Cardano Vasil Hardfork, which is slated to play out today September 22, has received support from Binance.US. The United States branch of Binance exchange made this announcement on September 20.
— Binance.US 🇺🇸 (@BinanceUS) September 20, 2022
According to the announcement, during the network upgrade, Binance.US will temporarily stop the deposit and withdrawal processes for the digital token ADA.
While the upgrade will halt deposits and withdrawals of tokens from the US-based cryptocurrency exchange, it is stated that ADA trading will be unaffected.
IOHK Details Upcoming Cardano (ADA) Hard Fork Network Changes
The parent company of the decentralized blockchain platform Cardano (ADA), Input Output (IOHK), has detailed the changes users should expect on the network following the launch of the highly anticipated Vasil hard fork slated for today.
In a recent blog post published by IOG, it’s noted that the main technical teams involved had conducted extensive testing and integration efforts to ensure a successful upgrade.
IOHK emphasized the significance of the Vasil hardfork emerging as envisioned in the post.
According to IOHK, “There are multiple ecosystem stakeholders to be considered. Ensuring that any upgrade is safe and secure and that players across the Cardano ecosystem are fully ready has always been paramount.”
Vasil’s upgrades to Cardano’s ledger will enable the use of UTXO input and input without having to spend it in the script contract. In other words, it is possible to access data recorded on the blockchain without having to spend or recreate UTXO, as was the case in the past.
Through Plutus v2, Vasil improves Cardano’s smart contract functionality, enhancing an already powerful smart contract platform with better efficiency. Vasil uses the EUTXO model to enable more advanced and faster DApps.
The EUTXO accounting model is the engine that powers #Cardano's financial model. EUTXO enables more expressive programmability for smart contract functionality and, together with #Plutus, creates a powerful environment for #DApp deployment.https://t.co/SDBNGXa5XC
— Input Output (@InputOutputHK) September 21, 2022
It is now possible to significantly reduce the size of the transactions that execute reference scripts, which previously caused processing delays.
After Vasil, there will be a further upgrade called the diffusion pipeline. Deploying earlier blocks for full validation while verifying the header is one way to boost Cardano’s speed and scalability potential.