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A Definitive Guide to Web 3 in Social Networking

 

Web 3.0 is the latest version or third generation of the Internet. The web, referred to as the “world wide Web,” connects data in a decentralized manner, which assists websites and applications. Web 3.0 expands the use of blockchain-based technologies in decentralized applications. 

What is social networking? How does it differ from social media?

Social networking refers to online platforms to connect and communicate with others. These platforms allow users to create profiles, share information, and interact with others through various forms of communication, such as text, images, and videos. Social networking platforms include Facebook, LinkedIn, Instagram, and many others. 

These platforms focus on connecting and communicating with others, while social media platforms tend to focus more on content creation and consumption. Additionally, SM platforms are widely used for marketing, news, and entertainment.

Web 3.0 in social networking/networks:

As we know, Web 3.0 is decentralized, which means users have control over their data and online identities. Videos, blogs, and scrolling through feeds are popular activities users do now. Web3 social networks are blockchain-based platforms that create decentralized applications (dApps). These dApps provide users’ self-sovereign identities and generate interactions between users and the dApp. 

Smart contracts are self-executing, with the terms of the agreement between buyer and seller written directly into lines of code. Web3 social networks create decentralized autonomous organizations (DAOs), which are run by a network of users rather than a centralized authority. These organizations can also be used for social networking. It enables users to create decentralised social networking platforms where users have more control over the platform’s decisions and operations. 

Web 3.0 platforms for social media in 2023.

Mastodon:

Mastodon is an open-source, decentralized social media platform, a part of the web 3 ecosystem. It allows users to create and join “instances” (similar to servers or communities) where they can post text, images, videos, and other content. Mastodon is not controlled by a single company or organization; users can freely join and leave different instances. It also emphasizes privacy and user control, allowing users to set their privacy settings and block or mute other users. It is based on the ActivityPub protocol and allows for seamless communication and federation across different instances.

Odysee:

Odysee is built on the LBRY blockchain and allows users to upload and share videos, images, and various types of content to earn cryptocurrency through the LBRY token for their contributions. Odysee is decentralised, meaning it is not controlled by a single company or organization. Instead, the platform is run by a network of users who provide storage and bandwidth for the content. This decentralisation offers greater privacy and security to users, as well as more resistance to censorship. 

Mirror:

The mirror is a decentralized social media platform built on the Ethereum blockchain and InterPlanetary File System (IPFS), which aims to give users more control over their data and privacy. It provides users with a decentralized and distributed architecture, meaning there is no central point of control or failure.  Users can create content, share it with their followers, and earn cryptocurrency through the Mirror Token (NFT) for their contributions. It also allows users to interact with other users, join communities, and discover new content.

Steem:

Steem is also a decentralized social media platform built on the Steem blockchain. It allows users to create and share content, such as text posts, images, and videos, and to earn cryptocurrency through the Steem token for their contributions. The platform allows users to vote on content, and the rewards are distributed proportionally to the vote weight. Additionally, it has a built-in reputation system, allowing users to establish a reputation and gain more influence on Steem.

Conclusion:

Web3 social networks are decentralized and built on blockchain technology, using NFTs, decentralized identities, decentralized autonomous organizations (DAOs), and smart contracts to incentivize users to participate in the network and automate the process of executing a contract. The Increasing demand for Web-based social media platforms due to censorship and demonetization suggests blockchain could play a crucial role in the next generation of social media applications.

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7 Crypto Coins That Could Reach New All-Highs in 2025

 

Predicting which cryptocurrency coin will reach new all-time highs in 2025 is a challenging task, as the market is highly dynamic and subject to a wide range of external factors. However, several coins still have a high potential to reach new all-time highs in the coming years. The coins discussed below have a strong developer community and a wide range of use cases, and many experts believe that they have considerable growth potential. These coins include:

Bitcoin (BTC): 

Bitcoin is the most well known and widely-traded cryptocurrency with a strong track record of price appreciation. Despite its volatile price history, many experts believe that Bitcoin has the potential to reach new all-time highs in the coming years due to increasing mainstream adoption and the limited supply of coins.

As the supply of Bitcoin decreases over time, the scarcity of the coin is likely to increase, which could lead to price appreciation. This scenario is supported by several factors, including the limited supply of coins and the growing recognition of the benefits of decentralisation.  If Bitcoin can overcome some of the technical and regulatory challenges that it faces, it is possible that it could become a widely-used means of exchange and store of value.

The most powerful scenario about Bitcoin is that it will continue to exist and be used by a small but dedicated group of users, but will not achieve widespread mainstream adoption. This scenario will be supported by the fact that Bitcoin has a strong and passionate community of supporters.

Ethereum (ETH): 

Ethereum is a decentralised blockchain-based currency, that promotes the creation of smart contracts and decentralised applications (dApps). One of the key factors that could contribute to the future growth of Ethereum is the increasing adoption of smart contracts. 

A smart contract is a self-executing contract in which the terms and conditions between a buyer and a seller are written directly in lines of code. They have the potential to revolutionise a wide range of industries by reducing the need for intermediaries and increasing the efficiency and security of transactions. As more and more organisations and individuals begin using smart contracts, the demand for Ethereum is likely to increase, which could lead to price appreciation.

Cardano (ADA): 

Cardano is a decentralised platform that focuses on enabling the creation of secure and scalable applications. Cardano is also likely to benefit from the increasing focus on decentralised finance (DeFi). DeFi refers to a growing ecosystem of financial applications and services that are built on blockchain technology and are operated in a decentralised manner allowing users to access a wide range of financial services, such as lending, borrowing, and trading, without the need for traditional financial intermediaries. 

The DeFi space has seen explosive growth in recent years, and it is expected to continue to evolve and mature in the coming years. We will likely see more traditional financial services being replaced by DeFi platforms as they become more user-friendly and offer competitive features and benefits. Furthermore, with its high scalability, quick transaction time, and robust infrastructure, Cardano’s value could reach new heights by 2025 making it a great investment option for those looking for long-term gains.

Binance Coin (BNB): 

Binance Coin is the native cryptocurrency of Binance Exchange, one of the world’s largest and most popular cryptocurrency exchanges. It has a strong track record of price appreciation and is widely used as a means of payment on the Binance platform. 

The increasing adoption of cryptocurrency exchanges could contribute to the future growth of Binance Coin. As people become interested in buying and selling cryptocurrency, the demand for exchanges is likely to increase. This could lead to an increase in demand for Binance Coin, as it is widely used as a means of payment on the Binance platform.

Chainlink (LINK): 

Chain Link is a decentralised oracle network that enables the creation of smart contracts that can securely access off-chain data. The factor that could contribute to the future growth of Chain Link is the increasing adoption of decentralised applications (dApps).

DApps are applications that are built on top of decentralised platforms and operate in a decentralised manner. They have the potential to disrupt a wide range of industries by enabling the creation of more transparent and secure systems. As dApps are being developed and adopted, the demand for Chain Link is very likely to increase, as it enables dApps to securely access off-chain data.

Solana (SOL): 

Solana is a high-speed, decentralised platform that is designed to enable the creation of scalable applications and has a wide range of partnerships and collaborations. It uses a unique consensus mechanism called Proof-of-History (PoH) to secure its network and validate transactions. PoH is a time-based consensus mechanism that uses a distributed timestamp server to record the order of events on the network. 

The key benefit of PoH is its ability to enable fast transaction speeds. Because PoH does not rely on a traditional proof-of-work consensus mechanism, it does not require validators to perform resource-intensive calculations to validate transactions. This allows the Solana network to process transactions much faster than other blockchain platforms.

Polkadot (DOT): 

Polkadot is also a decentralised platform that is designed to enable the creation of scalable and interoperable applications. It has a strong development team and a wide range of partnerships and collaborations.

Polkadot is focused on scalability and interoperability. Many blockchain platforms have struggled to handle the volume of transactions that are required for large-scale adoption. As a result, there has been a push to develop new technologies and protocols that can improve the scalability and performance of Polkadot.

Conclusion:

It is important to note that these are just a few examples of coins that have the potential to reach new all-time highs in 2025 and there may be other coins that also have strong potential. The cryptocurrency market is highly dynamic making it difficult to predict exactly what the future will hold. As with any investment, it is important to do your research and carefully consider your investment decisions before investing in any cryptocurrency.

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blockchain Blockchain development

Where will Blockchain Technology be in 2025?

 

Predicting where blockchain technology will be in 2025 is a challenging task, but here are several key trends and developments that are likely to shape the direction of the blockchain industry in the coming years.

Scalability and Interoperability:

One of the most significant trends in blockchain technology is the increasing focus on scalability and interoperability. Many blockchain platforms such as Ethereum have struggled to handle the volume of transactions that are required for large-scale adoption. 

As a result, there has been a push to develop new technologies and protocols that can improve the scalability and performance of these systems. We will likely see significant progress in this industry (blockchain technology) over the next few years, as more and more organisations and developers work on solving these challenges.

Decentralised finance (DeFi):

DeFi refers to a growing ecosystem of financial applications and services that are built on blockchain technology and operate in a decentralised manner. These applications allow users to access a wide range of financial services, such as lending, borrowing, and trading, without the need for traditional financial intermediaries. 

DeFi had explosive growth in recent years, and it is expected to continue to evolve and mature in the coming years. We will likely see more and more traditional financial services being replaced by DeFi platforms as they become more user-friendly and offer competitive features and benefits.

Social Impact and Sustainability:

Many organisations and individuals are exploring the use of blockchain to address global challenges such as climate change, poverty, and inequality. For example, blockchain-based platforms and initiatives are being developed to track the provenance of goods and ensure that they are produced sustainably and ethically. We will likely see more and more organisations using blockchain to create positive social and environmental impacts in the coming years.

Governance and Voting Systems:

Another area of interest is the potential use of blockchain for governance and voting systems. There is a growing belief that blockchain technology could be used to create more transparent and secure voting systems, particularly in the context of elections and referendums. Because blockchain-based voting systems could create an immutable record of every vote that is cast, which would make it difficult to tamper with the results of an election. We will likely see more and more governments and organisations using blockchain for this purpose in the coming years.

Integration with other technologies:

We will likely see more and more integration between blockchain technology and other emerging technologies such as artificial intelligence, the Internet of Things (IoT), and 5G networks. These integrations could lead to new and innovative use cases for blockchain technology.

Moreover, the integration of blockchain and 5G networks could enable new types of decentralised applications and services that can operate at scale. With the increased speed and bandwidth of 5G networks, it is possible to create blockchain-based systems that can handle high volumes of transactions and data in real-time.

Conclusion:

Despite these promising developments, it is important to recognize that there are still many challenges and impediments that need to be worked upon and met. Overall, it is clear that the future of blockchain technology is full of promise and potential. While there are certainly challenges and uncertainties, technology has the potential to transform a wide range of industries and bring about significant positive change in the world. As technology continues to evolve and mature, it will be interesting to see how it is used and the impact it brings on society and the global economy. 

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Top blockchain Trends in 2023

Blockchain technology has already revolutionized the way business is done, and the possibilities continue to expand. Some experts estimated it to be a $20 billion industry in 2023, and more companies will recognize the potential of distributed ledger technology.

As such, several trends are emerging in blockchain technology that will surely shape the future of the blockchain. In this writing, we will know about some top blockchain trends for 2023, from decentralized finance (Defi) to non-fungible tokens (NFTs), and what they mean for your business.

Trends of Blockchain Technology:

  • Asset Tokenization:

The process of tokenization is the creation of digital assets that can be traded on the blockchain. This is done by converting existing assets such as real estate into digital tokens. This permits you to purchase and trade assets on decentralized exchanges without any intermediary. Tokenization can also be used to create new assets such as loyalty points and reward points.

Tokenization has many benefits such as increased liquidity, reduced costs, and faster transactions. It can also bring new investment opportunities to individuals and institutions that were previously inaccessible. For example, tokenization has enabled partial ownership of assets. This means that you can own a portion of real estate or other assets without having to buy them outright.

Tokenization is still in its infancy and many challenges need to be overcome to realize its full potential. However, technology is evolving rapidly and there are already some exciting projects underway. With continued innovation and adoption, tokenization could have a major impact on how assets are traded in the future.

  • dApps:

Decentralized applications work on blockchain networks. They are similar to traditional apps but have some key differences because dApps are not retained by any intermediary, and they are run by a community of users, all of whom play a role in maintaining the network. They make dApps more secure and more resistant to censorship than traditional apps.

Another important difference is that dApps often use cryptographic tokens to power their networks and due to their cryptographic nature, the use of these tokens can encourage users to join the network or reward them for their contributions. This creates an ecosystem of users invested in the success of dApps.

So far, there have been several successful dApps based on Ethereum, EOS, and other blockchain platforms. Common examples include CryptoKitties, Augur, and MakerDAO. As more developers create dApps and more users use them, more amazing decentralized applications could emerge in the years to come!

  • Private Blockchain:

Private blockchains operate in a private context or closed network, using peer-to-peer connectivity similar to public blockchain networks. Businesses use this blockchain network to customize authentication settings and other key security options. Transactions on this network are faster than on the public blockchain and offer companies the opportunity to scale their network size up or down.

Only certain users can validate and submit transactions and view data on the chain. Via cryptography and consensus mechanisms, it ensures network security and provides a secure platform for exchanging funds and assets between parties.

Private blockchains can use different consensus models such as Proof of Work (PoW), Proof of Stake (PoS), or hybrid consensus models. These mechanisms allow private blockchain participants to independently verify each transaction without relying on third-party verification services or miners.

  • NFTs focus on real-world Utility:

NFTs are growing in popularity due to their focus on real-world utility. As you know, NFTs are digital assets that cannot be exchanged due to their uniqueness. This makes them flawless for the usage of such things, as collectibles, games, and even digital art.

One of the advantages of NFTs is that they can be transmitted and stored on the blockchain, which makes them more secure than traditional assets, which are often vulnerable to fraud. Additionally, NFTs can be bought and sold on decentralized exchanges, giving users more control over their investments.

The growing interest in NFTs has led to the development of new platforms and applications that utilize this technology. The most popular are decentralized, Axie Infinity, and Crypto Kitties. These applications allow clients/users to buy, sell or trade virtual assets in a safe and transparent mode. NFTs are likely to continue to grow in popularity in the coming years due to their focus on real-world utility.

  • DAOs Go Mainstream:

Over the past year, the popularity of distributed autonomous organizations (DAOs) has skyrocketed. A DAO is a decentralized organization run by a set of rules encoded on the blockchain. Rules are enforced by the network of users participating in the DAO.

DAOs have several advantages over traditional organizations. They are censorship and corruption resistant, transparent and efficient. Additionally, DAOs can be created and operated without expensive infrastructure or centralized management.

The rise of DAOs is partly due to the increasing maturity of blockchain technology. With the availability of a more robust platform and tools, getting started with DAO is easier than ever. Additionally, the rise of Ethereum-based protocols has made it possible to launch complex DAOs with multiple layers of governance.

As you know, DAOs are becoming more and more popular and we expect more innovations in this area. We believe that DAO will eventually go mainstream and become a major force in the global economy.

  • Decentralized finance (DeFi):

DeFi refers to a growing ecosystem of financial applications and services that are built on blockchain technology and operate in a decentralized manner. These applications allow users to access a wide range of financial services, such as lending, borrowing, and trading, without the need for traditional financial intermediaries. 

The DeFi space has seen explosive growth in recent years, and it is expected to continue to evolve and mature in the coming years. We will likely see more and more traditional financial services being replaced by DeFi platforms as they become more user-friendly and offer competitive features and benefits.

Conclusion:

Overall, it is clear that the future of blockchain technology is full of promise and potential. While there are certainly challenges and uncertainties, technology has the potential to transform a wide range of industries and bring about significant positive change in the world. As technology continues to evolve and mature, it will be interesting to see how it is used and the impact it has on society and the global economy.

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blockchain Main Category

Top Trends of Metaverse in 2023

Top trends of Metaverse in 2023

The Metaverse is a persistent, user-created online world that exists across platforms. It is a shared, open environment where avatars can interact with each other and with virtual objects. The metaverse can be used for socializing, gaming, or other activities.

The term “metaverse” was first introduced by Neil Stevenson in his science fiction novel Snow Crash. In this book, the Metaverse is his three-dimensional representation of the Internet, allowing avatars to interact with each other and with virtual objects. The Metaverse is similar to Second Life, the online world that started in 2003.

There are several trends to describe what the metaverse will look like as it becomes more widely available. One thing is for sure, it’s not just another place to gamble.

Trends of Metaverse:

2023 is shaping up to be an important year for the Metaverse. Here are a few trends that could rule the metaverse in 2023.

  • Increased Interactivity and Social Connectivity:

As technology advances, the metaverse becomes increasingly interactive and social. With avatars in immersive environments such as multiplayer games, virtual reality experiences, and other shared spaces, there are even more ways to connect with others.

  • Improved Graphics and Immersion:

Graphics and immersion are key ingredients in making the Metaverse a fun place to be. As hardware and software evolve, we see more realistic and believable graphics that make it easy to forget you’re not in the real world.

  • More Engaging Content:

Content within the metaverse becomes more engaging as creators strive to make their work more immersive. As individuals leave their footprints in the metaverse, there will be more user-generated experiences, worlds, and objects. This may include more interactive elements such as games and puzzles.

  • Increased Security:

As the metaverse has grown in popularity, security measures have been put in place to protect user information and prevent fraudsters from taking advantage of unsuspecting victims.

  • Greater Customization Options:

Users have more customization options regarding their avatars and the environments in which they exist within the metaverse. This includes everything from customizing your avatar’s appearance to choosing the type of panorama you want to explore.

  • Improved Users Experience:

The user experience within the metaverse continues to improve as technology advances. This improved experience makes it easier for users to steer and find the content they’re scrutinizing for.

  • Decentralization:

The trend toward decentralization will continue. The metaverse will become more decentralized as people build their own experiences and platforms using open-source technology. This creates a more participatory and democratic metaverse where everyone has a say in how they develop.

Future of Metaverse?

The metaverse is constantly evolving and the future of the metaverse is always in flux. However, there are some key trends that we can expect to shape the future of the metaverse.

First, the growing popularity of Augmented Reality (AR) and Virtual Reality (VR) technologies means that more and more people will interact with the Metaverse via AR/VR devices. This will proliferate his AR/VR content and experiences within the Metaverse, creating new ways to interact with and navigate the Metaverse.

Second, artificial intelligence (AI) will play an increasingly important role in the Metaverse. AI-powered avatars and bots will become more commonplace, and AI will be used to create more realistic and believable environments and characters.

 Conclusion:

Heading into 2023, the popularity of the Metaverse will explode. As new platforms and technologies emerge, blockchain-based metaverse applications emerge, social media platforms grow, and companies and organizations use the metaverse for training and simulation, it is clear that the metaverse is the future of online interactions.

In addition, Web 3.0 and the existing open-ended virtual world will bring much-needed stability to the Metaverse, allowing existing players to continue using existing and upcoming resources. While media will provide new platforms and opportunities to new players for shaping the future of the metaverse.

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Boom or Bust? What the Future of NFTs holds?

Boom or Bust? Future of NFTs?

Many years ago, the future of NFTs was just a concept that a GIF or a JPEG file would be considered an art collectible was just unthinkable. Unlike today, they are known as NFTs, crypto investment assets with a market that surpassed a whopping 49 billion dollars in 2021. These digital tokens and NFTs are bought and sold on specific marketplaces where many tech investors have seen huge profits.

This idea of a digital marketplace where artists could share their work and sell them off directly without the involvement of auction houses or museums seemed impossible just a few years ago. It has drastically evolved over the past 5-6 years, allowing artists, big companies, and organizations to share their work on the NFT marketplace easily.

How did NFTs come into existence?

The concept of NFTs started to evolve on the surface when Meni Rosenfield introduced the idea of colored coins on paper in 2012. The basic idea was to teach a class of methods for representing and managing real-world assets on the blockchain to provide complete ownership of those assets. The idea wasn’t compatible with the Bitcoin blockchain but later came on to become the foundation of NFTs.

Kevin McCoy, a digital artist, minted the first NFT in 2014. Its name was “Quantum” and it was released on the namecoin blockchain. The Quantum was a digital pixelated octagon image that resembled an octopus in different changing colors. After this, several other NFTs were minted on several blockchains and soon after, Ethereum became the hub for releasing all new NFTs making the future of NFTs quite clear.

How NFTs turned out to be a Colossal Success?

In 2021, it became the year of the NFTs with a massive surge in the demand and supply of NFTs. This happened when famous auction houses like Christie’s and Sotheby’s started selling the NFT art pieces and took their auctions online. Christie’s NFT sale of Beeple’s “Everyday: The First 5000 Days” was sold for a whopping $69 million. Such a massive sale like this one validated the NFT marketplace’s growth and gained new customers’ trust.

After artworks, NFTs entered the music industry and succeeded there. Kings of Leon was the first music band to have had their album released through NFTs. Moving on, merchandise, concert tickets and even song tracks started getting sold as NFTs. The affiliation between the audience and the artist directly was one of the primary reasons behind the success of NFTs in the music industry. The main reason is the no longer involvement of third parties or intermediaries for their interactions.

NFTs today aren’t just limited to art, games, or music but they are also trending for every possible real-world asset. To utilize NFTs to their full potential, companies like LCX have introduced the concept of tokenization of diamonds. Almost all diamonds are unique, making them perfect to be tokenized into NFTs. These Tiamonds were enabled by LCX’s framework and are based on the Ethereum blockchain. Tiamonds provide complete transparency, value and security for your investments.

What’s the future of NFTs?

Despite some ups and downs in the past regarding the success of NFTs, it has survived and has become a huge hit. Considering all the aspects of what NFTs are today, we can confidently say they are here to stay. They have had an enormous impact, specifically in the art world. With many people moving towards the Metaverse, it will also definitely aid in the surge of NFTs.

NFTs are still a new technology, and their further growth largely depends on people’s realization of their impact in different fields. The more people realize its capacity and potential, the more they expand. It might still look blurry to some people about the future of NFTs, but with the recognition they have today, something big will happen for NFTs.

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Crypto Winter: Is It Over?

Crypto Winter

We all know that cryptocurrencies have seen better days. Lately, all the cryptocurrencies have been thriving to gain the credibility they had a few years ago. This year has been challenging for the crypto market.

The famous cryptocurrency Bitcoin (BTC) has been hovering around $20,000 nowadays, which is 70% off its high back in November 2021. It’s just not only Bitcoin that has been feeling the downward pressure. Others like Ethereum (ETH), Polygon (MATIC), Cardano (ADA), etc., have been 60% more off than last year.

Blockchain experts have already called this the next Crypto Winter after the last one, which lasted nearly three years, from February 2018 to December 2020.

What is Crypto Winter?

Crypto Winter, in terms of the cryptocurrency market, is referred to the steady and unstable growth where the market seems to be unprofitable. Defining it further, the crypto winter refers to when the prices contract and remain low for a pervasive period.

Cryptocurrencies aren’t the only thing suffering in this long winter. The people and companies behind it are also facing difficulties as well. Major blockchain and crypto companies have witnessed and seen profound losses. Even the leading NFT marketplace, OpenSea, had to cut its staff by 30% during this year’s summer.

Advantages of Crypto Winter

It’s not the first time the market has settled over a crypto winter. From such experience, we know that the crypto winter is much like the conventional bear market because the results are similar.

Due to the long term of this crypto winter, many young startups have weeded out. Thus, indirectly allowing the top companies to prove and mature their crypto products.

Will Crypto Come Roaring Back?

When it comes down to predicting the crypto winter’s end and the crypto market’s future, many experts have pointed out that more essential cryptocurrencies will prevail.

Many people and investors have stopped buying cryptocurrency due to the current market situation. Whereas some investors love the pullback, viewing it as a chance to double down on the crypto market for the long term. A few analysts predict that the crypto winter will likely end in the earlier months of 2023.

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Cardano Vasil Hard Fork? What Is It?

Cardano's Vasil Hard Fork

Cardano is a decentralized Proof of Stake (PoS) blockchain network designed to be a more efficient alternative to Proof of Work (PoW), just like Ethereum’s merge last month. Cardano’s ecosystem allows other developers to create decentralized apps, tokens, or other use cases for scalable blockchain networks.

Recently, Cardano implemented new functionality in their system through the Vasil Hard Fork, improving the network for all its users. The upgrade was to change the Cardano developer’s development experience using Plutus to create their decentralized applications.

What Is Cardano Vasil Hard Fork?

Cardano’s Blockchain implemented Vasil Hard Fork technology intended to increase the chain’s throughput by enriching smart contract capabilities and reducing the current costs. Plutus is Cardano’s native smart contract language.

Vasil will help deliver a second version of Cardano’s scripting language, Plutus (V.2). Plutus helps differentiate the code that drives the smart contracts, which runs on a user’s machine and remains off-chain from the on-chain validation of transactions.

How will Vasil Hard Fork help Cardano?

The recent upgrade on the Cardano blockchain network will enhance the ecosystem’s efficiency, block latency speeds, and transaction throughput. Moreover, the Vasil Hard Fork will see the implementation of a technique known as diffusion pipelining. This technique which will help to block propagation times and indirectly increasing the network’s transaction processing capabilities.

The Vasil Hard Folk will also introduce three essential Cardano Improvements (CIPs) named CIP-31, CIP-32, and CIP-33. CIP-31 will help raise a new reference input mechanism that will allow the DApps to access transactional output data without having to recreate it again. This will help make the entire process more streamlined and time-saving.

The CIP-32 is designed to increase Cardano’s decentralization levels by adding on-chain data storage features for the users. CIP-33 will help make the transactions cheaper by making changes to the system’s programming script, making the processing faster and reducing the fees.

Lastly, another improvement will be added, named CIP-40, as a part of Vasil. This will help introduce a new output transaction mechanism that will improve the block transmission without the full validation. The updates includes enhancing Cardano’s native smart contract programming language Plutus to a more functional advancement than its previous iteration.

Potential Effects on Cardano?

The Vasil Hard Fork was already released at the end of last month and the remaining updates are still taking place. The second phase of the Vasil Hard Fork will help redefine the Plutus cost model. This will directly affect the memory fees and processing powers required to help govern the Cardano’s native smart contracts.

Apart from working on the Vasil Hard Fork, the Cardano’s development team is working on the layer-2 scaling solution, the Hydra Head Protocol, which is capable of processing transactions from the Cardano network while using it as the settlement layer and core security.

At this point, the update from Cardano revealed that they had successfully addressed the issue with Hydra’s node framework. There isn’t a specific date for the current situation, but it will be out within a few months.

What the future holds for Cardano?

The future is quite uncertain, but it is sure that Cardano’s Vasil Hard Fork update will definitely impact new users and investors to move toward Cardano’s blockchain network in the coming time.

Since the start of 2020, Cardano’s cryptocurrency ADA has significantly witnessed dips in its transaction volumes. Even after the recent upgrade, it hasn’t helped increase ADA’s value in the cryptocurrency network.

Even after the switch to Vasil Hard Fork, there isn’t a boom in the price of ADA lately. The facts show that Cardano’s ecosystem has made tremendous strides over the past few years. These efforts show that the project is primed for big things in the years to come.

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