The Cardano network has a paradoxical place among the giants of the blockchain ecosystem. While its cryptocurrency, ADA, is still highly capitalized, its network is struggling to grow. However, its creator Charles Hoskinson and his community have always been confident in the future of the network. The difficulties should indeed be resolved by the next update. Among these, the Vasil update is highly anticipated, but has also been delayed several times. The arrival of the test network July 3 should be the occasion for a fresh start for the ecosystem.
- A rocky start to the Cardano ecosystem
- The long-awaited Vasilis update is coming
- Next steps for Cardano
A difficult start for this Ethereum alien
The address smart contracts on the Cardano network in September 2021 ushered in a new era. The creation of Charles Hoskinson should have penetrated the major DeFi and NFT ecosystems. But, unfortunately, this did not go as planned. The BNB Chain, Solana or Avalanche did not have to worry about this competitor. Transaction too slow, language difficult for developers to…. These difficulties delayed the release of the first applications and took until December access to DEX and NFT marketplaces.
This time was not in favor of the network, as at the same time the crypto market started to crash. Since then, the ecosystem has gradually developed and Milkomeda’s solution has even been introduced to side chain with EVM for interoperability. However, the mainnet is still very slow and critics continue to level against this blockchain. Market sluggishness does not encourage anyone to be indulgent and look at what is already built. Only Cardano devotees are still waiting for something.
Vasil, the long awaited update for the Cardano blockchain
However, the Hong Kong Output Input (IOHK) team, which is behind the development of the network, remains confident in Cardano’s future and has been preparing the Vasil update for a long time. Named in honor of the late staff member Vasil St Dabov, this update will improve network scalability through pipeline and improve scripting performance to make developer jobs easier. The update was due to take place in May, but the discovery of 7 bugs again delayed its launch. The excerpt was announced on the test network July 3 is therefore a great relief for the team.
However, the latter asserts that it is “the most complex agenda we have ever pursued”. an hardfork they shall therefore be performed with the utmost care to ensure maximum security. The update will take 4 weeks to prove itself on the test network. If the network works well and the applications are easily adaptable to the hardfork, it can then be deployed on the now. The realization of the hardfork be a boost to the ADA course. After ATH at almost 3 dollars, this cryptocurrency in fact their price dropped to 0.44 dollars today. Even if it remains one of the largest capitalists, its place is more uncertain than before.
Will the Cardano ecosystem be able to establish itself in the crypto market?
When the hardfork for completion, the network will be able to resume development. More than 400 apps start developing after this update. So Cardano will be able to become a rich ecosystem in the coming months. However, it will take some additional updates to make the network fully functional. In fact, Charles Hoskinson believes that scalability and interoperability will only exist in the Basho era as he envisioned when he created Cardano. In this new era, the network will be supplemented with side chains which will unload certain transactions from the mainnet and allow the trial of other virtual machines to achieve interoperability. It is hoped that these novels will allow the development of promising projects, because at present, no application of Cardano has succeeded in imposing itself over the fans of the network.
Often criticized for its slowness or lack of ecosystem, Cardano is about to receive one of his biggest mutations. After months of waiting, the Vasil update will arrive in a few days test network. Without a definitive solution, it will complete a very large number of applications awaiting deployment. Whether in the realm of gaming, metaverses and DeFi, it’s time for Cardano to show what he’s capable of. In fact, if any project fails to position itself at the level of the largest Solana or Ethereum projects, we must expect another drop in the price of the ADA. Charles Hoskinson’s baby is at a crossroads. He will no longer be forgiven for many new delays or new obstacles.
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