Crypto

Cardano (ADA): Cryptocurrency fork that can speed up the project?

Updated 12 Sept. 2022, 15:46.

After several delays, Cardano (ADA) has finally announced the date for the biggest update in its history. September 22 will be a defining moment for the project. Despite a lot of criticism, Cardano is about to undergo a facelift and it could change a lot for the network. The token also reacts to news. Still underappreciated, can Cardano regain the level it deserves?

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What will change after the update of Vasil for Cardano (ADA)?

New Stage September 22

Desirable upgrade Vasil. First scheduled for June, then moved to July, it will finally take place a few days later: September 22, 2022.

Ultimately, this date was not chosen by chance. This happens a week after the Ethereum Confluence.

This is also a kind of double honor. September 22 is also the Independence Day of Bulgaria, the country of origin of Vasil St. Dabov, a mathematician and active supporter of the Cardano network. The latter died in December 2021 and Cardano wanted to honor his memory.

Cardano is one of the most popular blockchains and is in the top 10 crypto capitalization. With the Vasil update, the project follows the logical evolution planned in its roadmap. He is about to leave the Gauguin era, dedicated to the development of his smart contracts, and move on to the Basho period, the scaling stage.

Changes made by the update

The Vasil update launched on the mainnet is expected to bring two areas of improvement to the Cardano blockchain.

To begin with, the Vasil hard fork is expected to bring profound changes to the programming language of its smart contracts through CIP 31, 32 and 33 (Cardano Improvement Proposals). Currently it is called Plutus, Vasil should implement Plutus 2.0 version. This evolution of the language will directly affect the developers present on the web, who will see their work become easier and more accessible.

Finally, Vasyl must allow the Proof of Stake (PoS) blockchain to increase its performance and make the network faster. This evolution will use “diffusion pipeline” methods. Thus, the data recorded on the blockchain will be more accessible. De facto, operations will be transmitted to network nodes faster.

Thus, the ultimate goal is to increase the number of transactions per second (TPS).

Mark

According to its founder Charles Hoskinson, Cardano could eventually exceed one million TPS!

Thus, Cardano’s (ADA) Vasil hard fork should, if it is to be effective and efficient, increase the speed and efficiency of operations performed on the network.

From the side of ADA token holders, the update should not change anything. The developers of exchanges, nodes and Dapps will be responsible for implementing the update.

Cardano (ADA) Tries to Assuage Investor Fears

This long-awaited hard fork has come under fire in recent months. He even briefly played against Cardano in the face of eager investors.

Criticism and false rumors began to flourish on social media this summer. This is especially true on Twitter, where they were the most aggressive. Days and weeks went by, they bloated, blaming Vasil’s update for being “a trick that will never work.” These claims have grown in scope and credibility as errors have been discovered.

The THORchain.Bull Twitter account spread a rumor about “incompatibility between smart contracts and the Vasil update.”

Tweet Charles Hoskinson - Cardano (ADA)Tweet from the founder of Cardano after all the Vasil update rumors

Finally, communication issues between Input Output HK (IOHK), the parent company of Cardano, and the SPO (Stake Pool Operation) have soured the mood of the Cardano founder and IOHK CEO.

Faced with these hostile waves, the latter decided to sometimes sharply respond to his ill-wishers, while declaring that some of the accusations were proven.

Version 1.35 of the hard fork was to be used in the hard fork. However, he identified a few bugs in it. Fixed three times, finally it’s version 1.35.3, which should do the biggest update job in the history of Cardano (ADA).

In fact, successive delays are the result of unfavorable conditions for a hard fork. Indeed, according to IOHK, an upgrade can only be effective if the following three criteria are met:

  • 75% of core network blocks created by nodes should run on the latest code version 1.35.3;
  • 25 major exchanges updated from version 1.35.3 (accounting for 80% of ADA liquidity);
  • Top 10 Dapps from TVL are ready to upgrade to version 1.35.3.

Nearly 700 people are currently working full-time on this breakthrough. Their goal is to minimize the risk of an error or problem that could compromise performance.

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Possible impact of the Vasil fork on the ADA cryptocurrency?

Cryptocurrency ADA, the native token of the network, will undoubtedly be the first to be affected by the Vasil update. The impact on the price of the token is already being felt after the bear market marked by a return to values ​​in early 2021.

ADAUSDT - Cardano ADA ChartThe price of ADA jumped 10% after the announcement of the hard fork’s effective date.
Source: Trade Review

Within a few hours, the value of the token increased by more than 10%, thus timidly exceeding the psychological price of $0.50 and its MM50. This price level has also acted as a reversal in the current range since last June, when support at $0.40 touched twice during this period.

Along with Vasil Cardano’s upgrade, he is also profiting from the new Robinhood listing. Indeed, the ADA cryptocurrency is now available on the exchange. In addition to building confidence in the token, this news increases awareness and therefore the opportunity for mass adoption, especially in the United States.

Added to the release of the first DeFi protocol on the Cardano network, the blockchain has all the ingredients to see the price of its token as well as its performance in the coming weeks.

Of course, this will also depend on how well the Vasil update goes. Indeed, if it fails, the Cardano project could go through hard times and have a hard time recovering.

So it’s time to wait, hoping to see how Cardano completes its hard fork without errors and thus returns to the level it deserves.

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