Input Output Hong Kong (IOHK), the blockchain engineering firm behind the Cardano network, has released some “disappointing news” announcing a one-month delay to the long-awaited Vasil update.

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According to Cardano co-founder Charles Hoskinson, the Vasil update should provide “significant performance improvements to Cardano” and its smart contract capabilities. This was previously scheduled for June 29, however the latest estimate is now set for the last week of July.

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IOHK Head of Delivery and Project Nigel Hemsley noted in a June 20 blog post that the core Input Output Global (IOG) team working on the update is “extremely close to completing major work,” but there are still seven bugs that remain unresolved and require correction. Job. He added that none of them are in the “heavy” category.

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“Working on Vasil was the most challenging development and integration program to date from several perspectives. This is a complex process that requires not only significant work from the core teams, but also the close coordination of the entire ecosystem,” Hemsley wrote.

As a result, the Cardano Foundation, the non-profit organization that oversees the development of Cardano, and the IOG team have agreed to delay sending the Vasil hard fork to the Cardano testnet from June 20-29.

After the testnet hard fork, Cardanao-based decentralized application (dApps) and stake pool operators SPO developers will have approximately four weeks “to complete any necessary integration and testing work” before the Vasil hard fork is initiated on the mainnet. at the end of July:

“This is reasonable and should not be rushed. So the working assumption should now be a Cardano mainnet hard fork that will happen in the last week of July.”

“We understand that this news will disappoint someone. However, we are taking great care to ensure the correct deployment,” Hemsley added.

The Vasil hard fork is the biggest Cardano update since the Alonzo hard fork in September, which finally launched smart contracts on the network. This latest update is to introduce four network enhancements dubbed “CIP31, CIP32, CIP33 and CIP40”.

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Theoretically, these upgrades are designed to reduce the size of transactions, which increases network bandwidth and reduces network transaction fees.

Cardano is a proof-of-stake blockchain platform that aims to compete with Ethereum as a smart contract network with lower fees. It currently ranks seventh among all crypto assets in terms of a market capitalization of around $16 billion.