Input Output Hong Kong (IOHK), the blockchain engineering firm behind the Cardano network, has released some “disappointing news”; announced a one-month delay in the long-awaited Vasil update.
According to Cardano co-founder Charles Hoskinson, the Vasil upgrade will provide a “huge performance boost to Cardano” and its smart contract capabilities.. It was previously scheduled to take place on June 29, however the latest estimate has been set for the last week of July.
IOHK project and delivery manager Nigel Hemsley noted in a June 20 blog post that the Input Output Global (IOG) core team working on the update “is very close to completing the core work”, but there are still seven bugs that remain outstanding and require work. None of them are listed as “serious,” he added..
“The work on Vasil has been the most complex development and integration program to date, from various angles. It is a challenging process that requires not only significant work from core teams, but also close coordination across the ecosystem”Hemsley wrote.
As a result, The Cardano Foundation – the non-profit organization that oversees the development of Cardano – and the IOG team have agreed to defer the release of the Vasil hard fork to the Cardano testnet from June 20 to June 29.
Once the testnet has been forked, Cardano-based decentralized application developers (dApps) and interest group operators (SPOs) will have approximately four weeks “to carry out any required integration and testing work” before the testnet will be released. Vasil hard fork to start on the mainnet at the end of July:
“This is reasonable and should not be rushed. Therefore, the working hypothesis should now be a Cardano mainnet hard fork occurring during the last week of July.”
“We recognize that this news will be disappointing to some. However, we are being very cautious to ensure that we do this rollout correctly,” Hemsley added..
Vasil hard fork is Cardano’s biggest update since September’s Alonzo hard forkwhich finally enabled smart contracts on the network. This latest update will introduce four network enhancements called “CIP31, CIP32, CIP33 and CIP40”.
In theory, these updates are designed to reduce the size of transactions, thus increasing network performance and reducing transaction fees on the network.
Cardano is a Proof-of-Stake blockchain platform that aims to compete with Ethereum as a smart contract network with lower fees.. It currently ranks seventh out of all crypto assets in terms of market capitalization, at around $16 billion.
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