Cardano Price Fails to Respond as New Scaling Solution Reintroduced

Source: Adobe/Sk órzewiak

The price of cardano (ADA) stayed mainly the same together with the wider crypto market on Thursday early morning (UTC time), regardless of the unveiling of a new scaling solution that is to be executed on the Cardano blockchain.

Previously today (10: 30 UTC), ADA traded up by a simple 0.34% over the past 24 hours to a price of USD 0.299, prior to remedying to USD 0.292

ADA price chart:

Source: coinpaprika.com

The new procedure, called Ouroboros Hydra (“Hydra”), is being developed by the Cardano- focused advancement company IOHK, and is planned to work as a second- layer blockchain scaling solution that will be put on top of Cardano’s original blockchain. If whatever goes according to strategy, the new solution would increase the speed at which the Cardano network can run, according to IOHK.

Although the release of the white paper on the online research study database ePrint was gone over in a video by Charles Hoskinson, Co-founder of Cardano CEO of IOHK, currently on March 10, the news is now official, with Hoskinson stating that the work now starts to “translate the science into code.”

Because word first came out about the new solution, ADA is down by almost 30% in a sell-off that has actually mainly mirrored comparable action in other significant cryptoassets.

According to Hoskinson, simulations have actually revealed that each Hydra “head” can carry out up to 1,000 deals per second, with each stake swimming pool being able to host one head each. “you could be looking at a maximum theoretical performance of a million transactions per second,” the CEO stated in the video if the network were to reach a thousand stake swimming pools at one point in the future.

Amongst the applications, he visualizes Cardano being utilized for tipping and micropayments.

As reported, in November 2019, the Cardano Foundation released a crypto payment solution, AdaPay, targeted at merchants.
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