7 days after Cardano’s Alonzo Hardfork activation in mainnet, input output Global , the development studio behind Cardano (ADA), releases a detailed explanation on how the new platform can scale with Hydra. According to a source on the internet (a blog post) software Engineering Lead Sevastian Nagel , Cardano’s (ADA) throughput will be multiplied by Hydra, a new off chain scaling solution. The blogger went on to state ” Hydra is a key Layer 2 solution which will continue to improve Cardano’s scalability by layering a new protocol on top of the existing Layer Blockchain.” (More updates will be given next weekend at the cardano summit. To be specific , it will be held the last week of September of 2021. ) The technology that will be used to increase Cardano’s scaling capability was created in 2017 by a scalability network called Raiden on Ethereum. Cardano’s Hydra moves computations off-chain to reduce transactional pressure on the mainnet. Hydra will not need global consensus, which will allow it to boost the speed and performance of Decentralized applications. The infrastructure of Hydra also includes parallel Hydra Heads. When operating Cardano’s native assets , Plutus scripts and N.F.T’S can run parallel within multiple “heads” at the same time. This is an important upgrade for Cardano’s climb to the top as the number 1 smart contract platform considering that Solona and Ethereum are congested and are faced with scalability problems that have resulted in system crashes and high transaction fees. Solona just went down last week because there were too many transactions occurring simultaneously on their platform. Ultimately the network was overwhelmed with the transactions and could not process them.
Is a new Blockchain that has skyrocketed to the top of the market at lightspeed. It has not been through a bear market , the Solona community has not been through the fear of drastic price fluctuations. As of writing this Solona has gone from just 50 cents last year to $157 as of present . It has peaked at $215. There is a lot of hype, excitement and wealth behind this technology. There is a lot that is being built on Solona. According to Defilama.com , there is $10 billion locked on Solona. Solona claims to be a decentralized blockchain platform that uses proof of stake and proof of history. It claims to support 50,000transactions per second (It crashed when they got to 100,000 transactions per second) and Solona also claims to be the fastest growing ecosystem in crypto with hundreds of projects covering everything from Defi , NFT’s and more.
The race for smart contract dominance seems to have everyone scrambling to come up with solutions for current problems that will only benefit the Blockchain industry as a whole . Innovation and efficiency is the key to dominance and surviving.