Cardano Founder Reveals 2 Key Solutions To Power Global Financial OS
Highlights
- Cardano Founder has hailed Hydra and Leios innovation
- He pitches these tools as crucial to build global financial OS
- Crypto firms looking to compete with global tech giants
Cardano Founder Charles Hoskinson has once again spotlighted two unique features on the blockchain that can help scale up global financial Operating System (OS).
The Cardano Hydra and Leios Innovation
The post from Charles Hoskinson came as a response to an earlier X post from Dedium, a Decentralized GPU Computing Network on Cardano. Dedium reflected on “the beauty of Cardano” featuring a single block containing 8 transactions billed for 1600 unique recipients.
With this complex and widespread transactions, Dedium spotlighted the associated the associated transaction fee coming in at 5.16 ADA or approximately $2.38. It is worth noting that achieving scalability, throughput and speed with low fees remain the challenge blockchains have been trying to solve. While no blockchain seem to have it figured completely, Dedium’s post shows Cardano is faring well.
Jumping on the discourse, Charles Hoskinson noted that the goal of the blockchain is to grow the scalability and low cost concept exponentially. To achieve this, he named Cardano Hydra and Leios as the goto innovations to achieve this.
Cardano Hydra is the dominant scalability tool Cardano has been working on for the past few years. With Hydra, transactions are bundled together and processed offline and synchronized once online later. This system aims to prevent network congestion, and permits a lot of simultaneous transaction processing on chain.
The Cardano Ouroboros Leios is built to bring additional efficiency to the the network’s scalability and efficiency. Combining the strength of Hydra and Leios gives Charles Hoskinson the confidence that a global scale financial operating system could be built on Cardano.
More Work Needed To Rank
The Layer-1 blockchain network has maintained its lead as one of the most developed protocols in the Web3 world. Its GitHub Commits shows it ranks ahead of Ethereum (ETH) and other rivals in developer activity. However, Solana (SOL) is deemed a faster protocol when compared to Cardano.
The ultimate endgame for blockchain networks is to compete with legacy financial networks like Visa and Mastercard in funds transfer. While the zeal is visible among Web3 innovators, the Transaction Per Second (TPS) record by these protocols still remains below par. With Charles Hoskinson’s optimism, the blockchain world appears closer to toppling traditional payment powerhouses eventually.
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