The chief executive officer of the Cardano blockchain developer team IOHK said that Cardano will no longer remain only Cardano.
Cardano is a popular Proof-of-stake (PoS) consensus-based blockchain network, which can provide highly efficient & scalable transactions easily. At present, the developer team behind Cardano blockchain is working on open source layer-2 scaling protocol “Hydra” to bring crypto transactions to the Cardano network at a scalability of 1 million per second.
Recently, Charles Hoskinson, founder of the Cardano project & CEO of the Cardano developer team IOHK, appeared in a new video session on his personal YouTube channel. In the new video update, Hoskinson said that criticism against Proof-of-stake (Pos) Consensus is inaccurate at the practical level because PoS consensus-based blockchain Networks can be accessed through a low computational powered computer.
Cardano founder explained that anyone can buy low efficiency computers & can contribute to the Cardano ecosystem as a validator. But opposite of this, we can’t be miners of the Bitcoin network with low-cost PCs, which is a very big difference between PoS consensus & PoW consensus.
Hoskinson tried to explain that easy access to Cardano with PoS consensus may help to drive adoption at a mass scale. Crypto personality predicted that the future of the Cardano blockchain will operate with multiple sidechain & blockchain networks parallel.
“Cardano will eventually be a network of blockchains so it’s not just going to be Cardano, but when you think about the sidechain side of things, there’s potentially going to be dozens, potentially hundreds of sidechains running in parallel all tuned to pacific things,” Hoskinson said.
On 27 October, The developers announced the release of the 0.8.0 version of the Hydra protocol. The latest release of the Hydra version includes many improvements & features. The final 1.0 version of Hydra protocol may start to show effect at the real level by the end of this year or maybe it can take time till early 2023.
According to Cardano Devs, the introduction of the Hydra protocol in the Cardano blockchain may result in very big competition for other crypto networks because the Hydra protocol-enabled Cardano network will allow transactions at very small fees with 1 TPS scalability.