Cardano’s long-awaited Hydra update is nearing release

admin

The Hydra team has reached a new milestone, bringing the long-awaited protocol closer to launch. Cardano founder Charles Hoskinson took to Twitter to congratulate the team on the achievement.

First Hydra Heads Released on Cardano Testnet

The Hydra team revealed that they have opened the first Hydra Heads on the Cardano public testnet. It means that the features of the Layer 2 scaling solution can now be tested, an indication that the release of the protocol is drawing near. Cardano founder Charles Hoskinson took to microblogging platform Twitter to applaud the team.

Hoskinson said:

I am very proud of the Hydra team for achieving this milestone. It is one of the best and fastest pieces of applied research in the Cardano Ecosystem. The development of the protocol was first conceived in 2020 and has since become a proof of concept. A member of the team, Sebastian Nagel, revealed on the team’s Slack platform that the launch of Hydra Heads on the testnet comes a year after they first read the Hydra document..

Since the launch of the Alonzo hard fork, which enabled smart contracts, Hydra Heads has been the most anticipated protocol on the Cardano network. As a scalability solution, Hydra is expected to increase the TPS on the network to 1 million transactions per second. In November, when asked about progress in developing the protocol, Hoskinson said that the foundation was putting more resources into it, noting that it would make it easier to handle expected transaction volumes from DApps.

“We’re going to keep adding resources to Hydra, and we’ve been trying to identify some teams so we can parallelize the workflow because it’s a very high business priority. And it’s going to be very important that we can offload a lot of the transaction traffic that’s going to come from all the apps that are coming in.”

The consensus algorithm in the Hydra protocol would not perform a transaction unless both parties involved agree to it. The feature is expected to be a security boost, with a report in February from software engineering lead Matthias Benkort saying: “participant, I can’t lose money that I haven’t explicitly agreed to lose. Why? Because any valid transaction requires my explicit approval.” Hydra will bring Cardano closer to the Basho phase on its roadmap.

DApps are waiting at Vasil Hard Fork

Hoskinson had foreseen many decentralized applications (DApps) in 2021; however, it did not go as planned. As CryptoReport reported last week, Hoskinson explained that several DApps were waiting for the Vasil hard fork in June to benefit from the pipeline.

“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork launch in June to benefit from the pipeline. So it looks like we haven’t seen anything on TVL yet.”

Data from CoinMarketCap shows that ADA increased by 3.85% in the last 7 days. The asset is currently trading around $0.83 on major exchanges.

Click to rate this post!
[Total: 0 Average: 0]
Next Post

Debate: Sweden and Finland have already left the freedom of alliance

Ahead of last week’s EU summit, the Swedish and Finnish prime ministers wrote to the other Member States to remind them of the defense clause, Article 42 (7), of the EU Treaty. In the letter “we remind and emphasize the importance of the EU’s common defense clause contained in the […]
Debate: Sweden and Finland have already left the freedom of alliance

Subscribe US Now