After several delays and tribulations, Cardano’s highly anticipated Vasil Hard Fork upgrade has finally been deployed on the mainnet.
What Changes Does The New Hard Fork Upgrade Bring For The Cardano Ecosystem?
Cardano’s much-awaited Vasil Hard Fork went live on Thursday, September 22nd, at 9:44 UTC. The upgrade is set to introduce several new changes to the blockchain in terms of speed and scalability.
Dubbed as one of the most significant updates for the Cardano ecosystem, the Vasil Hard Fork introduces radical changes in the blockchain and tries to resolve several issues at the same time.
Per the Cardano foundation, the upgrade is set to address the issue of transaction costs by increasing the size of each block. This will enable the blockchain to store more data in each block, helping the network to increase its input while slashing its transactional costs at the same time.
In addition to this, Cardano’s Vasil upgrade will play an elemental role in enhancing the network’s smart contract capabilities through Plutus v2, which will add more efficiency to the network’s smart contract platform. Vasil will help the network leverage the EUTXO model to enable faster and more sophisticated DApps development.
Furthermore, the new Vasil upgrade also enhances the transaction speed on the network by permitting developers to store important information without making use of the output. The said alterations will help in “optimizing transaction output” to deliver faster cryptocurrency transactions on the blockchain. According to Cardano’s Tim Harrison, after the upgrade, transaction speeds are predicted to improve by approximately 20 seconds.
The upgrade, which finally went live on September 22, was originally scheduled to go live in June but was delayed several times to address critical bugs and updates before its official rollout.