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- Cardano founder said that the Hydra upgrade is a “high commercial priority” as Cardano blockchain prepares for high upcoming traffic.
- Charles Hoskinson also spoke about the Plutus upgrade which gives developers the ability to interact with smart contracts.
Ethereum-competitor Cardano is currently undergoing some of the major developments with the latest being the Alonzo upgrade in September. On Sunday, October 31st, Cardano founder Charles Hoskinson did a surprise AMA streaming live from Ethiopia.
Initially, Hoskinson spoke about the ERC-20 Cardano convertor bridge that went live on September 12th. This is also a very important bridge that connects users outside the Cardano sphere. As a result, Ethereum-based users can leverage the low transaction costs and the high capacity of the Cardano blockchain. Upon the launch of the Cardano convertor bridge, the first token migrating will be SingularityNET. It notes:
The SingularityNET is in the process of migration… (meanwhile) ERC 20 converter has two targets one is the main chain. Now that Plutus is here, we can actually do a lot of cool stuff with that; the other is going to be Mamba. It’ll have a really nice two-way bridge to Mamba…
Hoskinson added that automation and bridging have been their long-term goals for easy swapping of assets.
The Cardano Hydra upgrade
The Cardano founder also touched down upon one of the most exciting developments from the Alonzo hardfork i.e. Hydra. Hoskinson noted that currently, massive work has been going on with Hydra as the development team will work on adding more resources.
The Cardano founder also called the Hydra development a “high commercial priority”. As a result, Hoskinson has been looking for some teams that can accelerate & parallelize the workstream. Calling Hydra as a crucial upgrade, Hoskinson further explained:
It’ll be able to offload a large amount of the transaction traffic that’s going to come from all of the apps that are coming (soon). As PAB comes online, Cardano is going to get hammered by an enormous amount of traffic. Hydra is a necessity for that…
Furthermore, during his recent AMA, Hoskinson explained some queries relating to the Plutus Application Backed (PAB). This is “an off-chain, backend service for managing and handling the requirements of the application instance throughout its lifecycle”.
Giving his best estimate for the PAB going live, Hoskinson said that it could happen this month of November. With Plutus going live, developers will be further able to interact with smart contracts. While Cardano proceeds with the development, there have been rising speculations and FUDs with it.
There have been rumours that increasing the block size won’t increase the amount of Plutus smart contracts per block. Busting this rumour, Hoskinson said: “It’s a lie…If you increase the raw amount of storage the block has you, of course, can have more scripts in that block.”
