Cardano founder Charles Hoskinson detailed on Friday that the Vasil hard fork is coming soon and noted that it may occur “sometime in September.” The crypto asset’s upgrade has been overshadowed by the upcoming Ethereum upgrade called The Merge.
Vasil Hard Fork Due ‘Sometime in September,’ Input-Output Global’s Charles Hoskinson Says
- The proof-of-stake (PoS) blockchain Cardano (ADA) has plans to implement a hard fork roughly around the same time The Merge is expected to be implemented. Ethereum’s Merge is roughly 16 days away from now and the change will transition Ethereum’s proof-of-work (PoW) consensus mechanism to a PoS blockchain.
- Speaking during a Twitter live stream on Friday, Hoskinson told the public that while “extensive testing” is still being conducted, the Vasil hard fork could take place in mid-September. Much like The Merge, Cardano’s hard fork was postponed at the end of June.
- The Vasil hard fork aims to add four Cardano Improvement Proposals (CIPs) into the mix. The CIPs include CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs).
- One particular change, CIP-31, will reduce Cardano’s transaction costs a great deal, developers detailed a few months ago. “Reference scripts reduce your transaction costs,” the Cardano development team at Input-Output Global (IOG) explained during the first week of May.
- During the live stream, Hoskinson said Vasil will take place “sometime in September” and he further stressed that the “next major lift is to get the exchanges on board.” Hoskinson mentioned that it was difficult to make sure major exchanges and third parties upgraded.
- Larger crypto exchanges pushing to upgrade, typically help smaller exchanges follow suit. Amid the discussion of a Cardano hard fork, the blockchain’s native currency has lost significant value against the U.S. dollar in recent times.
- Over the last 14 days, cardano (ADA) has shed 21.1% in USD value and during the last day ADA’s 24-hour price range has been between $0.441044 to $0.454171 per unit. The crypto asset is down 85.7% since the all-time high on September 2, 2021, and 84.9% year-to-date against the U.S. dollar.
What do you think about the upcoming Vasil hard fork taking place roughly around the same time as The Merge? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.