Cardano’s Hydra Project Capable of Competiting With Visa
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Cardano’s Hydra Project Capable of Competiting With Visa

March 26, 2020      Zain Raza

Cardano’s much-awaited Ouroborus Hydra, the off-chain scalability protocol, which consumed five years in its making, has finally hit the market and is officially adopted.

The low latency and enhanced scalability have been witnessed across the Cardano blockchain as a result of this new protocol. It requires little storage on the network’s nodes. Other applications like micropayments, biting insurance contracts, and instant transactions are running smoothly on the platform too.

A spokesperson by IOHK, the principal firm behind the Hydra – Cardano project has stated that it has been a five year funded project and they have left absolutely no stone unturned during this time. He believes this project could facilitate almost a million transactions per second, which would surely be more than what any current global system offers right now.

Cardano’s new Hydra runs by a connection of network in which each user gets ten heads. They are lanes for data and transactions, which reduces latency and speed up the system.

Cardano’s Hydra Can Even Get Better With Time

A study made by simulations done by the University of Edinburgh of the Hydra head can handle 1,000 transactions, and they believed that with further optimization it is set to go up a notch. They believe at this current level it is as good, if not better than global giants Visa.

The announcement also claims that this is as good as it can do given the geographical limitations, network issues and the number of participants. The protocol doesn’t have limitations, but the restricted number of participants can block Cardano’s hydra reach.

Aggelos Kiaysis, director of Edinburgh University’s blockchain laboratory while addressing the project stated that availability is the Holy grail of blockchain and further added:

The time has come to apply a principled, evidence-based approach in designing and engineering blockchain scalability solutions and this research is a decisive step in this direction.

You May Also Read.

READ  Bitcoin BREAKS $9000!! And I'm still Buying Bitcoin
#Blockchain News #Blockchain Technology #Cardano #Crypto Exchange #Crypto News #Cryptocurrency #Cryptocurrency Market #Hydra project #Visa
Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.