Cardano’s groundbreaking tool for scalability, called Hydra, has been in development for many years. Recently, Charles Hoskinson, the founder of Cardano, emphasized the potential of two key blockchain features that could revolutionize the global financial operating system.
Hoskinson’s comments were in response to a statement made by Dedium, a decentralized GPU computing network based on Cardano. Dedium showcased the beauty of Cardano by highlighting a block containing eight transactions that were billed to 1600 different receivers.
Of particular interest was the transaction cost, which amounted to 5.16 ADA (approximately $2.38). It’s worth noting that blockchain technology has long grappled with the challenge of achieving scalability, throughput, and speed while keeping fees low. While no blockchain has fully solved this issue, Dedium’s post suggests that Cardano is making significant progress.
Hoskinson emphasized that the blockchain’s purpose is to exponentially expand the concepts of affordability and scalability. He identified Cardano Hydra and Leios as the two most significant breakthroughs in this regard.
Hydra, the primary scalability tool developed by Cardano, consolidates and executes transactions offline, syncing them with the system when it goes online. This approach allows for a large number of transactions to be processed on the chain simultaneously, preventing network overload.
To further enhance network efficiency and scalability, Cardano introduced the Ouroboros Leios. By combining the power of Hydra and Leios, Hoskinson is confident that Cardano could serve as the foundation for a global financial operating system.
In other crypto news, Peter Schiff has declared Bitcoin “dead” and highlighted the outperformance of silver.