According to the Cardano project team, their much anticipated Vasil Upgrade hard fork will proceed on September 22, 2022. The upgrade will bring more scalability and also lower transaction costs on the Cardano blockchain. A smart contract platform, like its competitor Ethereum, Cardano represents a third generation blockchain design.
There have been previous delays to the upgrade due to flaws discovered while testing during the summer of 2022. The Cardano project developers have been criticized for moving too slow in meeting targets, but this was to make sure that the software is stable and secure. What many don’t realize is that this is part of the team’s strategy to deliver a product that is tested for quality, making it less prone to failure. Let us not forget that many cryptocurrency projects have ended in failure due to poor development, not to mention tokenomics.
Cardano’s founder Charles Hoskinson mentioned in a YouTube video (from Altcoin Daily):
“We built Cardano to be the financial operating system of the world …. we understood a roadmap to get there … we’ve maintained actually that level of security and quality that people have come to know …”Charles Hoskinson
In essence, what Hoskinson is saying is that in order to have a working cryptocurrency token, it has to meet rigorous testing and quality assurance. Despite news of errors in the protocol, it was during testing that they occurred. Errors were discovered on the test network, so that means it can be corrected before deploying to production. Development takes plenty of time in order to guarantee an ecosystem that is reliable and safe to use. The team is now ready to deploy the upgrade to the main network, and this should improve the network significantly.
Cardano is at the Goguen phase (smart contracts) of the roadmap to the Basho phase (scaling). This is the release of the Cardano smart contract platform that uses Plutus, a functional programming language that uses Haskell. This also includes the release of Marlowe which is a high level programming language for financial applications that can also be used for building smart contracts. Plutus is more advanced for high-end developers, while Marlowe can be used by users with no previous background in software development.
What will be interesting is what happens in the Cardano ecosystem after the upgrade. For Cardano’s native token ADA, this could mean a big price boost provided there are no complications during and after the upgrade. Traders and investors are keeping an eye on the price of ADA, as the news has been received positively so far (ADA spot market price was at $0.49 as of writing). This has kept ADA among the top 10 in the cryptocurrency market so far (based on CMC 9/4/22).
Cardano sets itself apart from other tokens. It is not a ‘meme’ nor is it considered a purely speculative asset like many coins that have no utility (i.e. ‘shitcoins;). Instead it has its own unique philosophy that is in line with the fundamentals of cryptocurrency, but based on the foundations of sound engineering. It is building a community with its own ecosystem, much like Ethereum. If Cardano can deliver on the many features it hopes to provide users, we can expect it to remain one of the top (if not the top) cryptocurrency in the market.
Disclosure: This is not financial advice. This is for educational purposes only. Do your own research always to verify information.