While major protocols are undergoing serious updates, Cardano’s hardfork appears to be one of the most anticipated.
Vasil, which aims to improve Cardano’s performance, seems to be getting closer and closer, but what could that mean for the network?
The next update is called Vasil, named after the Bulgarian mathematician Vasil Dabov, a prominent member of the Cardano community. The plan is to introduce five major improvements to the network.
Cardano’s Improvement Proposals (CIP) are:
- CIP-31 aims to facilitate more access to information stored on the network without worrying about the general turnover associated with spending and recreating UTXOs;
- CIP-32 aims to restore a situation where data is appended to results in a conceptually simple way;
- CIP-33 is intended to allow reference scripts to be attached to results and to be used to satisfy script requirements through the validation process, and to not require expense transactions to do so;
- CIP-40 aims to introduce a new type of output transaction known as Collateral Outputs;
- The latest CIP, called Diffusion Pipelining, aims to improve the overall scalability of the network.
Will Vasil be a decisive turnaround?
This question is obviously very difficult to answer, given the complexity behind the technical side of a hardfork, as well as its importance in the network roadmap.
There are many upgrades that the network has gone through, but the one that made the entire community wait in anticipation was Alonzo, which enabled smart contracts capability over the protocol and turned it into a blockchain that developers can use to build decentralized applications. This happened on the 13th of September.
Vasil, on the other hand, aims to introduce functionality and features geared towards improving the core parameters of the network and making it more scalable and usable. In terms of it being a decisive turning point, however, it’s likely that he can’t be compared to Alonzo.
Big updates like Vasil are associated with volatility in the price of native cryptocurrency most of the time. It is likely that this time will not be an exception.
However, it is worth mentioning that the update itself has already been delayed a few times. The proposal itself was submitted on June 28, 2022, but on July 29, Kevin Hammond, technical manager at IOG (the company responsible for developing Cardano), warned users of yet another delay.
Know more: Cardano’s Next Hardfork, Vasil, Delayed Again
The problem here is that the timeline for the network update is far from accurate and at this point the delays are not surprising, according to official sources, the update should have happened in May.
Taking all these points into account, it seems quite unlikely that the update will bring about any significant change in the price of ADA.
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