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The network's eagerly awaited Vasil hardfork upgrade has been postponed by Cardano's development team, Input Output Global. The team claims there are seven flaws to fix and that it needs "additional time for testing."
The Cardano upgrade that was supposed to usher in the new "Basho" era for the network has been postponed.
The Vasil hardfork for Cardano will now occur in the final week of July instead than the original intended date of June 29, according to a blog post published late on Monday by Input Output Global. IOG reported that there were still seven problems to be fixed, none of which were classified as severe, and that "after some discussion, we have agreed NOT to release the hard fork update proposal to the testnet today to allow more time for testing."
Since the Alonzo hardfork debuted in September of last year, the Vasil hardfork is Cardano's most important development. As part of the long-planned switch from the so-called Goguen to the Basho period, which is referred to as "an era of optimization, boosting the scalability and interoperability of the network," it is part of the Cardano network. Basho is about enhancing Cardano's fundamental performance to better accommodate DeFi applications, as opposed to earlier eras which concentrated on decentralisation and adding smart contracting features to the network.
CIP31, CIP32, CIP33, and CIP40 are the four significant network enhancements that will be brought about by the Vasil hardfork. Some of Cardano's Plutus scripts are expected to have their logic rewritten as a result of these updates. Together, they are designed to shrink transaction sizes, hence boosting network throughput and cutting transaction costs. The hardfork is anticipated to also address the "concurrency" issue, which has significantly hampered the scaling of DeFi apps on Cardano.
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IOG stated in the announcement that effective collaboration amongst the ecosystem's stakeholders would be necessary before the upgrade could be released. In order to give exchanges and other ecosystem partners more time to prepare, IOG is delaying the planned testnet and mainnet launches by four weeks.
In response to the announcement, the price of Cardano's ADA coin remained mostly unchanged. Since the announcement was made, it has fluctuated between $0.48 and $0.50.
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