“Cardano Vasil Hard Fork: Opening a New Era of Blockchain”
$ADA Cardano’s Vasil hard fork upgrade was originally scheduled to take place on the test network in June, but has now been confirmed to take place on its main network on September 22nd. This upgrade is named after Cardano community member **Vasil St. Dabov**, who passed away in 2021. The long-awaited upgrade is expected to have far-reaching consequences for the network, affecting transaction fees, speed and decentralized application development.
Let’s take a look at more information about the Vasil hard fork upgrade:
- **Hard Fork**: A hard fork is a complete change to the network protocol and permanently diverges from the previous version of the blockchain. This upgrade is designed to improve Cardano’s network capacity, reduce transaction fees, and speed up transactions. It will bring a series of major changes to the blockchain, making it more suitable for users and developers of smart contracts and decentralized applications.
- **Vasil Upgrade**: Vasil is considered the "most comprehensive upgrade" yet by developers at Cardano's development lab Input Output Global (IOG), "touching every layer of the network stack" and fixing numerous bugs. IOG is a development lab that helps maintain the Cardano blockchain.
- **Transaction Cost**: The end result of the upgrade will be to increase the size of the signal block and provide more space to hold data for each block added to the ledger. This will make transaction sizes smaller, increasing network throughput and lowering transaction fees.
All in all, Cardano’s Vasil hard fork upgrade will bring significant changes to the blockchain and is expected to improve its performance and functionality.