Very few crypto platforms are worth exponential growth in the near future. Among them, Cardano is considered to be the next Etherium of the Crypto blockchain. It is often compared with the top cryptocurrencies. It now stands at 8th position in the CoinMarket Cap ranking based on market capitalization. The Cardano has more than 15 billion dollars in capitalization.
Cardano is a peer-to-peer blockchain founded by Charles Hoskinson (also co-founder of Etherium) founded it in 2015. The basic aim of this blockchain is to overcome the main issues that most other blockchains face, i.e., scalability, interoperability, and regularity. Charles Hoskinson announced that they are going to upgrade the Cardano blockchain next week with the name Vasil Hard Fork Upgrade.
What is Vasil Hard Fork Upgrade?
The upgrade is named after one of the community members, Vasil St. Dabov, who passed away last year. This is a part of Cardano’s third development cycle which aims to make the blockchain more effective and productive. The upgrade was initially scheduled for June or July but could not be installed on time due to some technical problems.
The Vasil Hard Fork is an upgrade that will completely deviate the system to a new level. The miners will have to adapt to this. However, most Etherium minors decided to remain on the old version of the blockchain.
The upgrade will have a tremendous impact on the Cardano blockchain. It is designed to improve the network capacity, making the transaction fee cheaper and speed higher. Additionally, it will also impact the price of Cardano (ADA) coins.
Impact of new upgradation
as mentioned above, The Vasil Hard Fork Upgrade will impact the overall structure of the Cardano blockchain. It is the most important and extensive upgrade for this blockchain to date. Following are some of the main changes that Vasil Hard Fork Upgrade will bring to the Cardano blockchain.
After the upgrade, more and more space will be added to the blockchain, which will increase the overall size of the block. Resultantly, the block will save enormous sums of data easily, which is a great step toward development.
When the block’s size increases, every transaction looks much smaller, and hence its fee also becomes smaller. According to the Cardano foundation, the transaction fee on their blockchain is 0.16 dollars, far lower than any other blockchain.
However, they are sure that with Vasil Hard Fork Upgrade, the transaction fee would be much cheaper.
Speed is another issue that many crypto blockchains face. A blockchain that overcomes this issue will ultimately surpass the rest. The faster the transaction speed, the better the blockchain would be. Because there would be more transactions per second on the blockchain, reducing the traffic on the blockchain.
With Vasil Hard Fork Upgrade, the blockchain transaction speed will increase. The current speed is 20 sec per second which will be faster after Vasil Hard Fork Upgrade. The blockchain’s optimization is considered a revolutionary step by the Cardano blockchain.
Will the price of the ADA be increased? The answer is YES. But how much? That is a bit early to answer. It is because, with the other three upgrades on this blockchain, the market was bullish, and the price increased significantly. However, this is the first upgradation that will happen the in a bear market. The price is definitely increasing as we saw when it increases when upgradation was announced.
As up the writing time, the current price of ADA is $0.46, which is 4.3% higher in the 24 hours chart. This is expected to increase more and more with the upgrade becoming nearer and nearer.
As mentioned above, it was scheduled for June or July, but now they are making it happen in September. The expected date of the Vasil Hard Fork Upgrade is 22 September which will go for five days.
The Cardano blockchain is one of the tops in the marketplace. Any significant improvement in this would result in an improvement in the overall crypto market. This upgrade is a piece of good news for investors in such a bearish market. It is expected that Cardano will regain its top 4 positions back with this Vasil Hard Fork Upgrade