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Cardano Developer Reveals Progress On Scaling Protocol Hydra

Best Owie
Best Owie
3 years ago
3 mins read
Cardano

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Cardano announced its Hydra protocol last year and has continued to develop on it ever since. The project which finally gained smart contract capability in 2021 has been making strides in proving that it is a force to be reckoned with in the space. Its decentralized finance (DeFi) space has begun to take off. Now, it offers insight into the Hydra protocol and how much progress the team has made with scaling it.

Hydra Has Evolved

In a recently published report on its official website, the developer behind Cardano known as IOG has provided more information on what the project Hydra is up to. It explains where the protocol is now if far from where it is coming from. Hydra which was created by the Ouborous team to increase throughput, minimize latency, and provide cost-efficient solutions without sacrificing storage resources continues to evolve.

Related Reading | Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom

Hydra has now matured into a proof of concept protocol, something that was not in the initial roadmap. This has pushed the project towards “a more defined implementation for the testate MVP.”

There are different Hydra Heads, which involve a robust network layer between Cardano and other blockchains, as well as other smart contracts that will drive the lifecycle of a Hydra Head. Acting as a mini-ledger, it works similarly to the on-chain main ledger of the Cardano network, but on a smaller scale, as well as off-chain.

Cardano price chart from TradingView.com

ADA trending around $1 | Source: ADAUSD on TradingView.com

With the consensus algorithm provided on this protocol, all parties involved in a transaction need to agree before it is allowed to go through. This provides a very high level of security for those using the protocol.

“A consequence of this is that, as a participant, I cannot lose money I haven’t explicitly agreed to lose. Why? Because any valid transaction requires my explicit approval,” the report reads.

Cardano Heading To A Million TPS

One of the selling points of the Cardano network is how many transactions per second it can process. The proof of stake network is significantly faster than ethereum, its leading competitor. The project is committed to improving the TPS. However, that is not all Hydra is about.

Related Reading | Why The IOTA Foundation Donated £1M To The Imperial College

Although TPS can sound like an important metric, the report establishes that it is the least meaningful metric to use when carrying out a comparison since transactions can come in different shapes and sizes. Yes, the blockchain is working towards more scalability but “scalability isn’t about a million TPS.”

Instead of looking at TPS, the report asks to look at throughput, finality, and concurrency, since these metrics rank as more important in the grand scheme of things. These three metrics represent volume, speed, and amount of work done, the report says.

Featured image from Blaze Trends, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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