Robert Steinadler, 4 months ago
Cardano emphasizes its scientific background more than other projects in the realm of crypto. Starting with peer reviews this particular blockchain is really going a different way. Another example is the use of Haskell as its programming language which is also more common among programmers with an academic background. It seems that working this way is taking repeatedly its toll. Just yesterday it became known that the Cardano upgrade Vasil is facing yet another delay.
What is Vasil and why is it frustrating that has been delayed again?
Vasil is another hard fork that is supposed to introduce important upgrades that will improve Cardanos scalability and make transactions up to 50 % cheaper. It is not the only effort to scale the proof of stake blockchain. Other solutions like the second layer network called Hydra are also highly important to reach the goal. The key feature of Hydra is that smart contracts cannot tell the difference between the mainnet and the second layer, making protocols and dApps highly portable.
The Vasil upgrade is going to implement significant changes and is therefore highly anticipated by the community. It was yesterday when Kevin Hammon, Technical Manager of Input Output Global, gave a monthly update and revealed that the upgrade won’t happen at the end of July.
The release date for Vasil was supposed to be today July 29th. This is yet another letdown but IOG officials reassured the public that they only release quality software and there is more testing needed.
By releasing version 1.35.2 on the testnet many issues that have been identified by pool operators, dApp developers, and internal tests are being fixed. By releasing version 1.35 of Cardano’s node software for the mainnet preparations for the hard fork are underway.
In effect, Vasil is going to be delayed a few more weeks and we might see the upgrade happening at the end of August. It is the declared goal to wipe out any errors and issues before moving to the long-awaited final step. While this is understandable from a developer’s perspective the broader crypto community seems to have less patience.
By delaying the release for one month in June the community already has been tested. With another delay of a few more weeks the credibility of IOGs announcements is undermined. It seems that the market also punishes this type of behavior. While Ethereum and Bitcoin had a blast the last 48 hours, the price for ADA barely moved. It remains to be seen if the final release can bring some price action. It is safe to assume that Vasil won’t be the only factor that investors have to take into account. The US economy is entering a recession and the EU economy doesn’t look good as well. Since crypto is almost every time moving in the same direction as stocks, there are also other factors that come into play when looking at ADA and the way the market is going to react to the upgrade.
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Cardano is developing its second-layer protocol dubbed Hydra that is meant to improve its scalability similarly like the Lightning Network is doing with Bitcoin. Recently, Hydra made some progress with a specific development that could boost Cardano and bring micropayments to the masses.
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Cardano has been late to the NFT party and one of the reasons was the fact that its technical development took longer than expected. Many critics called Cardano a “ghost chain” for its lack of a DeFi and NFT economy. It seems that this assessment is far from being correct and while we are still facing a brutal bear market, Cardano NFT ecosystem is doing great.
Sep 05, 2022
White smoke from the Cardano camp, finally! After an earlier delay, Cardano parent company Input Output announced the Vasil hardfork to happen on September 22. It will mean more capacity and more elbow room for developers to build powerful applications.