According to information recently revealed by Input Output (IOHK), the Vasil update is expected to arrive on September 22 on the Cardano (ADA) blockchain mainnet. The latter, considered the most important update in the history of the network, should significantly improve the capabilities of the blockchain and reduce its transaction costs.
Cardano fork planned soon
The Vasil updateconsidered as ” most important to date according to Input Output (IOHK), will arrive on the mainnet of Cardano (ADA) September 22a week after the Merge update on the Ethereum (ETH) blockchain.
Cardano is a decentralized open-source blockchain developed by professionals from the scientific community and its ADA token currently ranks 7th on the podium in terms of market capitalization.
The news was announced on Twitter by Input Outputone of the 3 entities ensuring the proper functioning and research and development of the network alongside Emurgo and the Cardano Foundation.
VASIL UPGRADE: DATE CONFIRMED 💪
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano now. 🧵$ADA
1/9— Input Output (@InputOutputHK) September 2, 2022
“After the successful completion and extensive testing of all core components, as well as confirmation of community envy, we can, together with the Cardano Foundation, announce today September 22 as the date for the update. Vasil on the Cardano mainnet. »
The update will be rolled out through a hard fork, and plans to significantly improve the network processing capabilities all in reducing the costs of transactions carried out on the latter.
Additionally, according to the statement, Vasil should also facilitate the work of developers so that they can create more powerful and efficient blockchain-based applications » on PlutusCardano’s smart contract development platform.
The update was named in honor of Vasil Dabova member of the Bulgarian Cardano community who died in 2021 who worked for the blockchain development firm Quanterall.
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Exchanges on the front
According to the statement, the Cardano users will not have to perform any manipulation on their side in anticipation of the Vasil hard fork, and the transition should take place without disrupting the network:
“With the unique combination of the Cardano hard fork, we expect a seamless technical transition with no disruption to users and no disruption to block production. Users do not need to take any action. »
In order to avoid unforeseen events in terms of liquidity, it is expected thatat least 25 exchanges supporting Cardano are operational to transition to the new network on September 22. According to the dedicated tracking page, Binance is indicated as “almost operational”, where some like MEXC, Bitrue or AscendEX are already ready.
The announcement of the arrival date of the Vasil update had a positive effect on the ADA, making progress the token by 11.4% over the last 7 days. The latter is currently trading at $0.50.
👉 In the news – OpenSea will not support a possible fork of Ethereum (ETH) in PoW
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Source: Zendesk
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