality in September last year and brought significantly faster transaction times to Cardano, according to the Cardano Foundation.
A successful initiation of Vasil
Cardano Vasil’s five-day hard fork process began in earnest today, setting the stage for improved functionality and performance, according to the Cardano Foundation. The hard fork was released Thursday at 9:44 pm UTC and was described by Cardano co-founder Charles Hoskinson as the most difficult update he and the developers have worked on since the launch of the platform.
The successful implementation of the Cardano hard fork was announced by blockchain company Input Output Hong Kong on Twitter. At the same time, co-founder Charles Hoskinson hosted a Twitter Spaces session with several users, watching the hard fork tick during the live session. Input Output used their Twitter account to break the news, stating,
“The #Vasil mainnet HFC event was successful! We are happy to announce that today at 21:44:00 UTC, the IOG team, in collaboration with @CardanoStiftung, successfully forked the Cardano mainnet via an HFC event, thus implementing new #Vasil features in the chain.
No data lost during the fork
A hard fork occurs when the network or blockchain code is changed, requiring the creation of a new, separate version of the blockchain. Sometimes, a hard fork is controversial, especially when not everyone in the community is on the same page. However, more often than not, hard forks are not controversial. An example of a controversial hard fork could be the one that took place on Ethereum after the successful completion of the Merge, which aired last week. The hard fork was initiated to preserve the Proof-of-Work version of Ethereum, which uses miners to validate and complete transactions.
However, Cardano shouldn’t face such problems with its Vasil hard fork as it will use Cardano’s hard fork combiner technology. According to Input Output Hong Kong, Cardano’s hard fork combiner introduces several new features without losing the data associated with previous versions.
“When is a hard fork not a hard fork? What differentiates # Cardano hard fork events from other blockchain protocols? These are the advantages of Cardano’s HFC technology ”.
According to Frederik Gregaard, CEO of the Cardano Foundation, the Vasil hard fork will bring numerous benefits to Cardano, the first of which is a significantly higher transaction speed. He stated in an interview,
“Vasil will enhance Cardano’s smart contract capabilities through Plutus V2, which adds greater efficiency to an already powerful smart contract platform. Ultimately, it will reduce script execution costs and transaction size, as well as improve throughput. “
After the Vasil hard fork, an update to the Plutus scripting language will be implemented. This will be completed by September 27 and will allow developers to write Cardano smart contracts using less code. This will greatly reduce transaction fees as multiple transactions can be added to each block.
This development is significant for several DeFi projects on Cardano, such as Indigo Protocol. The Indigo protocol has been running on Vasil testnet since July, allowing users to trade synthetic versions of assets without actually having to own them. The company wrote about Vasil’s benefits in a blog post, stating,
“Cardano commission costs incurred by Indigo users have been significantly reduced by reducing the amount of script overhead for reading data from the blockchain.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.