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Cardano: 1000 Projects Under Development

IOHK’s announcement comes amid growing interest in the network and expectations for the arrival of Vasil, the next major upgrade for the Cardano network.

  • There are already more than 1,000 projects under development on the Cardano network.
  • Most of them operate in the NFT sector.
  • There are high expectations for the Vasil upgrade.

Cardano has more than 1,000 projects under development on its network. The IOHK team revealed this in a message published through its official Twitter account, where it shared the announcement with its follower base by commenting:

“1,003! This is the number of projects currently under development on Cardano“.

According to numerous reports, the projects currently in progress on the Cardano network relate to the manufacturing and trading of Non-Fungible Tokens (NFTs). There are also initiatives in stablecoins, wallets, blockchain oracles, DeFi protocols, metaverse platforms, social networks, decentralized exchanges, and many others.

 

The expectation for Vasil’s arrival

The IOHK team’s statement arrives when many people expect the arrival of the new update for the Cardano blockchain, known as Vasil, that will bring operational progress in terms of scalability. 

Regarding the arrival of Vasil, the IOHK team noted that developers could download a new version of the Cardano node. The software has a command-line interface to control how the node behaves as a simple node or even a block producer when configured as a Stake Pool. 

The Vasil hard fork, and some other projects, are responsible for the surge in institutional investment. Development activity, along with the problems that occurred to other networks, such as hacks (see Optimism hack) and operational issues (see the Solana stop). All these problems make investors and people think that the supposed slow pace of Cardano development has something to do with the security and scalability of the Blockchain, two of the legs of the Blockchain Trilemma. 

“Vasil” is named after the project’s ambassador, Vasil Dabov. The hard fork will occur between June 9 and 12 and should drive significant improvements in blockchain performance. 

Charles Hoskinson, CEO of IOHK and Cardano’s leading developer, has restated his enthusiasm for the arrival of Vasil, which is expected before August if everything goes according to plan. The executive said that the team focuses on delivering a quality product with a view to the coming years, so they do not see this as a race in which they must work in haste to win a competition against other projects in the sector.

 

Cardano vs. Ethereum

Input-Output (IOHK), the developers behind the Cardano blockchain, are pushing their efforts to make the network competitive with Decentralized Finance top dog Ethereum. The “Vasil” update will make an essential contribution to this goal. The launch set for June 29 entered the final development phase IOHK now announced on Twitter. 

Developers are using not less than 40 projects for testing purposes. In general, “Vasil” should significantly improve the performance of the Cardano network. To this end, the developers are using various scaling solutions to enhance the company’s Smart Contract platform, “Plutus,” among other things. The upcoming launch has at least a short-term impact on the price of the native cryptocurrency ADA.

 

The Terra Luna Fiasco

After what happened with Terra, Hoskinson commented:

 

“If you move too fast, as we’ve seen with Luna and the $10.5 billion stolen in hacks last year… you could make it work until it stops working, and then when it doesn’t, it’s a catastrophic failure, and everyone ends up losing their money.“

 

He admitted that, indeed, developers are building their software carefully. But he reinforced that this is extremely necessary, as it is about money and people’s expectations. 

He then suggested that the Solana network must address its problems. Finally, he said Solana’s team should try to build something as important to society as a hospital. He suggested they should do this since they are “fast” and “perfect” in their creation. Solana faced new technical difficulties this week. The problems led to a recent network outage, and for almost 7 hours, the Solana network processed no blocks. 

The event was the twelfth time Solana’s network encountered problems in 2022. The network averages two issues every month, counting the recent outage. While the failure was severe, it did not affect users’ funds, which remain safe. But no validator was able to create blocks, and, as a result, no user could transact.

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