Vasil Hard Fork Upgrades Cardano’s Smart Contracts Ecosystem

Vasil Hard Fork Upgrades Cardano's Smart Contracts Ecosystem
  • As part of the Vasil upgrade, reference scrips will be introduced.
  • The Cardano (ADA) network hit 3,000 smart contracts at the beginning of August.

Impending Vasil hard fork would “significantly” boost capabilities of the premier proof-of-stake blockchain, according to Tim Harrison, VP of Community and Ecosystem at Cardano creator Input Output.

Incorporating Plutus V2 scripts, the update will improve smart contract capabilities with better throughput and improved efficiency. Data sharing on-chain will be feasible with reference inputs, eliminating the need for intermediaries. Harrison thinks that oracles may benefit from such a technology update. The use of inline data eliminates the requirement for hashes. By allowing programmers to write scripts and append them to output.

Multiple Advancements

Big scrips led to processing problems when the Alonzo hard fork was implemented in September of last year. As part of the Vasil upgrade, reference scrips will be introduced. Allowing programmers to conduct monetary transactions without including a script. Similarly, diffusion pipelining will guarantee quicker block propagation, thus enhancing the blockchain’s speed by permitting greater throughput. 

It will be difficult to begin re-federation after the Vasil hard fork since the D parameter will be removed entirely. After months of delays due to technical problems, the Vasil hard fork is set to go live on September 22.

There has been no letup in the growth of the decentralized finance (DeFi) network since the Cardano (ADA) network hit 3,000 smart contracts at the beginning of August.

There have been a total of 3,092 Plutus Scripts (a Cardano-based smart contracts platform) created as of August 18th, up from 2,927 on July 20th. According to statistics, this is a growth of 165 smart contracts within a month. In addition, Cardano has added up to 90 smart contracts since August’s beginning, which works out to around five new additions every day.

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