Cardano (ADA) Moves Toward Last Stage of Key Network Upgrade
KEY POINTS
- The core Cardano development group -- known as the Input Output Global (IOG) team -- issued several tweets yesterday about positive developments in its Vasil rollout.
- The Vasil enhancement was originally scheduled to launch last month, but several technical glitches during testing pushed it into July.
- IOG promises, "The Vasil upgrade will bring increased functionality, performance, scalability, and interoperability to Cardano through new features and improvements."
The "Vasil Hard Fork" is on track to go live for users later this month.
In a series of tweets over the weekend, the Input Output Global (IOG) team driving the software coding for the Cardano (ADA) blockchain announced progress in the latest upgrade to its crypto network. Specifically, the team announced the successful deployment of the Vasil Hard Fork on the blockchain's testing platform -- a critical step toward live rollout to all users.
The tweet stream also invited cryptocurrency exchanges, application developers, and stake pool operators (SPOs) to engage in final prep work for final integration of the new and improved Cardano blockchain.
"The teams at @cardanostiftung & IOG will be working closely with exchanges and DApp/tool developers throughout this process. As soon as we are confident ecosystem partners are comfortable & ready, we'll submit an update proposal to upgrade the #Cardano mainnet to #Vasil," stated one of the tweets.
In a separate IOG blog post yesterday, the developers state the benefits from the Vasil enhancement include greater functionality, speed, throughput, and compatibility across other networks for Cardano through the improved features.
"The Vasil upgrade is the most ambitious program of work we've undertaken. And the whole community is involved. Our prime concern is ensuring we manage this upgrade in a way that is safe and secure," states the Twitter thread.
How Cardano differs from Bitcoin and Ethereum
Originally deployed in 2017, Cardano's proof-of-stake (PoS) consensus method relies on less energy to validate blockchain transactions, making it a better option for the environment, compared to the proof-of-work (PoW) model. Many of the most popular crypto blockchains still rely on PoW, including Ethereum, Bitcoin, and Dogecoin.
As of this writing, Cardano's native token ADA was up nearly 5% on the news, priced at $0.4697 per coin with a 42% increase in trading volume. The broader crypto market was up about half as much according to CoinMarketCap.
Our Research Expert
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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