The most important event in Canada’s history, known as the Vasil hardfork, is happening now. It’s going through to the test net and then on to the MainNet. So I’m going to go through some key dates and some key aspects of the vassal hard fork that’s actually happening right now, why it’s important for Cardano, and then some of the aspects that it’s going to change for Cardano and why that’s important for the value of the blockchain going forward.
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Cardano Vasil hardfork
So we got this update from Tim Harrison about, ‘Now at 50% – as soon as it hits 75%, we’ll pull the trigger’.
What does this actually mean? Well, Cardano is going through a hardfork. This is just an upgrade to the network, but it’s the start of the ability to put many more interesting and useful apps onto the blockchain. Without this hard fork, they can’t launch. So this is a really important time in Cardano’s history. We know that the hard fork has been delayed. It was initially kind of scheduled for the end of this month, which it is now, but it’s basically been delayed for at least a month.
So what we’re doing now is essentially upgrading the nodes to run the new software, and then when everyone upgrades that and there are enough nodes running that, then you can hardfork the network. This is happening on the test net right now. You can see it at 50%. As soon as it hits 75%, we’ll pull the trigger, which means you’ll initiate the hardfork and the upgrade to the network. You can actually follow along right here on this website.
But as you can see by production right now, we’re at 85%, so that means that the hard fork can actually take place. So 85% of the blocks on the test net are being produced with the new node version, and that means the upgrade can happen. This is really, really important for the Cardano blockchain. It’s really, really important. You can’t underestimate how important this upgrade is because new types of smart contract applications can launch right here. It’s going to increase the throughput of the blockchain for lending protocols and other protocols that need a lot of data to come through. So it’s really important and the second is, basically, after this happens in the second half of this year and onwards a lot more value is coming to Cardano in my opinion. So we’re delighted to report that in the last few minutes we have submitted an update proposal to hard fork the Cardano test net and commence the countdown for the vassal Main Net upgrade. So the main upgrade is going to come in around about a month from here.
On July 3rd, we will see here once the changes have taken effect after the start of epoch 215 in 2020. On July 3rd, the Cardano test net will start to enjoy the new Vasil enhancements and capabilities that we’ll soon see on the Main Net.
So what you have to look for here is what’s happening on the test net. Are there any bugs or anything like that that need to be sorted out? We’ve got to this stage where, any bugs are going to be minor, we hope anyway, and after about a month, they’re actually going to hard fork the main net, and that is the main upgrade. So that’s obviously something very important to watch out for around about the start of August. I actually think it will probably be a little bit longer than that because this upgrade itself took a little bit of time to actually get out. It took about four days for the nodes on the test net to upgrade to the main net. It may be a little bit harder still. So, I’d say 4-6 weeks for this upgrade.
Vasil improvements include higher throughput through something called “diffusion pipelining,” a better developer experience via much improved script performance and efficiency, and lower costs. It is Cardano’s biggest and best upgrade to date. As she previously stated, our primary concern is ensuring that we manage this upgrade in a safe and secure manner. The Cardano community has requested a minimum period of 4 weeks to allow SPOs devs&exchanges the time they need to test and upgrade before hard forking the Cardano MainNet.
So July 3rd, four weeks after that, you’re looking at the start of August for this. Give it another couple of weeks, maybe for something else, some other minor delays. So you’re looking at the middle of August to get this upgrade on the Main Net, and then after that, lots of applications do want to launch as soon as the upgrade has happened. So watch out for those as well. You can see it here.
Though this one, the stake pools on Cardano have already said we’ve already made eight blocks with the new, the new node on the test net and it’s working perfectly. So for now, at least it looks like everything is going to plan, albeit a little bit later than was initially scheduled.
Cardano is building a digital economy. You have assets. You have exchanges. You have the ability to program contracts. And it’s similar in that kind of outlook to Ethereum. But it has its own community in its own products that it’s actually trying to focus on. This is really important as well. This is a catalyst. A catalyst is where money from fees paid on the blockchain is sucked out and put into a big fund that invests in applications and developers to build more value for the blockchain.
So the blockchain is what they call self-funding. This isn’t a massive amount of money. So don’t get me wrong here. This isn’t like the billions and billions that hedge funds and VCS are investing in certain things. However, this is self-funding and so people that have very good ideas but potentially don’t know how to raise money from venture capital can actually submit their proposals in a decentralized way and Cardano holders can vote to actually give them money to develop their systems. This is what open source is all about, but you can see how this is growing right now.
Wallets that are voting are going up, community challenges selected are going up, cumulative amount of projects that have actually been funded is going up. So, this is going to continue over and over and over again. And it’s just a self-fulfilling growth of the blockchain through.
What Cardano is actually building
The market for everything that Bitcoin is also very large, like licenses and deeds and medical records and IDs. That is what Canada is going for. That is the sector of the market that Cardano is really going for, and I think the next words are about to really prove that as well:
‘I know it has a great opportunity to be big in music. Because sooner or later, the label is going to have to come on in and they’re going to have to come on home. And they’re going to have to sit down and realize that their catalogues and other assets are better served on the blockchain’.
‘So there’s been a lot of discussions of how do you apply this technology not just the financial markets where it’s been currently applied but to other things like Supply chains voting systems medical record systems and so forth that ultimately can build up to a better faster economy that has less friction in global commerce’.
So, recently gave a testimony in front of the CFTC, which is the commodities regulator in the States. This is where most crypto people want to be regulated, not by the SEC but by the CFTC. There may be a mix of both regulating different assets here and the CFTC is taking a more active role in regulating some of the markets for Bitcoin and other cryptos.
This is what Charles had to say,
‘The power of blockchain technology is its universality and permissionless model for innovation. True competition exists when everyone has equal access to markets. My company, IOG, has never had to pay a royalty, file a patent application, or acquire a license to pursue blockchain-related business development in countries as diverse as Ethiopia to Mongolia. The same tools that would enable a rancher to register a brand could be reused for land deeds, a credit score, or issuing a non-fungible token to represent a musical composition, assuring its artist of receiving fair compensation’.
The Vasil hardfork is a way to make the Cardano blockchain more appropriate for issuing many types of assets on and making sure that those assets have a robust ecosystem to be able to be traded and kept a recorder of in a cheap and reliable manner. And that’s what I know is building out.
[This article is a transcription of a video made by MoneyZG]
Original video: https://youtu.be/y1RZxJZG-_s]