Cardano ADA: They Did it!! (Bear Market Buildoors!)
So, Im going to go through some key dates and some key aspects of the vassal hard Fork thats actually happening right now, why its important for godano and then some of the aspects that its going to change about kodano and why thats important for the value of The blockchain going forward going to cover all of that in this video, so we got this update from Tim Harrison about you know now at 50, as soon as it hits 75 well pull the trigger. What does this actually mean? Well, cardano is going through a hard Fork. This is just an upgrade to the network, but its the start of the ability to put much more um, interesting and useful dapps onto the blockchain without this hard Fork they cant launch. So this is a really important time in cardanos history. Now we know that the hard Fork has been delayed. It was initially kind of scheduled for the end of this month, which it is now, but its basically been delayed for at least a month. So what were doing now is essentially upgrading the nodes to run the new software essentially and then, when everyone upgrades that – and there is enough nodes running that, then you can hard Fork the network. This is happening on the test net right now. You can see now at 50 as soon as it hits 75 well pull the trigger, and that means you initiate the hard fork and the upgrade to the network.
You can actually follow along right here on this website Ill. Try and Link it below everythings. In the description, but you can see by production right now were at 85, so that means that the hard Fork can actually take place. So 85 of blocks on the test net are being produced with the new node version, and that means the upgrade can happen. This is really really important for the cardano blockchain, its really um its you cant, underestimate how important this upgrade is because new types of smart contract applications can launch right here, lending protocols and other protocols that need a lot of data to come through its going to Increase the throughput of the blockchain, so its really important and the second basically after this happens, the second half of this year and onwards. You know a lot more value is coming to kodalo, in my opinion, so were delighted to report that in the last few minutes we have submitted an update proposal to hard Fork, the kadano test net and commence the countdown for the vassal mainnet upgrade. So the main upgrade is going to come in around about a month from here. Actually, I think its July 3rd – we can see here once the changes have taken effect after the start of epoch 215 at 2020 on July 3rd. The cardano test net will start to enjoy the new vassal enhancement, enhancements and capabilities that well soon see on mainnet. So what you have to look for here is that whats happening on the test net.
Are there any bugs or anything like that? That are to be sorted out. Weve got to this stage, um any bugs are going to be minor. We hope anyway and um after that, about a month, theyre actually going to hard Fork the main net, and that is the main upgrade so thats. Obviously something very important to watch out for around about the start of August. I actually think it will probably be a little bit longer than that, because this upgrade itself took a little bit of while to to actually get out it took. What about four days? For the nodes on the test net to upgrade mainnet may be a little bit harder, still so um, maybe four to six weeks. I would think for this upgrade vassal improvements include higher throughput through something called diffusion, pipelining to a better developer experience via much improved script. Performance and efficiency and lower costs, it is cardanos biggest and best upgrade to date, its also the most complex program of work, weve undertaken and the whole Community is involved as shed previously. Our Prime concern is ensuring we manage this upgrade in a way that is safe and secure. The community has requested a minimum period of four weeks to allow spos, devs and exchanges the time they need to test and upgrade before hard forking, the cadano mainnet so July. 3Rd four weeks after that, youre looking at the start of August, for this give it another couple of weeks.
Maybe, for you know something else, some other minor delays, so youre looking, you know, start to the middle of August, getting this upgrade on the mainnet and then, after that, lots of applications do want to launch as soon as the upgrade has happened so watch out. For those as well, you can see here, though, this one, the stake pools on cardano have already said. Weve already made eight blocks with the new uh, the new node on the test net, its working perfectly. So for now, and at least it looks like where everything is going to plan, albeit a little bit later than was initially scheduled before we move on to the next section. I want to jump in here and say that my crypto course is getting updated this weekend for everyone that has the course already. 50 new videos are coming this weekend for you, these are free of charge for everyone in the course already. So if you want to check that out Ill leave, the link in the description, trading and insights, videos all coming to the crypto course gets updated for free for existing users. Price does go up with each update, though 50 videos in this update and some more planned for the next update as well, so check that link in the description. Cardano is building a digital economy. You have assets, you have exchanges, you have the ability to program contracts right and its. You know similar in that um that kind of Outlook to ethereum, but it has its own community in its own uh products that its actually trying to uh focus on.
This is really important as well. This is catalyst catalyst is where money from fees paid on the blockchain. Some of those fees that are paid are sucked out and put into a big fund that invests in applications and developers to build more value for the blockchain. So the blockchain is what they call self funding right now, this isnt a massive amount of money. So dont get me wrong here. This isnt, like the billions and billions that hedge funds and and VCS, are investing in certain things right. However, this is self self funding, and so people that have very good ideas that potentially dont know how to raise money from Venture Capital can actually submit their proposals in a decentralized way and can cardano holders can vote to actually give them money for them to develop Their systems – this is what open source is all about, but you can see how this is growing right, so wallets that are voting are going up. Um Community challenges selected are going up. Cumulative amount of projects that have actually been funded is going up, so this is going to continue over and over and over again and and its just a self fulfilling growth of the blockchain through this, the market for everything that isnt Bitcoin is also very large. Like licenses and deeds and medical records and IDs, that is what kanana is going for, that is the sector of the market. That cadana is really going for, and I think these two videos are about to see really prove that as well.
I know I know it has a great opportunity to be big in music, because sooner or later the label is going to have to come on in and theyre gon na have to come on home and theyre gon na have to sit at the table and understand That you know their catalogs and things that they hold on to are better served in the blockchain. So theres been a lot of discussions of how do you apply this technology? Not just the financial markets where its been currently applied, but to other things like Supply chains? Uh voting systems, medical record systems and so forth that ultimately can build up to a better, faster economy that has less friction in global Commerce recently gave a testimony in front of the cftc, which is the Commodities regulator in the States. This is where most crypto people want to be regulated, not the SEC, but the cftc. There may be a mix of both regulating different assets here and but the cftc is taking a more active role in regulating some of the markets for Bitcoin and other cryptos. This is what Charles had to say. The power of blockchain technology is its universality and permissionless model for Innovation. True competition exists when everyone has equal access to markets. My come company IRG has never had to pay a royalty file, a patent application or acquire a license to pursue blockchain related business development in countries as diverse as Ethiopia to Mongolia the same tools that would enable a Rancher to register a brand could be reused for Land Deeds a credit score or issuing a non fungible token, to represent a musical composition assuring its artist of receiving Fair compensation.
The vassal hard Fork, then, is a way to make the cardano blockchain more appropriate for issuing many types of assets on and making sure that those assets have a robust ecosystem to be able to be traded and kept a recorder of in a cheap and reliable Manner. And thats, what could I know are building out also before the video ends. I just want to say update to the course coming. The crypto investor course is getting updated with over 50 new videos and Ive just ended up recording these. Now you can see we have an options section right here. I think about 20 videos and then 30 videos in a Futures Trading section. We also have investing sections and uh portfolio sections as well, so that update is coming, for course, members at the end of this month a huge update over 50 new videos.