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Founder of Cardano Unveils Two Critical Solutions to Drive Financial Operating Systems

Exciting news from the world of Cardano! Charles Hoskinson, the founder, has recently highlighted two groundbreaking features on the blockchain that have the potential to revolutionize the global financial Operating System (OS).

Discovering Cardano Hydra and Leios Innovation

In response to a post by Dedium, a Decentralized GPU Computing Network on Cardano, Charles Hoskinson shared his insights. Dedium praised the “beauty of Cardano” by showcasing a single block containing 8 transactions meant for 1600 unique recipients.

Dedium’s analysis shed light on the complexity of the transactions, particularly the associated transaction fee of 5.16 ADA or about $2.38. The issue of achieving scalability, throughput, and speed with low fees has long been a challenge faced by blockchain networks. Despite no blockchain having a perfect solution yet, Cardano seems to be making significant progress, as highlighted by Dedium.

Joining the conversation, Charles Hoskinson emphasized the blockchain’s goal to expand scalability and reduce costs on an exponential level. To achieve this goal, he identified Cardano Hydra and Leios as the key innovations driving this forward.

Cardano Hydra stands out as a dominant scalability tool that the Cardano team has been diligently working on for the past few years. Hydra operates by bundling transactions together, processing them offline, and then synchronizing them online later. This innovative system aims to prevent network congestion while enabling a large number of simultaneous transaction processes on the blockchain.

In addition, the Cardano Ouroboros Leios has been designed to enhance the network’s scalability and efficiency further. By combining the strengths of Hydra and Leios, Charles Hoskinson believes that Cardano has the potential to establish a global-scale financial operating system.

Continued Efforts Required for Advancement

Although Cardano remains a leading Layer-1 blockchain network with significant development in the Web3 space, challenges persist. While the network’s GitHub Commits rank higher than Ethereum (ETH) and other competitors in terms of developer activity, Solana (SOL) is considered a faster protocol when compared to Cardano.

The ultimate aim of blockchain networks is to compete with traditional financial networks like Visa and Mastercard in terms of fund transfers. Despite the enthusiasm among Web3 innovators, the Transaction Per Second (TPS) records of these protocols still lag behind. With Charles Hoskinson’s optimistic outlook, the blockchain industry appears to be inching closer to disrupting traditional payment giants in the future.

Discover more: Uncovering the Latest Bitcoin Trends and Market Moves

 

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