Cardano Hard Fork Explained
Many experienced stock market investors still fear stepping into the crypto market which makes it even more difficult to understand for the general audience.
In recent times, we have seen the bears ruling the market and we might be up to our necks in the bear market globally but it does not mean that crypto will hit the ground too. Apart from the huge withdrawals and continued decline in the prices of various cryptocurrencies, there is still a lot of hope that the future of crypto will be bright with the advancement in technologies and the number of crypto projects that are under development or are in their testing phase as well.
Every crypto investor is waiting for some updates on the technologies which might help the bear run to an end and they can start making profits again. An update just like this is on its way over the Cardano Blockchain network i.e. Cardano Vasil Fork.
In this article, we will be briefing you about the Cardano Vasil Fork and its effects on the crypto market but before jumping to the technology itself, let us learn on what is the meaning of Hard Fork.
What is a Hard Fork?
The term Hard Fork can be defined as a radical change in any blockchain network. In basic words, a hard fork is a change in the protocols of a blockchain network i.e. when conducting a hard fork over a blockchain network, the current protocol would stop operating and the new protocol which is developed to leverage the blockchain network would go live and will be available for public use.
Usually, when the protocol changes the previous protocol stops and all the history gets deleted but the Cardano Hard Fork is different. The Cardano Hard Fork is unique as the developers ensured a very smooth transition to the new protocol keeping the history intact.
The Cardano/ADA Hard Fork
One of the biggest projects that have seen significant development in recent times is CARDANO (popularly known as ADA among crypto investors) with its Vasil Hard Fork. The Cardano Hard Fork project has been in the news for a very long time because of its previous launch of the Alonzo Hard Fork which was launched last September.
The Alonzo hard fork was very exciting for the developers and the ADA crypto traders as it was meant to leverage the speed of the blockchain network but it failed as due to very high traffic on the blockchain network, the speed of transactions crashed instead of gaining some speed making it a very frustrating experience for the users.
This forced Cardano to crawl even after knowing that the number of people using that blockchain network had significantly increased but they failed to serve those users because of launching a poor Alonzo Hard Fork even when it was not ready to use. ADA’s pricing has continued to decline since then and so is the crypto market.
The Cardano Vasil Hard Fork
After the failure of the Alonzo Hard Fork, the developers had to come up with something better concentrating on the fact that they need to increase the speed of the blockchain network.
Thus, in contrast to the Alonzo Hard Fork, the Cardano developers came up with the Vasil Hard Fork which is focused on scaling the speed of Cardano and making it easier to use. Assuming all goes as planned, Cardano will become for both, the developers and the users as well.
This time, before launching it to the users, the Vasil Hard fork has been uploaded on the Cardano TestNet to see if it is actually doing what it is meant to do. Expected to launch on 3rd July, the date of Mainnet launch of the Vasil Hard fork has been delayed and if everything goes well, we can expect it to launch by the end of July.
Will it leverage the price of ADA?
Every crypto trader around the world is looking to if this hard fork will leverage the prices of ADA or will it continue to decline just like the whole crypto market. But, during the time when the Alonzo Hard Fork hit the ADA traders, most of them decided to spit than swallow and the prices of ADA have been declining ever since. No one can predict if the same things will happen again but, there are many speculations that the past might repeat itself.
Another reason for the unwanted repetition might be the current trend of the market. With the bears reigning over the market and the continuous decline in the prices of not only ADA but almost all the other cryptocurrencies, the speculations are going against the hard fork.
But, as every coin has two sides, this hard fork has it too. If we look into the long-term vision, the Vasil Hard Fork will be very helpful for the traders. As we all know that the Vasil Hard fork is being launched to leverage the speed of the Cardano blockchain which is broadly noticeable and if Vasil delivers whatever it commits, it would be very helpful for the users resulting in a significant increase in its prices.
As per the reports, Cardano’s Vasil Fork has been working well over the testnet and the developers have seen noticeable changes in the speed of the Cardano blockchain network. If everything goes as per the plan and the Cardano Vasil Fork succeeds in fulfilling the expectations on the mainnet as well, it is speculated that this fork will have a very solid impact on the future of the crypto market.
This was all about both the Hard forks on the Cardano Blockchain Network. There are still many questions among the crypto traders and enthusiasts will the Vasil Fork be able to change the trend of the crypto market or will the bear run continue. All these answers are in the hands of the future when the Vasil Fork will be live on the Mainnet for the users to use it.