When it comes to smart contracts, Cardano has been at the forefront of development. Since the introduction of smart contracts to the blockchain, the network has been expecting a surge in traffic. Cardano's smart contracts had been in the works for a long time and were one of the most eagerly awaited features in the space. Now that this is a reality, the developer must focus on expanding capacity to match the expected increase in traffic.
Hydra was created to accommodate rising network load. Hydra, a Layer 2 solution, provides the much-needed scalability for maintaining large throughputs for blockchain applications. Hydra will also assist in the regulation of cryptocurrency charge prices. As a result, users will be charged in an appropriate manner. This makes it a highly helpful solution, and Cardano founder Charles Hoskinson has stated that it is critical to the network's success.
Cardano, according to Hoskinson, needs Hydra.
On YouTube, Charles Hoskinson hosted an AMA (Ask Me Anything) session in which members of the public may submit questions to be addressed. The relevance of Hydra was highlighted by the founder during one of these queries. According to Hoskinson, a tremendous amount of effort was put into the Layer 2 solution. One of the most important advances by the developer has been the powers that Hydra delivers to the network. Cardano anticipates considerable network traffic, and Hydra will guarantee that the network can handle the increased transactions in a fast and orderly manner.
Cardano's DeFi community is still in its early phases, according to Hoskinson, who stated that the company was pouring additional resources into the project "since it's such a high commercial priority." As the community establishes itself, network traffic will skyrocket. "Cardano is going to get battered by an incredible volume of traffic," Hoskinson said. "Hydra is required for it."
Work on the ERC-20 Converter has progressed.
Hoskinson gave the community an update on the ERC-20 Cardano converter's upcoming debut. The Singularity net was in the process of being migrated, according to the creator. The Primary Chain and Mamba are the two main sections of the project that the converter is aimed towards. The network has been allowed to start working on the main chain with the arrival of Plutus, and has probably made some progress. In the case of Mamba, a two-way bridge is being built.
"The long-term aim is automation and bridging, so it's simple to switch between assets and wrap them up." We see it as a useful marketing tool. There is a process, a team, and a set of capabilities in place when individuals come and want to migrate.” Hoskison held his AMA session from Ethiopia, Africa, where he is presently visiting and engaging with Cardano blockchain initiatives. So far, the trip has been a success, with a slew of optimistic news. The founder's final stop will be in Egypt, where the trip will formally come to a conclusion.
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