Charles Hoskinson, the founder of Cardano (ADA) and Input Output Hong Kong (IOHK) says Hydra, Cardano’s scalability solution, is “going very well.”
In a new ask-me-anything session, the chief executive of the Cardano project tells his 287,000 YouTube subscribers that the company has devoted a “huge amount of work” to Hydra and plans to continue to add resources to the venture.
“We’ve been trying to identify some teams so we can accelerate and parallelize the workstream, because it’s such a high commercial priority, and it’s going to be very important that we’d be able to offload a large amount of the transaction traffic that’s going to come from all of the apps that are coming.”
IOHK’s David Orr said in September that ADA fees will be improved in order to balance user costs, stake pool operator rewards, and network security, but they won’t be low enough for “real-world use cases,” which Hydra intends to address.
“Hydra is a layer-2 scalability solution that seeks to address these concerns by providing more efficient means of processing transaction off-chain for a set of users while using the main chain as a secure settlement layer…
Hydra maximizes throughput, minimizes latency, incurring low-to-no cost, and greatly reduces storage requirements.”
Hoskinson also provides an update on IOHK’s development of a converter that enables the exchange of supported Ethereum tokens (ERC-20) to special Cardano-based coins.
“[The] ERC-20 converter has two targets. One is the main chain. Now that Plutus is here, we can actually do a lot of cool stuff with that. The other is going to be Mamba. So the ERC-20 converter team is going to be shaken up and augmented a little bit. We’re going to add more resources to it, and we’re going to have a really nice two-way bridge tool for Mamba, because you’re going from ERC-20 to ERC-20, Solidity to Solidity. So it’s much easier to do that.”
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