Cardano (ADA) Moves Toward Last Stage of Key Network Upgrade

Image source: Getty Images

In a series of tweets over the weekend, the Input Output Global (IOG) team driving the software coding for the Cardano (ADA) blockchain announced progress in the latest upgrade to its crypto network. Specifically, the team announced the successful deployment of the Vasil Hard Fork on the blockchain’s testing platform — a critical step toward live rollout to all users.

The tweet stream also invited cryptocurrency exchanges, application developers, and stake pool operators (SPOs) to engage in final prep work for final integration of the new and improved Cardano blockchain.

“The teams at @cardanostiftung & IOG will be working closely with exchanges and DApp/tool developers throughout this process. As soon as we are confident ecosystem partners are comfortable & ready, we’ll submit an update proposal to upgrade the #Cardano mainnet to #Vasil,” stated one of the tweets.

In a separate IOG blog post yesterday, the developers state the benefits from the Vasil enhancement include greater functionality, speed, throughput, and compatibility across other networks for Cardano through the improved features.

“The Vasil upgrade is the most ambitious program of work we’ve undertaken. And the whole community is involved. Our prime concern is ensuring we manage this upgrade in a way that is safe and secure,” states the Twitter thread.

How Cardano differs from Bitcoin and Ethereum

Originally deployed in 2017, Cardano’s proof-of-stake (PoS) consensus method relies on less energy to validate blockchain transactions, making it a better option for the environment, compared to the proof-of-work (PoW) model. Many of the most popular crypto blockchains still rely on PoW, including Ethereum, Bitcoin, and Dogecoin.

As of this writing, Cardano’s native token ADA was up nearly 5% on the news, priced at $0.4697 per coin with a 42% increase in trading volume. The broader crypto market was up about half as much according to CoinMarketCap.

Earn a $50 bitcoin bonus

Our updated list of the best cryptocurrency apps for 2022 is packed with best-in-class picks. The cryptocurrency apps that landed on our shortlist include perks such as $0 commissions, and one pick that is offering a $50 bitcoin bonus. Check out the list here and get started on your crypto journey, today.

Get the top picks

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Tor Constantino has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

You May Also Like

About the Author: Over 50 Finance