The Cardano network has reached the end of the Vasil update, according to founder Charles Hoskinson in his latest tweet.
Hoskinson revealed that a proposal was recently created and acknowledged for the hard fork commentator, which was then successfully authorized in a video that was released to Twitter. He stated that this marks the onset of the “Vasil era” for the Cardano network.
Hoskinson claimed that the automated procedure to distribute the Vasil upgrade has begun and will take around 5 days to complete. Given that the procedure was started on September 17, the Vasil improvements will take effect on September 22.
The Cardano co-founder compared the procedure to launch a rocket ship and said the team would have to wait to see whether it was successful or not. He continued, “There is no turning back.”
After the switch to the new state is complete, some of the new features that will be added to the PoS network will go live right away, while others will take about 5 days to take effect. No issues are anticipated, according to the Cardano team.
Cardano’s Token Biggest Price Dip In A Single Day
Recently the IOG founder called Ethereum resembling the Hotel California of the cryptocurrency world, for catering to the wealthy and those who can afford to buy expensive specialized hardware, TronWeekly reported.
According to Hoskinson, Ethereum’s implementation of the Proof-of-Stake consensus protocol was flawed as it restricted investors to access their staked ETH.
On the other hand, Cardano’s PoS does not require having users’ ADA locked. As a result, in this case, the “needs of users” are given precedence above stakeholder needs, he claimed.
The founder further said that everyone can stake its PoS protocol; one does not need to be affluent to do so. He underlined that this is a key area where Ethereum and Cardano differ.
In terms of price, Cardano’s ADA was down 10.02% on the day at $0.43 on 19 Sept. Since Friday, August 19, 2022, it was the biggest percentage point drop in a single day.
ADA’s market cap decreased due to the negative movement to $15 billion, or 1.65% of the overall market cap of cryptocurrencies. The market cap of the token peaked at $94.8 billion.