Forex in this article
• Cardano hard fork completed on September 22, 2022
• Improved smart contract functionality with Plutus Script
Cardano course in focus
Today, just a week after the much-anticipated Ethereum merger, cryptocurrency Cardano received a significant upgrade: the Vasil hard fork. It brought some changes that have now been implemented on September 22, 2022. However, as Cardano founder Charles Hoskinson already announced via Twitter, some of the upgrade-related improvements will not be implemented until September 27 for technical reasons, so that full effectiveness cannot be completed by this date.
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What did Vasil Hard Fork do?
According to Hoskinson, the fork is probably “the most difficult update we’ve had to do as an ecosystem,” as t3n reflected to crypto experts. The update was named after the late Bulgarian mathematician Vasil Dabov, an active member of the Cardano community whose legacy was immortalized by being named “forever in the Cardano ecosystem,” as reported by U.Today on Cardano. The founder was quoted.
The upgrade brings with it increased network activity as well as lower transaction costs. The Cardano blockchain is also becoming more scalable and transaction speeds are increasing due to increasing performance. This was made possible in particular by improving the Plutus script. This improves Cardano’s smart contract capabilities and makes blockchain more attractive for developers of dApps, i.e. applications in the field of decentralized finance, DeFi for short. So far, cryptocurrencies have only played a minor role in the context of DeFi and NFTs, but this could now change with reforms.
By the way, this is not the first major update of the Cardano blockchain. A total of three hard forks have already been carried out, with the last “Alonzo” already attracting a lot of attention and raising hopes of a tailwind for the Cardano blockchain.
This is how ADA Token reacts to Cardano hard fork
The cryptocurrency Cardano, like all other cipher currencies, has lost a lot of value since the beginning of the year. Nonetheless, according to data from CoinMarketCap, cybercurrency is among the top ten cryptocurrencies by market cap. It remains to be seen whether the Vasil update will give the ADA token a sustained boost.
During the hard fork, a token on the crypto exchange was temporarily down 2.42 percent at $0.4451.
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