Cardano is one of the leading Proof-of-Stake (PoS) blockchain and high-performance platforms for developing and hosting decentralized applications and is currently the 8th largest cryptocurrency by market capitalization. The highly anticipated upcoming hard fork dubbed Vasil was named after the well-known Bulgarian mathematician and Cardano enthusiast Vasil Stoyanov Dabov and contains four Cardano Improvement Proposals (CIPs), including CIP-31, CIP-32, CIP-33, and CIP-40.
The Vasil hard fork aims to bring numerous upgrades to Cardano's network capacity and smart contract programming language Plutus which allows developers to create and run decentralized applications (dApps) and it also introduces "diffusion pipelining" to the Cardano blockchain. CIP 31 introduces a new kind of input, a reference input, which allows looking at an output without spending it. This facilitates access to information stored on the blockchain without the churn associated with spending and recreating UTXOs.
CIP 32 allows datums to be attached to outputs instead of the datum hashes. Currently, since the datum's hash is attached to the output, the full datum is required to finish the process. By implementing this update, developers can code scripts that point to the inputs directly. CIP 33 allows users to use reference inputs and modified outputs which carry actual scripts ("reference scripts"), and allow such reference scripts to satisfy the script witnessing requirement for a transaction. This means that the transaction which uses the script will not need to provide it at all, so long as it referenced an output which contained the script.
Diffusion pipelining is an improvement to the consensus layer that facilitates faster block propagation. It enables even greater gains in headroom, which will enable further increases to Cardano's performance and competitiveness. The core of the concept is to have blocks be transmitted without full validation while at the same time making changes to the consensus layer to improve block propagation across nodes.
Originally IOG released the roadmap for the Vasil hard fork in May 2022 and it was scheduled to take place on 29 June 2022 but the developers failed to meet the launch date due to delays in development and testing that pushed the launch date to the end of July. The organization behind Cardano, Input Output Global (IOG), released a Youtube video
on Thursday in which the Technical Manager Kevin Hammon announced that the Vasil hard fork will be postponed one more time as the devs fix and test the update thoroughly to ensure that no significant issues are left out as the network heads for the upgrade.
He stated that the postponement would ensure all stakeholders, including exchanges and API developers, are ready for the upgrade while also pointing out that IOG has been focused on solving some testnet issues, progressing with the Cardano node version 1.35.2. This particular node update fixes issues related to stake pool operators, decentralized application (DApp) developers, internal testing and other issues identified on the testnet.
The developers have not confirmed another fixed release date yet but Cardano (ADA) has been rising for the past few days as the crypto community awaited the upgrade, leading to its price surging by over 7% during the last 24 hours and the cryptocurrency has risen by 21% over the last two weeks as the entire crypto market recovers from the constant decline over the past few months.