cryptocurrency

Cardano after the Fasil hard fork: future upgrades

  • Cardano (ADA) will be upgraded to Vasil Hard Fork on September 22, 2022.
  • Cardano intends to include Hydra, a Layer 2 solution for off-chain transactions.

Cardano (ADA) will be upgraded to Vasil Hard Fork on September 22, 2022. Hard Fork will have a significant impact on network transaction fees, mining rewards, and transaction speed. With the increase in scalability of decentralized applications (Dapps).

Rajagopal Menon, Vice President of WazirX said:

“It is designed to improve network performance by increasing throughput and text efficiency while reducing latency in block transmission.”

The upgrade schedule was originally set for June 2022, however, it will now take effect on September 22, 2022. Up to 12 exchanges hold most of the ADA’s liquidity, eight of which are ready for the upgrade, including Binance. Cardano’s native currency, ADA, is currently trading at 0.4546, up 0.71 percent in the past 24 hours. It’s trending up and down.

Cardano founder and co-founder Charles Hoskinson recommended upgrading the community. To Daedalus 5, the latest wallet version with major bug updates.

Vasil Hard Fork Upgrades

The upgrade will reduce transaction fees and improve communication between data and the blockchain by making it easier to store data on a chain, which will enhance the capacity of a decentralized application.

The validators reward a portion of the transaction fees they handle to validate transactions and protect the network from Denial of Service (DoS) attacks.

Cardano intends to integrate Hydra, a Tier 2 solution that will implement off-chain transactions, to address these difficulties. It will charge lower transaction fees than the main network, allowing the network to become truly decentralized, reducing latency, and increasing transactions per second.

It also provides an efficient way for a group of users to process off-chain transactions while using the master ledger as a secure settlement layer, maintaining integrity. WazirX Vice President stated recently.

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