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Cardano Founder Charles Hoskinson Says ADA’s Vasil Fork Is Coming Soon

29-Aug-2022 By: Ashish Sarswat
Cardano Founder Char

Cardano founder Charles Hoskinson revealed on Friday

 that the Vasil hard fork is coming soon, maybe in September. 

The upgrading of the crypto asset has been eclipsed by the imminent Ethereum upgrade dubbed The Merge.

Cardano (ADA), a proof-of-stake (PoS) blockchain, intends to perform a hard fork around the same time ‘The Merge’ is scheduled to be implemented. The Merge of Ethereum is around 16 days away, and the upgrade will transform Ethereum's proof-of-work (PoW) consensus mechanism into a PoS blockchain.

During a Twitter live stream on Friday, Hoskinson informed the public that, while rigorous testing is still underway, the Vasil hard fork might occur around mid-September. Much like The Merge, Cardano’s hard fork was delayed at the end of June.

The Vasil hard fork intends to incorporate four Cardano Improvement Proposals (CIPs). CIPs include CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs).

Developers revealed a few months ago that one particular change, CIP-31, will significantly cut Cardano's transaction fees. During the first week of May, the Cardano development team at Input-Output Global (IOG) highlighted how reference scripts cut transaction costs.

During the live stream, Hoskinson stated that Vasil will take place in September and that the next significant push is to get the exchanges on board. Hoskinson stated that it was difficult to ensure that large exchanges and third parties were updated.

Larger crypto exchanges that push for upgrades generally assist smaller exchanges in following suit. In the midst of the Cardano hard fork debate, the blockchain's native currency has recently lost substantial value versus the US dollar.

Over the last 14 days, Cardano (ADA) has dropped 24.5% in USD value and 3.36% in the last 24 hours, with the 24-hour price range ranging between $0.441044 to $0.427571 per unit. The ADA has plummeted 85.7% since its all-time high on September 2, 2021, and is down 84.9% year to date versus the US dollar.

Read also: Antpool Announces Intentions to Stop Supporting Ethereum Ethash, But Continue ETC Mining

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