IOHK, the parent company of the Cardano network, shared important details about the Vasil hard fork update. Information on the hard fork combiner (HFC) event, which is expected to take place in June, came from Tim Harrison, Cardano's Vice President of Community and Ecosystems. Tim Harrison shared on Twitter what IOHK knows about Plutus improvements that will increase Cardano efficiency in June.
Considered an extremely important update for the Cardano network, the Vasil hard fork is named after Vasil Dabov, a Bulgarian mathematician who passed away last year, who was a key figure in the Cardano community.
The update, scheduled for June, is of great importance to the Cardano ecosystem as it highlights growth. Cardano founder Charles Hoskinson said in March for ecosystem growth that many decentralized applications are waiting for the Vasil hard fork to use Cardano.
Pipelining is among the features that will be introduced with this update. “Pipelining”, a scaling solution that will speed up the process of distributing blocks and significantly reduce the idle time between blocks, will be deployed with the new update. This solution will technically enable the implementation of more stable changes, such as reference scripts, which can significantly increase Blockchain throughput.
As noted in the IOHK blog post, Plutus script referencing and referencing entries are seen as two major developments scheduled to be included in June's Vasil hard fork. Accordingly, CIPs for reference inputs (CIP-31) and reference scripts (CIP-33) have been submitted for implementation in Cardano and are expected to be implemented as part of the Vasil hard fork in June.
These Plutus enhancements will enable decentralized applications (dApps), decentralized finance (DeFi), RealFi, products, smart contracts and Cardano-based exchanges to operate more efficiently, in addition to other scaling improvements.
CIP-31, a new mechanism for accessing information in reference input data. Transaction outputs are data that allow data to be stored and retrieved on the Blockchain.
CIP-33 provides a script reference to refer to a script without including it in every transaction. Thus, it reduces the contribution of scripts to the processing size. Referring to scripts across several processes can minimize process sizes, increase throughput, and reduce script execution costs, according to the statement.