{"id":475121,"date":"2021-11-01T23:00:05","date_gmt":"2021-11-01T23:00:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=475121"},"modified":"2021-11-01T16:13:43","modified_gmt":"2021-11-01T16:13:43","slug":"hydra-is-necessity-for-cardano","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/hydra-is-necessity-for-cardano\/","title":{"rendered":"Cardano Founder Says Hydra Is A \u2018Necessity\u2019 For Growing Traffic"},"content":{"rendered":"

Cardano has been at the forefront of growth when it comes to smart contracts capability. Ever since smart contracts debuted on the blockchain, high traffic has been anticipated for the network. Smart contracts on Cardano had been in the works for quite a while and were one of the most anticipated upgrades in the space. Now that this is a reality, the developer has had to move on to building further capabilities to accommodate the anticipated traffic increase.<\/p>\n

Hydra was built to make room for increased traffic on the network. A Layer 2 solution like Hydra<\/a> provides the much-needed scalability to maintain high throughputs for the applications on the blockchain. Hydra will also help to regulate fee rates on the blockchain. Thereby providing acceptable fee structures for the users. This makes it a very useful solution and Cardano founder Charles Hoskinson has reiterated the importance of the solution to the network.<\/p>\n

Hoskinson Says Hydra Is Vital For Cardano<\/h2>\n

Charles Hoskinson organized an AMA (Ask Me Anything) session on YouTube<\/a> where members of the community were able to send in questions they would like answered. It was during one of these questions that the importance of Hydra was emphasized by the founder.<\/p>\n

Related Reading |\u00a0New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options<\/a><\/strong><\/em><\/p>\n

By Hoskinson\u2019s own admission, an incredible amount of work was being put into the Layer 2 solution. The capabilities that Hydra provides the network have been one of the most crucial developments by the developer. Cardano is expecting high traffic on the network and Hydra will ensure that the network is able to process the increased transactions in a timely and orderly fashion.<\/p>\n

Hoskinson explained that the team was putting more resources into the project \u201cbecause it\u2019s such a high commercial priority.\u201d Cardano\u2019s DeFi community is still in its beginning stages. As the community finds its footing, traffic on the network will spike heavily. Once this happens, \u201cCardano is going to get hammered by an enormous amount of traffic,\u201d said Hoskinson. \u201cHydra is a necessity for that.\u201d<\/p>\n

\"Cardano<\/p>\n

ADA price falls below $2 | Source: ADAUSD on TradingView.com<\/a><\/pre>\n
Progress On ERC-20 Converter<\/h2>\n
Hoskinson updated the community on the anticipated launch of the ERC-20 Cardano converter. The founder confirmed that the Singularity net was currently in the process of migration. The converter is meant to target two main parts of the project – the Main Chain and Mamba. With the arrival of Plutus, the network has been able to begin working on the main chain and has presumably made some progress in this regard. As for Mamba, a two-way bridge is being developed for it.<\/p>\n
\u201cThe long-term goal is automation and bridging, so it\u2019s easy to move between and wrap assets and so forth. We view it as a nice commercial tool. When people come and they want to migrate, there\u2019s a process, a team, and a collection of competencies there.\u201d<\/p>\n
Related Reading |\u00a0Volume Of ADA Staked On Cardano Network Reaches Record High<\/a><\/strong><\/em><\/p>\n
Hoskison held his AMA session from Ethiopia in Africa, where he is currently touring and meeting up with projects building on the Cardano blockchain<\/a>. The tour has been successful so far with numerous encouraging news coming out. Egypt will be the final touchdown for the founder, after which the tour will officially come to an end.<\/p>\n
Featured image from Cardano Feed, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Cardano has been at the forefront of growth when it comes to smart contracts capability. Ever since smart contracts debuted on the blockchain, high traffic has been anticipated for the network. Smart contracts on Cardano had been in the works for quite a while and were one of the most anticipated upgrades in the space. Now that this is a reality, the developer has had to move on to building further capabilities to accommodate the anticipated traffic increase. Hydra was built to make room for increased traffic on the network. A Layer 2 solution like Hydra provides the much-needed scalability to maintain high throughputs for the applications on the blockchain. Hydra will also help to regulate fee rates on the blockchain. Thereby providing acceptable fee structures for the users. This makes it a very useful solution and Cardano founder Charles Hoskinson has reiterated the importance of the solution to the network. Hoskinson Says Hydra Is Vital For Cardano Charles Hoskinson organized an AMA (Ask Me Anything) session on YouTube where members of the community were able to send in questions they would like answered. It was during one of these questions that the importance of Hydra was emphasized by the founder. Related Reading |\u00a0New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options By Hoskinson\u2019s own admission, an incredible amount of work was being put into the Layer 2 solution. The capabilities that Hydra provides the network have been one of the most crucial developments by the developer. Cardano is expecting high traffic on the network and Hydra will ensure that the network is able to process the increased transactions in a timely and orderly fashion. Hoskinson explained that the team was putting more resources into the project \u201cbecause it\u2019s such a high commercial priority.\u201d Cardano\u2019s DeFi community is still in its beginning stages. As the community finds its footing, traffic on the network will spike heavily. Once this happens, \u201cCardano is going to get hammered by an enormous amount of traffic,\u201d said Hoskinson. \u201cHydra is a necessity for that.\u201d ADA price falls below $2 | Source: ADAUSD on TradingView.com Progress On ERC-20 Converter Hoskinson updated the community on the anticipated launch of the ERC-20 Cardano converter. The founder confirmed that the Singularity net was currently in the process of migration. The converter is meant to target two main parts of the project – the Main Chain and Mamba. With the arrival of Plutus, the network has been able to begin working on the main chain and has presumably made some progress in this regard. As for Mamba, a two-way bridge is being developed for it. \u201cThe long-term goal is automation and bridging, so it\u2019s easy to move between and wrap assets and so forth. We view it as a nice commercial tool. When people come and they want to migrate, there\u2019s a process, a team, and a collection of competencies there.\u201d Related Reading |\u00a0Volume Of ADA Staked On Cardano Network Reaches Record High Hoskison held his AMA session from Ethiopia in Africa, where he is currently touring and meeting up with projects building on the Cardano blockchain. The tour has been successful so far with numerous encouraging news coming out. Egypt will be the final touchdown for the founder, after which the tour will officially come to an end. Featured image from Cardano Feed, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":475124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,12332,84370,84164,1286,14656],"class_list":["post-475121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-cardano","tag-cardano-blockchain","tag-cardano-network","tag-charles-hoskinson","tag-hydra"],"acf":[],"yoast_head":"\nCardano Founder Says Hydra Is A \u2018Necessity\u2019 For Growing Traffic<\/title>\n<meta name=\"description\" content=\"Cardano has been at the forefront of growth when it comes to smart contracts capability. 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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\u2019s 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\u2019s 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\u2019s most quiet and well-behaved Husky. Best\u2019s 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\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Founder Says Hydra Is A \u2018Necessity\u2019 For Growing Traffic","url":"http:\/\/uniquehot.com\/news\/cardano\/hydra-is-necessity-for-cardano\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/cardano\/hydra-is-necessity-for-cardano\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/cardano.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/cardano.jpeg?fit=820%2C492"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","cardano","cardano blockchain","cardano network","charles hoskinson","hydra"],"dateCreated":"2021-11-01T23:00:05Z","datePublished":"2021-11-01T23:00:05Z","dateModified":"2021-11-01T23:00:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano Founder Says Hydra Is A \\u2018Necessity\\u2019 For Growing Traffic\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/hydra-is-necessity-for-cardano\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/hydra-is-necessity-for-cardano\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/cardano.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/cardano.jpeg?fit=820%2C492\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"cardano\",\"cardano blockchain\",\"cardano network\",\"charles hoskinson\",\"hydra\"],\"dateCreated\":\"2021-11-01T23:00:05Z\",\"datePublished\":\"2021-11-01T23:00:05Z\",\"dateModified\":\"2021-11-01T23:00:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/cardano.jpeg?fit=820%2C492","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/475121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=475121"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/475121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/475124"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=475121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=475121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=475121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}