Cardano’s anticipated Vasil upgrade is now live

After several months of delays, Cardano’s newest and most important upgrade, Vasil, has finally been released.

Vasil’s upgrade came after the platform had added smart contract functionality in September last year and brings significantly faster transaction times to Cardano, according to the Cardano Foundation.

A successful initiation of Vasil

The five-day Cardano Vasil hard fork process began in earnest today, laying the groundwork for improved functionality and performance, according to the Cardano Foundation. The hard fork went live on Thursday at 9:44 p.m. UTC and has been described by Cardano co-founder Charles Hoskinson as the most difficult update he and the developers have worked on since the launch of the platform.

The successful implementation of the Cardano hard fork was announced by blockchain company Input Output Hong Kong on Twitter. At the same time, co-founder Charles Hoskinson hosted a Twitter Spaces session with several users, watching the hard fork complete during the live session. Input Output took to their Twitter account to announce the news, stating,

“#Vasil mainnet HFC event successful! We are pleased to announce that today at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully completed the Cardano mainnet via an HFC event, thereby deploying new #Vasil capabilities on the chain.

No data was lost during the fork

A hard fork occurs when the network or blockchain code changes, requiring the creation of a new and separate version of the blockchain. Sometimes, a hard fork is controversial, especially when not everyone in the community is on the same page. However, most of the time, hard forks are not controversial. An example of a controversial hard fork would be the one that took place on Ethereum after its successful completion Merge, which went live last week. The hard fork was initiated to maintain the Proof-of-Work version of Ethereum, which uses miners to validate and complete transactions.

However, Cardano should not face such problems with the Vasil hard fork, as it will use Cardano’s hard fork combination technology. According to Input Output Hong Kong, Cardano’s hard fork combination introduces many new features without losing data associated with previous versions.

“When is a hard fork not a hard fork? What differentiates # Cardano’s hard fork events from other blockchain protocols? These are the advantages of Cardano’s HFC technology.”

Important Benefits

According to Frederik Gregaard, CEO of the Cardano Foundation, the Vasil hard fork will bring many benefits to Cardano, chief among which is much faster transaction speeds. In an interview he stated,

“Vasil will enhance Cardano’s smart contract capabilities through Plutus V2, which adds greater efficiency to an already powerful smart contract platform. Ultimately, it will reduce script execution cost and transaction size, as well as improve performance.”

After the Vasil hard fork, an upgrade to the Plutus scripting language will be implemented. This will be completed by September 27 and will enable developers to write Cardano smart contracts using less code. This will significantly reduce transaction fees as more transactions could be added to each block.

This development is important for many DeFi projects on Cardano, such as the Indigo Protocol. The Indigo Protocol has been running on the Vasil testnet since July, allowing users to trade synthetic versions of assets without having to own them. The company wrote about Vasil’s advantages in a blog post, stating,

“The cost of the Cardano fee borne by Indigo users has been significantly reduced by reducing the amount of script charges for reading data from the blockchain.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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