Cardano Co-founder Says Hydra is One of the Most Exciting New Development Projects Alonzo Made Possible

Cardano Co-founder Says Hydra is One of the Most Exciting New Development Projects Alonzo Made Possible

Cardano is one of the most promising ecosystems and has seen great attraction over the years. Not only in the US but also around the world, various upgrades have helped its native token ADA rise to 1500% since the start of the year. This is 

Cardano Co-founder Believes Hydra Will Offload Large Amount of Transaction Traffic

Charles Hoskinson, CEO of the IOHK team, in his speech at the most recent AMA Session on October 30, says Hydra is one of the most exciting new development projects Alonzo has made possible. However, this time from Ethiopia instead of the warm sunshine of Colorado. 

First, Hoskinson presented the new ERC-20 Cardano converter bridge, which went online on September 12th. This is an important bridge that connects users outside of the Cardano field. For example, users of Ethereum-based tokens can take advantage of Cardano’s transaction capabilities and lower fees. The first token that was migrated to Cardano at launch was SingularityNET. 

“The SingularityNET is in the process of migration… (meanwhile) ERC 20 converter has two targets one is the main chain. Now that Plutus is here, we can actually do a lot of cool stuff with that; the other is going to be Mamba. It’ll have a really nice two-way bridge to Mamba…”

Hoskinson believes that the more general framework for long-term goals is automation and bridging, so it’s easy to switch between assets and pack assets and so on, even if the goal remains the same.

In addition, there are also inquiries about the Plutus Application Backend (PAB) [off-chain backend service that is used to manage and process the requests of the entire lifecycle application instance] also going live. Well, Hoskinson was quick to admit that his best conclusion is November.

Cardano CEO said that there is a lot of work going on and they will continue to add resources to Hydra. They have worked hard to identify some teams so they can accelerate and parallelize the workflow because it is such a high business priority.

Needless to say, this will be a major upgrade. Why is that? According to Hoskinson,

“It will (soon) be able to offload a large amount of transaction traffic from all upcoming applications. With the introduction of PAB, Cardano will be affected by a large amount of data traffic. Hydra is a necessity in this area …”

Hoskison Attacks FUDs Criticism

Regardless of these developments, Cardano has always been a victim of social speculation and FUD. Even in the interview, one of the followers asked if there are some FUDs to increase the block size that have not really increased the number of Plutus Smart Contracts per block. Well, Hoskinson was quick to attack this criticism.

“That’s a lie … if you increase the raw memory of a block, of course, you can have more scripts in that block.”

Despite this speculation, Cardano did a good job. It was rated as one of the most influential projects of 2021.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :