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07/08/2023

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Cardano’s New Decentralized Payment System Launch Likely Soon

Blockchain News The new offering is expected to provide a near-instant settlement on Cardano L2. Testing of the protocol for Android was performed in May as per the latest update. There will soon be a...

Cardano’s New Decentralized Payment System Launch Likely Soon
Cardano’s New Decentralized Payment System Launch Likely Soon Blockchain News
  • The new offering is expected to provide a near-instant settlement on Cardano L2.
  • Testing of the protocol for Android was performed in May as per the latest update.

There will soon be a new decentralized payment system, powered by Cardano’s layer-2 solution Hydra Head and compatible with the Web3.0 wallets on the network, according to a recent update released on Twitter by the renowned ADA Whale.

The ADA Whale update states that the service to settle future payments is named Hydra Pay, and it is expected to provide a near-instant settlement on Cardano L2.

Ideal Choice for Micropayments

Moreover, independent developers are working on the Hydra Pay service, with the most recent update revealing that testing of the protocol for Android was performed in May. The underlying protocols of the Hydra Pay service, Cardano and Hydra, are said to have several advantages.

Furthermore, Cardano, being one of the most flexible layer-1 blockchain protocols, offers high levels of security in all areas. Cardano is in direct rivalry with its rivals in the market. Because of the Hydra head protocol that was created on top of the Cardano protocol in order to increase the network’s scalability. Hydra’s functionalities make the Hydra Pay service an ideal choice for direct application in micropayments.

With the potential for congestion reduced to almost nothing. Hydra Pay has the potential to become the Visa payment service of the Web3.0 world. The exact date of the Hydra Pay service’s release is still uncertain. But when it does arrive, it will be one of the most recognizable new offerings from the Cardano protocol.

On the other side, data from DeFiLlama shows that Cardano’s TVL (total value of assets locked) has increased to 578 million ADA, a new record high. Also, more than 1000 Plutus V1 smart contracts have been recorded by Cardano in 2023. A further indicator of the heightened activity on the blockchain network.

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Ashfaq

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.

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