Cardano (ADA) Is Up 9% Despite Another Announced Delay in Its Network Upgrade
KEY POINTS
- Cardano's software development group, called the Input Output Global (IOG) team, posted a YouTube update yesterday announcing its latest programming postponement.
- The Vasil boost was originally rolled out on the software testing platform for Cardano in early June, and it's expected to improve the blockchain's speed and scalability.
- Earlier this month, the developer team had publicly stated that the enhancement was on track to go live on the blockchain at the end of July with no further delays expected.
- Despite the announced delay, Cardano's ADA coin was up more than 9% over the past 24 hours, trading as high as $0.544 per coin according to CoinMarketCap.com.
The "Vasil Hard Fork" scheduled to launch in late June has been postponed after developers publicly stated no further delays were expected two weeks ago.
Cardano's Input Output Global (IOG) team, which is the group developing and managing that blockchain, announced during its latest video progress report on Thursday, that the current "Vasil Hard Fork" upgrade will be delayed once again.
"We're doing the final testing and benchmarking on that right now. We're slating the release for testnet only. It fixes some issues that stake pool operators, dApp developers, internal testers, and other people have identified. The goal is that it will flush out any final issues as we go to the Vasil Hard Fork. We're focusing on testing thoroughly, getting it right and not rushing," said IOG technical manager, Kevin Hammond.
The IOG team did not set a new date for the much-anticipated live rollout other than to say it would be at least "a few more weeks." Yet, in spite of this setback, Cardano's ADA coin was trading up more than 9% on cryptocurrency exchanges to a top price of $0.544 over the past 24 hours, according to CoinMarketCap.
This delay follows recent assurances of no further delays
As recently as two weeks ago, Cardano investors expressed concerns via various social media outlets regarding further upgrade delays that the IOG widely dismissed in multiple media reports at the time. Yesterday's IOG broadcast update is an untimely backpedal and credibility distraction that the developer team doesn't need in its glacially-paced deployment.
As context, the Vasil enhancement has been positioned by the IOG as the most significant development to the Cardano blockchain to date. This coding improvement is believed to boost virtually every aspect of the network including its scalability, efficiency, and efficacy.
Cardano's proof-of-stake (PoS) consensus method confirms blockchain transactions in a manner that's widely believed to require fewer energy resources, theoretically making it a better choice for climate preservation when compared to the alternate proof-of-work (PoW) model. Some of the most popular crypto blockchains still use PoW consensus, including Ethereum, Bitcoin, and Dogecoin. Regardless, the drawn out network testing may soon test the patience of ADA holders if the upgrade fails to roll out soon.
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Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto's potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!.
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