Yes, fork! Launch of the Cardano Vasil update.
Since adding smart contract capability to the blockchain last September, Cardano’s most recent hard fork represents the biggest change.
The Cardano Vasil update and hard fork have finally gone live as of Thursday at 9:44 pm UTC, providing “major performance and capabilities” improvements to the blockchain. This has been delayed for several months.
On Thursday, blockchain business Input Output Hong Kong (IOHK) announced the success of the Cardano mainnet hard fork on Twitter. Others followed the progress of the hard fork in a live Twitter Spaces with Cardano co-founder Charles Hoskinson.
Block transmission without complete validation, enabling quicker block formation, is one of the major improvements brought about by the fork, according to prior statements from IOHK. Decentralized apps may be deployed and maintained at reduced costs thanks to improvements to Plutus’ smart contracts for efficiency.
After one epoch, which presently lasts about five days, new features delivered by the Plutus script updates will be accessible to developers on the mainnet on September 27.
Decentralized finance platform Genius Yield tweeted that the update was “one of the most sophisticated and impactful changes to the Cardano network ever done,” while Bill Barhydt, creator of the cryptocurrency trading platform Abra, dubbed it a “huge gain for developers.”
The “critical mass indicators” required to start the hard fork were reached in the 24 hours preceding the event, and the upgrade date was published by IOHK in early September.
The launch day was initially scheduled for June, but it was twice postponed because of problems on the testnet brought on by defects in a previous node version that created compatibility concerns. It now finally launches after months of delays and reschedules.
In the wake of the Vasil update, Cardano is continuing to work on the Hydra head protocol, a layer-2 scaling solution that handles transactions outside of the Cardano blockchain while still utilizing it as the security and settlement layer.
The team resolved a known problem with the Hydra nodes, according to the most recent Hydra update dated September 16. Although there is no definite timetable for the protocol’s deployment, it is anticipated to occur sometime in late 2022 or the first quarter of 2023.
According to statistics from CoinGecko, the price of Cardano’s currency, ADA, increased by about 4% during the previous 24 hours to $0.46 despite being down more than 4.5% for the week as a result of the news of the successful launch.