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Cardano Releases Solution that Scales More than Visa’s Payment Network

On March 25, Cardano launched its off-chain scalability protocol, Ouroboros Hydra, after 5 years of development.

An announcement sent to Cointelegraph claims that the protocol vastly increased scalability and low latency for the Cardano blockchain while using little storage on the network’s nodes. The solution also reportedly allows for applications such as micropayments, voting, insurance contracts, and other uses that require low fees or instant transactions.

According to a spokesperson of IOHK — the firm behind Cardano — Hydra is the result of a five-year European Union-funded collaborative research project, and could theoretically scale to a million transactions per second. Such a throughput is — according to him — in excess of the current generation of global payment systems.

In Hydra, each user who connects to the network generates 10 heads, which are throughput lanes for data and transactions. Because of that, the system reportedly gets faster and decreases its latency as it scales. Read More...