IOHK to Unveil Hydra - Cardano Scalling Protocol

Hydra off-chain protocol allows to implement a number of new features, including micropayments and insurance contracts
25 March 2020   248

The developer of the Cardano blockchain project, IOHK, announced Wednesday the release of the Ouroboros Hydra off-chain protocol. It is expected to scale the blockchain while maintaining low latency and minimal data storage requirements for nodes.

Hydra allows to implement a number of new features, including micropayments and insurance contracts. Preparations for today's release have been ongoing for five years.

Hydra is one of the key elements of the IOHK plan for creating a highly scalable blockchain. It is described as a second-level scaling solution based on the existing Cardano blockchain. Hydra provides horizontal scalability, not vertical scalability, which is achieved by improving hardware. It is assumed that this approach is the maximum possible compromise between scaling, speed, geographical distribution of participants and their number.

With the connection of each new user, Hydra receives 10 additional “goals” or channels for transferring data and transactions. Each such "head" can process about 1,000 transactions per second. In the future, it is planned to further optimize the process. In theory, this will allow you to reach a bandwidth that exceeds the performance of existing global payment systems, such as Visa.

Our Ouroboros Hydra solution is the result of a colossal international research effort, spanning five years, that aimed to solve the security and scalability problems affecting blockchain. Once implemented, it will allow the Cardano blockchain platform to scale to process more transactions than any other blockchain or traditional payment system. IOHK’s Ouroboros whitepaper is a capstone of our team’s research and has been cited more than 1000 times. It forms an essential part of Cardano’s ultimate goal of creating a blockchain based global financial and social operating system.

 

Charles Hoskinson

CEO, IOHK

Cobalt & Lithium Supplies to be Tracked With DLT

The platform will be created by the Everledger together with Circulor using Hyperledger Fabric
26 March 2020   210

Everledger, a British startup, has partnered with Circulor to develop a platform based on the Hyperledger Fabric blockchain to track supply chains of cobalt and lithium.

Everledger specializes in using blockchain to combat counterfeiting of precious stones, in particular diamonds. The company’s management said it intends to expand its business using blockchain to control the supply of rare minerals used in the production of batteries.

Well-known carmaker Mercedes Benz is already using Circulor technology to track its supply of cobalt and its carbon footprint. Circulor and Everledger share a similar concept - with the help of the blockchain they control the observance of social and environmental standards in mining. Therefore, startups decided to develop a joint product.

Everledger co-founder Leanne Kemp and Circulor CEO Doug Johnson-Poensgen said their solution will work on the Hyperledger Fabric blockchain. The possibility of interacting with IBM is also being discussed.

Poensgen added that the platform will be used not only to track cobalt production in the Democratic Republic of Congo, but in different regions of the world. For example, lithium mining in the Atacama desert leads to water pollution, so the solution on the blockchain is aimed at preventing environmental disasters.