Categories: Finance

IOHK announces exact date for Vasil upgrade on Cardano network

Input-Output Hong Kong (IOHK), the company behind the Cardano project, has decided on a date for the Vasil update – the largest and most important hard fork in the history of the project will take place on September 22.

Representatives of IOHK noted that the upgrade should increase the capacity and throughput of the network, as well as significantly reduce transaction fees. Vasil will also add new features to the Plutus system for dapp developers.

A hard fork requires 75% of blocks to be created by nodes with updated software. It is also necessary that the 25 cryptocurrency exchanges that provide about 80% of ADA liquidity update their systems.

The developers expect the top 10 dapps on the Cardano network to announce their hard fork readiness. Already, most of the largest cryptocurrency exchanges are preparing for an upgrade. Representatives of IOHK noted:

“Thanks to the unique hard forking system on the Cardano network, we expect a smooth transition to Vasil – no disruption for users and no interruption in block production. Users will not need to take any action.”

Initially, it was assumed that the update of Vasil in the Cardano network would take place at the end of July, but the developers postponed the hard fork. At the same time, the launch of Vasil in the test network took place in early July.

Source: Bits

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