HomeAltcoin​Charles Hoskinson spoke about his vision for the company in 2022 in...

​Charles Hoskinson spoke about his vision for the company in 2022 in a recent interview.

-

Charles Hoskinson, founder of the popular blockchain Cardano, spoke about his vision for the company in 2022 in a recent interview. In particular, he stated his intention to implement Hydra and Mithril to enhance the security and efficiency of transactions on the network. Is 2022 the year of Cardano?

According to a report in the Daily Hodl.

 

Goals for the current year

  • I think everything will get done that I outlined – the sidechains, the pipelining, the import endorsers, the library optimization, Hydra and Mithril... Now there are degrees and flavors like there’ll be more Hydra stuff to do, but at least you’ll be able to use Hydra for something like microtransactions... Mithril will be probably completely finished because it’s a finite scope of work, and we had to bring on some sophisticated contractors for it.
  • You can always optimize pipelining and do more in those heartbeats and the same for input endorsers – there are always ways to optimize that... But some version of it will ship, and… I think we’ll be in an exceedingly strong position to match what we see with Solana and these other platforms, but have the added benefit of being actually decentralized and having real theory and strong foundations behind it.

What is Hydra?

In a blog post published on September 17, 2021, Sebastien Nagel, head of software engineering at IOG (formerly known as “IOHK”), the blockchain technology company responsible for Cardano’s R&D, said that one of the exciting developments enabled by the Alonzo upgrade was “Hydra, a key Layer 2 solution to further improve Cardano’s scalability by layering a new protocol on top of the existing Layer 1 blockchain.”

According to Nagel, the concerns that Hydra aims to address are:

  • “In a blockchain network, a consensus algorithm creates a secure and trustless environment by ensuring agreement on a transaction history. Cardano uses Ouroboros, an efficient proof-of-stake consensus algorithm, for this very purpose. But Cardano also, just like any permissionless blockchain, faces challenges when trying to scale to achieve the throughput required to support applications in the real world, including payment, identification, game, or mobile services…
  • Cardano transactions incur fees. The people who run the network (in the case of Cardano, the stake pool operator community) need to be rewarded appropriately for the part they play, so fees need to be set at a sustainable level. Users want to pay fees they deem acceptable. In addition, the blockchain needs to be protected against Denial-of-Service (DoS) attacks, for example.
  • Fees can therefore not be set so low as to open up undue risk – DoS events must be made prohibitively costly to a potential attacker. Storage is also a concern, as an ever-growing transaction history can lead to storage problems. Effectively, the most successful blockchains risk becoming ‘victims’ of that very success.

Then, on October 30, 2021, at an AMA Surprise Session, Hoskinson announced that development work on Hydra

  • We are going to keep adding resources to Hydra, and we’ve been trying to identify some teams so we can parallelize the workstream because it’s such a high commercial priority. And it’s going to be very important that we’ll be able to offload a large number of the transaction traffic that’s going to come from all of the apps that are coming.

How about Mithril ?

As for Mithril, as Olga Hryniuk explained in a blog post published on October 29, 2021, at the Cardano 2021 Summit

“IOHK researchers Pyrros Chaidos and Roman Oliynykov presented the design and goals of Mithril – new research and engineering effort carried out by IOHK.” Mithril “will provide a stake-based threshold signature scheme that can be implemented as the protocol to solve chain synchronization, state bootstrapping, and trust issues in blockchain applications.”

She went on to say that Mithril is “the name used for a fictional metal in Middle-earth. A malleable material, very light, but as strong as ‘triple steel’, which does not tarnish or darken. Therefore, “the name symbolizes strength in terms of security and a light approach to the protocol developed.”

Source : Crypto Globe

Leave a Reply

LATEST POSTS

The last phase of Ripple process has begun.

The ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has entered its final phase, according to Ripple CEO Brad Garlinghouse. Both...

Circle, a USDC issuer, has terminated its SPAC merger with Concord.

The circle was previously valued at $4.5 billion in July 2021, before being raised to $9 billion in February 2022. Circle, the creator of the USD...

For the community, the new Cardano algorithmic stablecoin reawakens old fears.

"I thought we already figured this out, algorithmic stablecoins aren't the best option," a Twitter user wrote. With the recent announcement that Cardano is on track...

Cryptocurrency exchange Kraken lays off 1,100 employees.

One of the biggest cryptocurrency exchanges in the world, Kraken, is reducing its workforce by about 30%, or 1,100 people, in order to "adapt to...

Follow us

0FansLike
3,691FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: