In the video, Hoskinson claimed that after a month, testing and quality assurance would finish on Feb.24. He added that the actual event would come five days following the initial trigger from the previous epoch. Users simply have to upgrade their nodes and download the latest version of the Daedalus wallet, Hoskinson added.
Cardano is a decentralized open-source project that runs a public blockchain platform for smart contracts.
Hard Fork Combinator
The term hard fork is used to describe a radical change in the blockchain. This can include a blockchain splitting off into two or changes to how blocks are interpreted. This results in the genesis of a new chain with new rules running alongside the original chain.
However, in the case of Cardano, a hard fork combinator is used. The combinator combines protocols, which enables a system transition without interruption. It ensures that different versions appear under one ledger. Shifting does not require all nodes to update simultaneously. Instead, nodes can update gradually.
ADA Making Moves
BeInCrypto previously reported that the update’s intent was to turn the network into a favorable environment for various Decentralized Finance (DeFi) projects. This would significantly boost decentralized applications and native tokens, Cardano Foundation Elliot Hill said in a blog post.
By making Cardano a multi-asset blockchain, it would enable users to create and use custom tokens for transactions on its network. The update will also fully unlock Cardano’s smart contract functionality.
It’s also worth mentioning that Cardano’s native coin ADA has been doing considerably well this year. This month, it even reached a three-year high of $1 after sinking to an all-time low of $0.023 in March 2020.