On the 22nd of September, the IOG, in partnership with the Cardano team, hard-forked the Cardano mainnet via an HFC, thus installing the Vasil upgrade to the platform. Furthermore, the InputOutputHK via Twitter stated that the Plutus V2 model would be available and active on the chain, thus opening the entire Vasil service to developers by September 27.
Frederik Gregaard, the CEO of the foundation, via a Twitter thread highlighted some of the features of the new Vasil update. One such is the second version of Plutus, Plutus V2, which will be delivered by the update.
Over the years, the Cardano team has incorporated various features to develop their platform. With more recent innovations, the goal of this team is to deliver a safe, open, and accountable solution through their efficient technology. The Vasil update builds on the positive features of the already effective Cardano ecosystem.
It will improve Cardano’s smart contract features using Plutus V2 codes, which increases the platform’s already potent ability level. It will decrease transaction size and script processing expenses while increasing latency.
With the Plutus Version 2 and the new update, Cardano smart contracts can be created easily with fewer codes. As a result, this allows more smart contracts to fit onto blocks, effectively decreasing transaction charges.
With numerous crypto platforms incorporating various updates to improve their platforms, competition is at an all-time high. An update can range from very good to very bad based on the features. Vasil has been activated, but the delays still affect the network. Daily transactions show a decline in prices. However, the full features of Vasil are not seen yet as it has only completed the first stage. Therefore, it is too early to judge the impact of the upgrade.
