Recently, posted on the Tweets of Input Output (IOHK), confirmed the long-awaited Vasil upgrade will take place on September 22 this year after long delays. Let's go with Holdstation to find out what is interesting about this upgrade of the top 7 crypto market capitalization token.
What is Cadarno?
Cardano is a decentralized third-generation proof-of-stake blockchain platform and home to the ada cryptocurrency. It has been designed from the ground up by a team of top engineers and academic experts.
The Cardano platform has been designed from the ground up and verified by an industry-leading combination of top engineers and academic experts in the fields of blockchain and cryptography. Cardano uses formal verification methods to ensure that the system behaves as designed.
Cardano design rationale
- Ticker: ADA
- Blockchain: Cardano
- Consensus: Proof of Stake (PoS)
- Algorithm: Ouroboros
- Token Type: Coin
- Contract: 0x3EE2200Efb3400fAbB9AacF31297cBdD1d435D47
- Block time: 20s
- Smallest unit: 10^-5 ADA
- Transaction Time: 250 TPS
- Total Supply: 45,000,000,000 ADA
- Circulating Supply: 34.18B ADA
ADA Token Use Case
- Transaction Fee
User get more ADA coin by staking ADA.
Cardano is a project founded by Charles Hoskinson - Cofounder of Ethereum & BitShares. Cadarno is run by Cardano Foundation, Emurgo and IOHK.
The Vasil upgrade stems from community-driven Cadarno Improvement Proposals (CIPs).
The IOHK, the Vasil hard fork upgrade is the most important for the blockchain as it comes with increased network capacity and lower cost transactions… The upgrade will bring improvements to Plutus (a smart contract platform). of the Cardano chain, allowing dApps to be written).
Easy to understand Vasil hard fork allows developers to create more powerful and efficient blockchain applications with lower fees. Adding a new rule to the code essentially creates a fork in the blockchain. In it, one branch will follow the newly upgraded blockchain and the other will continue according to the old chain. After a short while, those on the old chain will realize that their blockchain version is outdated or no longer relevant and quickly upgrade to the latest version.
The announcement also revealed that the majority of the top exchanges have already started their update process – Binance has begun updating its Cardano nodes.
Price increase after confirmation
Following the confirmation announcement on Twitter, the ADA token price has increased slightly by about 10% with a price at press time of $0.4839.
Besides, technically, the price of ADA is at a good support area, besides, the price of ADA has broken out of the EMA 20 with a new target of the EMA 50 for about $0.49. Investors who believe in ADA will need to work hard to push the price of ADA up when the overall market is still in a downtrend.
With Vasil scheduled a week after Ethereum's The Merge, there probably won't be too much attention for Cardano or ADA. Cardano has experienced 3 major hard forks in the past, respectively: Shelley, Mary, Alonzo. ADA prices were all trending up before the upgrade took place. But as soon as the Hard Fork succeeds, their prices all drop (Except for Mary Fork). It seems that Cardano's upgrades are only seen as a kind of "news" to exaggerate, push the price up.
It can be said that Cadarno's Hard-Forks are still not strong enough to resist the market trend.