The popular smart contract platform will soon see accelerated transaction times.

Cardano Blockchain Moves Forward With Vasil Upgrade

The five-day Cardano Vasil hard fork process begins today, which the Cardano Foundation says will improve network performance.

Cardano co-founder Charles Hoskinson has described it as the hardest update the developers have done since the project launched in 2017. 

A hard fork occurs when a network's code fundamentally changes and requires the creation of a new and separate version of a blockchain. They can be, but aren't always, contentious.

For example, a hard fork occurred on the Ethereum network after the merge last week. It was an effort to preserve a proof-of-work version of Ethereum, which relies on miners to verify transactions. 

But the Vasil hard fork will leverage Cardano's hard fork combinator technology, which Cardano developer Input Output said on Twitter introduces new features without losing any data from the older version of the blockchain.

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👇 #VasilHardfork #CardanoVasil #Vasil pic.twitter.com/wIwaRyxU5N

— Input Output (@InputOutputHK) September 22, 2022

Cardano Foundation CEO Frederik Gregaard told Decrypt in an email that the main benefit of the Vasil hard fork will be reduced transaction times. 

“Vasil will enhance Cardano's smart contract capabilities through Plutus V2, which adds greater efficiency to an already powerful smart contract platform,” he said. “Ultimately, it will reduce script execution costs and transaction size, plus improve throughput.”

In other words, after the Vasil hard fork and an upgrade to the Plutus scripting language, which will be completed on September 27, it will be possible to write Cardano smart contracts with less code. That makes lower transaction fees possible because more of them can fit into each block—or batch of transactions—on the network.

It's an important development for Cardano DeFi projects like Indigo Protocol, which has been running its synthetic assets project on the Vasil testnet since July.

Indigo allows users to trade synthetic versions of assets, like TSLA stock, without actually owning them. Instead, users can buy and trade iTSLA, which is backed by TSLA shares, through Indigo.

“The Cardano fee costs incurred by Indigo users have been significantly reduced by reducing the amount of script overhead for reading data from the blockchain,” the company wrote in a blog post.

Stay on top of crypto news, get daily updates in your inbox.

NEWS RELATED

Leeds boss Jesse Marsch unconcerned over Premier League touchline ban for Aston Villa clash

Leeds head coach Jesse Marsch aims to turn his touchline ban for Sunday's home Premier League game against Aston Villa into an advantage.

View more: Leeds boss Jesse Marsch unconcerned over Premier League touchline ban for Aston Villa clash

Tosca, ENO, review: Puccini's melodramatic masterpiece soars in this bold reimagining

Oops! Something went wrong. Please try again later. Forceful: Sinéad Campbell-Wallace as Tosca – Genevieve Girling Puccini’s melodramatic thriller opens the English National Opera season in style. The story of the tragic singer Floria Tosca, her lover the painter Mario Cavaradossi and the police chief Scarpia who is besotted ...

View more: Tosca, ENO, review: Puccini's melodramatic masterpiece soars in this bold reimagining

'You will forever live in our hearts': Dame Deborah James's mother Heather shares a heartbreaking tribute on what would have been her daughter's 41st birthday

Heather James, 64, shared an Instagram post paying tribute to her daughterDame Deborah James died in June this year after a battle with bowel cancerThroughout her final years, she raised awareness and money to fight the illnessMum Heather wishes her daughter were still here - and she is proud of her 

View more: 'You will forever live in our hearts': Dame Deborah James's mother Heather shares a heartbreaking tribute on what would have been her daughter's 41st birthday

With '$oul $old $eparately,' Freddie Gibbs cashes in on his cachet

Gibbs is so skilled in the booth you have to meet him halfway to extract the penitence and sorrow in the marrow of some of these songs. Nick Walker hide caption toggle caption Nick Walker The new Freddie Gibbs album, $oul $old $eparately, arrives with the prestige and buzz ...

View more: With '$oul $old $eparately,' Freddie Gibbs cashes in on his cachet

Failed GOP candidates blame Hurricane Ian on ‘Deep State’ weather machines

Science says warm ocean waters, proximity to the equator, low vertical wind shears and high relative humidity values contribute to the development of hurricanes. But a pair of failed 2020 Republican political candidates shared some hot air with their followers this week that weather machines operated by the “Deep State” ...

View more: Failed GOP candidates blame Hurricane Ian on ‘Deep State’ weather machines

PICTURE EXCLUSIVE: Paloma Faith cosies up to musician Pete Jolliffe as they stroll arm-in-arm through London... after admitting she's going through a 'personal life crisis'

Paloma Faith was all smiles as she walked arm-in-arm with fellow musician Pete Jolliffe through London on Thursday, in images obtained exclusively by MailOnline. The singer, 41, wrapped up in a black coat and added inches with matching heels as she cosied up to the drum and bass producer on a ...

View more: PICTURE EXCLUSIVE: Paloma Faith cosies up to musician Pete Jolliffe as they stroll arm-in-arm through London... after admitting she's going through a 'personal life crisis'

AP PHOTOS: China marks 73rd anniversary in National Day

AP PHOTOS: China marks 73rd anniversary in National Day A participant salutes the Chinese national flag at an event marking mainland China’s National Day organized by the Taiwan People Communist Party in Tainan in southern Taiwan on Saturday, Oct 1, 2022. In Taiwan, which Beijing claims as part of its ...

View more: AP PHOTOS: China marks 73rd anniversary in National Day

‘The police come here to hunt’: Brazilian cops kill at 9 times the rate of U.S. law enforcement

RIO DE JANEIRO —  On the day she was to face her son’s killers, Glaucia dos Santos rose early, smoothed her hair into a ponytail and donned a T-shirt emblazoned with a single word: “Gratitude.” It may have seemed like a surprising choice given what she was about to do: travel ...

View more: ‘The police come here to hunt’: Brazilian cops kill at 9 times the rate of U.S. law enforcement

Dozens dead from Ian, one of the strongest and costliest U.S. storms

Is Your Windows 11 PC Slow? Try These 8 Fixes

19 killed, including 3 elite Guard members, in Iran attack

What time is Strictly on tonight? When Strictly Come Dancing is on BBC - results show and guest revealed

YouTube can learn from old school blog culture: Share (and cheat) at your own risk

How to time your flu shot for best protection

Brazil's election could determine the fate of the Amazon after record deforestation

Backstage chaos, fears still fresh from 2017 Las Vegas music fest massacre

Column: After UCLA upset No. 15 Washington, it’s time to stop ignoring the Bruins

Lamp Flashing Module Is Perfect For Automotive Use

Campaign signs influence how we vote more than you might realize

It's International Coffee Day—Here's Where to Score Free Coffee and Other Discounts

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network