With the anticipation about the Ethereum Merge coming to end, all eyes are now on Cardano (ADA) ahead of the Vasil hard fork. Cardano is scheduled to undergo Vasil hard fork on September 22, which improves the functionality, performance, and scalability of the network. The ADA price has also picked pace ahead of the hard fork, rising over 5% in the last 24 hours.
What Vasil Hard Fork Means for Cardano
Cardano is currently in the Basho era in the Cardano Roadmap. The Basho era is the era of optimization for improving the scalability and interoperability of the network. The Vasil hard fork will bring functionality, performance, and scalability to the Cardano network.
A joint IOG/Cardano Foundation team will deploy Vasil hard fork using the Hard Fork Combinator (HFC) technology on September 22. It will further improve Cardano’s proof-of-stake (PoS) blockchain.
The Vasil hard fork introduces many features and capabilities such as:
Plutus v2 scripts — improves Cardano’s smart contracts platform and provides higher transaction throughput and increased cost-efficiency.
Diffusion pipelining — enables faster block propagation and improves network capacity.
Script collateral adjustment — improves two-phase transaction validation by specifying a change address to prevent funds during failure.
Reference inputs — enables data sharing on-chain without spending and re-creating UTXOs.
Inline datums — allows developers to create scripts and attach transaction datums directly to outputs, eliminating the use of hashes.
Reference script — reduces transaction size, improves throughput, and reduces script execution costs.
Datums and redeemers — allows developers to see redeemers for all inputs.
Data Serialisation primitive — reduces the overall memory and CPU costs.
In addition, the Vasil hard fork will remove the ‘d’ parameter as the block production has been fully decentralized. Also, the hard fork enables faster block validation and network syncing times as only one Ouroboros’ Verifiable Random Function (VRF) per network hop will be required instead of two.
IOG, the Cardano Foundation, SPOs, DApp developers, and crypto exchanges have performed intensive testing and put integration efforts to ensure a smooth process.
The block production by SPOs running the 1.35.3 node has reached 98%. Also, 7 out of 12 top crypto exchanges by liquidity including Binance, Upbit, MEXC, and Bitrue are “ready” for the hard fork. Moreover, out of the top 12 DApps, 7 have finished testing and 5 are currently testing against the 1.35.3 node.
Cardano (ADA) Price Shows Strong Momentum
The Cardano (ADA) price has jumped over 5% in the last 24 hours, with the current price trading at $0.47. Cardano has a 24-hour low and high of $0.45 and $0.48, respectively.
Cardano continues to record rising whale activity after Robinhood listed the token on September 1. Moreover, ADA continues to be the top token purchased by the top 100 biggest for the last 2 days. whales
However, the macros and the Fed meeting on September 21 will influence the ADA price this month. Traders need to be careful regarding any price movements.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.