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Cardano Ecosystem

Cryptonewsz

05/20/2024

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Charles Hoskinson touts Cardano Hydra and Leios for Global Financial OS

Charles Hoskinson, the founder of Cardano blockchain, has sung praises for Hydra and Leios innovation, expressing commitment to developing the blockchain in compliance with the basic principles of efficiency...

Charles Hoskinson touts Cardano Hydra and Leios for Global Financial OS
Cardano Founder Reveals 2 Key Solutions To Power Global Financial OS

Charles Hoskinson, the founder of Cardano blockchain, has sung praises for Hydra and Leios innovation, expressing commitment to developing the blockchain in compliance with the basic principles of efficiency and less cost. The ultimate idea is to boost the global financial OS (operating system) by supporting its scalability.

Cardano Hydra has drastically reduced the transaction cost. The last such instance demonstrated a total of $2.38 in transaction fees, roughly translating to 5.16 ADA tokens. At the time of writing this article, the value of a single ADA stands at $0.4668.

Hydra is best known for increasing blockchain scalability by bundling transactions together and then processing them offline. Transactions are synchronized later when the system is back online. It goes on to prevent network congestion and allow multiple transactions to happen simultaneously. Cardano has reportedly spent the past few years developing this dominant tool.

By introducing additional efficiency, Ouroboros Leios further supports the network’s efficiency and scalability. Charles Hoskinson is confident that their combined strengths will power the global financial operating system based on Cardano.

An explanation by Charles was in response to a user on X reflecting on the beauty of Cardano. The social media user also pointed out that Cardano was functioning effectively while achieving scalability, high throughput, and better speed.

Nevertheless, the price of ADA remains on a downtrend. This time, ADA is down by 2.77% in the last 24 hours, listed at $0.4668. There is a notable upswing of 48.77% in the 24-hour volume and a decline of 2.77% in the market cap. An explanation by Charles Hoskinson is expected to trigger another upswing for the ADA.

Cardano was last seen ranked above Ethereum in terms of developer activity. Cardano has also maintained a lead in terms of the most developed protocol in the world of Web3. It only takes a back seat behind Solana when it comes to speed. In the end, their common goal is to compete with traditional models like Mastercard and Visa in achieving the best fund transfers.

Their transaction per second (TPS) is still below the industry standard.

That said, Cardano is not the only candidate expecting a notable surge in the future. It is coupled with the likes of XRP and SOL. Solana, for one, is aiming to surpass the mark of $200. At the time of writing this article, the token’s value has increased by 2.37% to $178.23.

The XRP indicates a reduction in selling pressure. The ecosystem’s bulls must defend the 20-day exponential moving average.

All in all, Cardano (ADA) supports the optimism demonstrated by Charles Hoskinson, keen on leveraging the potential of Hydra and Leios for global financial operating systems. Similar tokens are riding the bull run as a normal part of the market.

Photo of Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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