He predicted that in the coming months, the Cardano network is going to witness a significant rise in traffic, especially when the project starts to roll out in Africa in the near future.
Cardano (ADA) Founder Charles Hoskinson says "Hydra" Layer-2 Cardano is a "necessity" now.
Charles Hoskinson, the founder of Cardano protocol, has said that the layer 2 scalability solution of Cardano, called "Hydra", has now become a priority. He predicted that in the coming months, the Cardano network is going to witness a significant rise in traffic, especially when the project starts to roll out in Africa in the near future. He went on to say that the research on Hydra is still going on and things are "converging" to a (version) "1.0."
Theoretically, after implementing the Hydra layer 2 scaling solution, transaction speed will increase to 1 million TPS (Transactions Per Second).
Reports say that while developing the Hydra layer 2 scalability solution, the IOHK team has considered 3 main problems:
According to IOHK:
"Hydra is a layer 2 scalability solution that seeks to address all these concerns and aims to maximize throughput, minimize latency, incurring low to no costs, and greatly reducing storage requirements."
It also says that the development of Hydra will improve the scalability of the Cardano network dramatically, helping the project become the definitive global blockchain solution.
Hoskinson had hosted an AMA during the weekend during which he spoke on a wide array of topics, including:
While speaking from Ethiopia, the Cardano founder said that the IOHK team is currently busy working on Cardano’s layer 2 solution, Hydra. He stressed that the team is currently trying to accelerate the development by bringing in other parties (from a commercial perspective) on board.
"A huge amount of work is going into it, and we’re going to keep adding resources to Hydra, and we’ve been trying to identify some teams so that we can accelerate parallelized workstream because it’s such a high commercial priority…"
Hoskinson made it clear that many projects in Africa are on the verge of completion (such as World Mobile) and their fruition will increase the total number of users significantly. With the successful completion of World Mobile, the total number of new users from this project itself will increase by 2 million. All the new users brought by World Mobile will rely solely on the Cardano network in an "always on" capacity. He said:
"Especially with things to do with World Mobile and the telecommunications traffic that’s coming because it’s 1.8 million users, frequent use every single day, wallet on their phone, this type of stuff. So Hydra is a necessity for that. "
World Mobile is going to be the first-ever mobile network that will be built completely on blockchain technology. The news of Cardano’s involvement in the World Mobile project first came to light during the Cardano Africa Special Event back in late-April 2021. IOHK has said that the country that will most benefit from this deal will be Tanzania.
The foundation of Hydra was laid on September 12, 2021, with the launch of Alonzo, which also enabled the smart contract functionality of the Cardano project.