Summary of 5 things you need to know! Vasil Cardano Major Update Hard Fork

It’s getting close! On September 22, Cardano fans around the world, including Thai fans, have yet another big event to win with the upgrade called “Vasil Hard Fork”.

What is Vasil’s hard fork? Why does this have to happen? How important is it to the future of Cardano? After upgrading, what will be changed? For those who still can’t catch the end of the line, follow me We summarize 5 important points that will prevent you from falling out of the parade!!!

1.#Get to know Cardano “Blockchain Generation 3”

To make it easier to recognize Cardano, let’s associate the image with the Ethereum platform. We would like you to close your eyes to imagine that Cardano is very similar to Ethereum as it is a public blockchain platform where the source code is disclosed or copied • can continue to apply Anyone who wants to develop anything can build on these platforms. Each blockchain has its own language, for example Ethereum’s is Solidity, Cardano’s is Plutus.

The Ethereum blockchain has its network coin called Ether (ETH). Similarly, Cardano has its network coin called ADA, some call it “ADA”, some call him “Ada”. which is a network of pennies similar with being a network currency to pay for services such as which blockchain to use It pays a fee with that blockchain coin in what the industry calls a “gas bill “.

The Cardano blockchain uses a non-consensual consensus mechanism. Proof-of-Stake (PoS -coins in the system to be redeemed for verifying and verifying transactions on the blockchain) is the second-highest market cap after Ethereum, which recently switched to the PoS engine.After upgrade The Merge on September 15 this past.

Cardano was founded in 2015, positioning itself as an upgraded version of Ethereum by refining its qualities of being a “3rd Generation Blockchain” that focuses on expanding the ability to handle transaction volume Building on the first generation of blockchain, Bitcoin was the first successful cryptocurrency. And the second blockchain generation is Ethereum which pioneered the use of Smart Contracts technology.

2.#Purpose of Cardano Hard Fork

A hard fork is a process that users of a blockchain network use to isolate the network. As a result, the same network or protocol is split into two versions.

the Cardano hard fork this time aims to Improve the network to expand capacity “Support higher transaction volume”

It is also a system update to make Web3 developers easier to work with and to enable the Cardano network to support the creation of decentralized applications (dApps).

and this update will “Empower Plutus”, Cardano’s programming language for writing smart contracts. on a more powerful and efficient blockchain.

3.# The biggest upgrade of the Cardano network

This upgrade has been delayed several times. In fact, if there were no issues, Cardano would have made a major upgrade before Ethereum, but it turned out that the upgrade has been delayed again. From the beginning he said June Come to the end of July Later in August, it was announced that it would be delayed again. until it came to perfection on September 22

The main cause of sliding disease It comes from problems with software and system testing. Cardano founder Charles Hoskinson, who co-founded Ethereum, said: “Making the Vasil Hard Fork is the heaviest update Cardano has ever done.”

“Upgrading to Vasil reflects that we need to improve our workflow to be more efficient as well as lay a more solid foundation to support the large, critical tasks that will happen on the Cardano network like this. and the heaviest update the Cardano network has ever done, but this is just one step on the long road to the future.”

Many people may wonder. Why call this upgrade “Vasil”? It is named after a deceased member of the Cardano community, Vasil St. Dabov, a former chief blockchain consultant who died in December 2021.

4.#Cardano’s market cap has surpassed XRP for a short time.

With the excitement of Vasil’s upgrade getting closer every now and then. This has pushed the market cap of ADA sky high, pushing XRP to the top of the cryptocurrency platform. with the seventh highest market value, or a market cap of almost $17 billion But in the end, the price of ADA fell to the point of falling back to crypto. with the highest market value, currently ranked 8th

But there is still some positive news for Cardano as the network’s main coin, ADA, is now available for trading on Robinhood, a popular asset trading platform that raises its point of sale without the demand of collecting brokerage fees from users.

Robinhood announced the news through the company’s social media channels. That the addition of Cardano to the forum is a demonstration of customer demand, bringing Cardano to the top of Robinhood’s asset trading platform with 13.2 million monthly active users since then. Active accounts on the platform

This is to expand Cardano’s investor base and should help increase trading liquidity.

5.# Crypto community There is a positive opinion on Cardano.

The total number of Cardano wallets is around 3.6 million. The number of ADA tokens sent or received on the Cardano blockchain has more than doubled compared to the figures recorded in November 2021. With the number of active addresses reaching almost 500,000, the ADA coin is continue to grow in popularity in 2021, reaching Radius as the primary alternative to Ethereum.

Many people may have questions, what will the price be after the hard fork? Crypto community There is a very positive view on Vasil’s upgrade, and Cardano prices are predicted to go up by around 26% from today before the end of the cycle at the end of September.

But if you look at Ethereum, don’t be complacent. We can see it threateningly that what he thinks may not be what it is because after The Merge, the price has not recovered at all. Even deep down, the Ethereum community is secretly hopefully the price will rebound, but it seems they need to rest according to the rules.

There is information for ADA supporters to enjoy, but that doesn’t mean it has to come out like this. Data from price estimates from CoinMarketCap It indicates that with 14,000 users, the price of ADA at the end of the month is expected to be trading at $0.62.

In short, how busy will the Cardano ecosystem be after the upgrade? How will cryptographers wait a few days from now? But what’s secretly terrifying is that Cardano’s upgrade day will likely clash with a major Fed event in the Panic market from time to time. Which is… a global issue that has already hit every asset!

Reference: nasdaq.com efinancethai.com efinancethai.com efinancethai.com

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