News

These 3 Factors To Give Nod To Cardano’s Vasil Hardfork! But Is Another Important Launch On The Horizon?

Written by: Elena R

Written by right arrow

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

  • author twitter

Jun 22, 2022

news-image

  The seventh-largest cryptocurrency Cardano (ADA) has been under consideration of hodlers. As the developmentally sound protocol lines up major upgrades for release. The Vasil Hardfork has been on the top of the list. And is what the industry is looking forward to for not one but many reasons. 

While the Vasil Hardfork sees a delay for valid reasons such as bugs and security. The makers have also shed light on the three factors which will determine the rollout of the hard fork on the testnet. Amidst the bustle around the hard fork, Cardano also has an imperative launch, which could help it weigh heavier against the competition. 

 Will Vasil Go Live Only After These 3 Checks?

It is now a known fact to the masses from the industry. That Input-Output Global has postponed the testnet of the Vasil Hardfork to the end of June. This comes in light of justifiable reasons such as bugs, security, and quality. According to the official update by the head of delivery and projects Nigel Hemsley. The team is very close to wrapping up the work but has seven bugs to resolve. 

The makers are known to be striving harder after the catastrophic fall of Terra LUNA. The Vasil Hardfork is expected to go live on the mainnet by the last week of July. While the Testnet would go happen by the end of June. The official statement specifies that the Testnet’s final call would be taken in consultation with members of the SPO and the DApp development community against the 3 vital criteria’s. 

The first criteria is no critical issues outstanding on the node or the internal audit function. The next cites that benchmarking and performance-cost analysis is acceptable. The communities including exchanges and dApp projects have to be well-verse. And should have the requisite time to prepare for the hard fork combinator event. 

Once completed the company will then allow four weeks for exchanges and SPOs to carry out any necessary integration and testing. 

This New Product By Cardano To Turn Tables In Its Favour!

  The team behind Input-Output has now developed a new light wallet, which calls itself “Lace”. Lace offers a number of new features allowing users to manage, control, and store their holdings in a much more efficient manner. With the new wallet, users will now be able to store NFTs alongside their mainstream cryptocurrencies.

The wallet is still under test conditions and is a big move towards interoperability. The firm with Lace intends to open up Web 3.0 for the masses. The new wallet will also enable its users to stake their ADA holdings. Investors will now also be able to start receiving their rewards. The initiative will open up more opportunities with its interoperability. The results of which will reflect on the ADA price over time. 

Summing up, the price of ADA at the time of publication is down by 5.5% at $0.471. Although the altcoin is presently ranging in tandem with the broader market. The announcement of Hardfork’s release on the test net will give the price inertia. Which would then project on the basis of its success.  

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Related Articles

Back to top button