Cardano's Charles Hoskinson Finally Announces Vasil Upgrade Date

Cardano Founder Charles Hoskinson has confirmed that ADA’s Vasil upgrade will come on 22 Sept.
IOG, the parent company of Cardano has allocated $11 million in support of a Kenya-based fintech company called Pezesha.

Despite the delays laid upon Cardano’s Vasil Upgrade, Charles Hoskinson, Cardano’s founder let the cat out through an update that the upgrade was due later in September. The Vasil upgrade has been overshadowed by the Ethereum Merge which is due in September, 16 days away from its upgrade.

Speaking during a Twitter live event, Input-Output Global’s Charles Hoskinson said: as“extensive testing” is still being conducted, and the Vasil hard fork could take place in mid-September. The Hard Fork comes around the same time as Ethereum’s transition from a Proof-of-Work algorithm to a Proof-of-Stake algorithm.

The Vasil upgrade targets to bring in four improvement Proposals The CIPs include CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs).

CIP-31 will specifically reduce Cardano’s transaction cost in a big way as Input-Output Global (IOG) developers explained through a tweet the first week of May that “Reference scripts reduce your transaction costs,”

Reference scripts reduce your transaction costs.

Currently, new scripts need to be included in each transaction.

With reference scripts, you can interact with the script through a reference, pushing it onto the chain.

➡️Interaction with a smart contract becomes minimal. pic.twitter.com/g8qVukL75W

— Input Output (@InputOutputHK) May 2, 2022

According to Charles, The hard fork is expected to happen sometime in September, further stressing that the “next major lift is to get the exchanges on board.” He later added that it was difficult to make sure major exchanges and third parties upgraded.

Currently, Cardano is trading for $0.4538 and the 24-hour price range has been between $0.441044 to $0.454171 per unit. The crypto asset is down 85.7% since the all-time high on September 2, 2021, and 84.9% year-to-date against the U.S. dollar.

Cardano supports Kenya-Based Fintech

According to a report by Techcrunch states that IOG, the parent of Cardano, incorporation with the Women’s World Banking Capital Partners II fund has led to an investment round of $11 million in Pezesha.

Hilda is one of the great entrepreneurs of Africa and I'm excited to support her in Pezesha's mission to change Microfinance throughout the world. https://t.co/UcRNYPEOMh

— Charles Hoskinson (@IOHK_Charles) August 30, 2022

IOG invested $6M while the remaining $5M came from Talanton and Verdant Capital Specialist Funds. This Fintech plans to spread its roots to other countries in Africa which include Africa – Nigeria, Rwanda, and Francophone Africa after the pre-series A equity debt it has just conducted.

Pezesha deals with lending, it has created its own scalable infrastructure for digital lending, attracting local financial institutions to offer micro-lending to SMEs in African countries.