After the long-awaited and successful hard fork of Ethereum, the eyes of cryptocurrency enthusiasts have turned to a well-known project called Cardano. Cryptocurrency Cardano (ADA) is currently the eighth largest in terms of total market capitalisation, and the community around it is considered one of the most loyal. The developers promise that its hard fork will no longer be delayed and, according to the available data, it should go smoothly. We should expect the overall optimisation of the network and especially the reduction of transaction fees, which will undoubtedly please all users of this blockchain, from this change.
The “Vasil” hard fork will arrive on September 22nd
A very similar scenario awaits the popular cryptocurrency Cardano and its blockchain to what Ethereum has seen recently. It successfully underwent a hard fork last week under the name “The Merge”. The company Input Output, behind the development of Cardano, currently confirmed September 22nd as the final deployment date of the hard fork named Vasil. Its release was initially planned for June 29th, but various minor bugs were allegedly discovered, and the collapse of the Terra project also hampered development. However, according to the information, the new date is final, and nothing should jeopardise it.
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The extensive network update aims to optimise it and improve scalability and interoperability. The community will undoubtedly be closely watching the promised reduction in transaction fees, which is directly reflected in other essential parts of the ecosystem (for example, dApps). In Cardano, Vasil belongs to the so-called Basho era, which is considered a stepping stone to the global adoption of this blockchain, as it will allow a massive increase in the volume of processed transactions.
Relevant metrics look promising
Currently, only a few companies are waiting to update their platforms so that they will be able to interact with the new Cardano blockchain. These are mostly cryptocurrency exchanges and companies that run various decentralised applications (dApps). As of September 15th, up to 98% of the blocks were processed using the updated software, which means that almost all of these companies have already completed their part of the job. Exchanges still working on an implementation include Coinbase, XT.com, and HitBTC.
“We don’t anticipate there will be any issues, but there’s no going back now. No amount of testing or anything can save us because the rocket is in the air. It either explodes in air or reaches orbit and obviously it’s going to reach orbit.”
Charles Hoskinson, Cardano (ADA) co-creator
Cardano (ADA) co-creator Charles Hoskinson says that the next six months will be good for Ethereum’s competitor, as developers are working hard on new applications for the blockchain ecosystem. According to him, Cardano is one of the strongest cryptocurrencies, and he also highlights innovations and a great vision of the whole project.
Ethereum as the “Hotel California of Crypto”
This is how Charles Hoskinson labelled Ethereum in response to a report claiming that ETH stakes withdrawals will only be allowed after the Shanghai upgrade. In case you didn’t know, the song Hotel California is about a prison from which no one can escape. The communication of the Ethereum developers has leaked onto the Internet, in which they talk about the fact that there are more important things for the health of the ecosystem than enabling withdrawals for stakers as quickly as possible. The Shanghai upgrade is expected up to 12 months after the hard fork.
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Hoskinson questions Ethereum’s entire staking mechanism and wonders if there isn’t another way to implement Proof-of-Stake that doesn’t require such locking of funds. Cardano’s PoS does not require similar locking and staking takes place directly from users’ electronic wallets. The withdrawals are, therefore, entirely at their discretion and are not limited in any way. However, he also acknowledged that, unlike Ethereum, Cardano stakers are often common people, and ETH involves wealthy entities that can afford expensive hardware.