- Hoskinson also talked about the new ERC-20 Cardano converter bridge that went live on September 12th.
- Calling Hydra “a necessity”,Hoskinson commented, “As PAB comes online, Cardano is going to get hammered by an enormous amount of traffic.”
- Cardano’s native token ADA has surged up to 1500% YTD.
In a recent AMA session streamed on 31 October, Charles Hoskinson, the chief executive of the InputOutputHK (IOHK) team shared a few plans regarding the upcoming ventures.
Hoskinson also revealed his views on Hydra calling it a necessity and citing the “enormous” traffic on Cardano.
At the onset of the session, Hoskinson expounded on the new ERC-20 Cardano converter bridge that went live on September 12th.
“The SingularityNET is within the means of migration…(in the meantime) ERC 20 Converter has two targets one is the principle chain. Now that Plutus is right here, we are able to truly do plenty of cool stuff with that; the opposite goes to be Mamba. It’ll have a very nice two-way bridge to Mamba”
Cardano Converter Bridge is a link connecting users outside the Cardano domain. For example, Ethereum-based token users will be able to enjoy both the benefits of Cardano’s transaction capacity and lower fees. The first token migrating to Cardano upon launch would be SingularityNET.
Of Hydra, which is one of the most exciting of the fresh developments enabled by Alonzo, Hoskinson stated, “A huge amount of work is going into it and we’re going to keep adding resources to Hydra and we’ve been trying to identify some teams so we could accelerate, parallelize the workstream because it’s such a high commercial priority.’
Elaborating more on the topic, Hoskinson added, “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.”
Although Cardano has been working on all of the ideas on the crypto front, Cardano has been a subject of criticism including social speculations and FUDs over time. Even during the interview, one of the followers asked, if (there was) some FUD about increasing block size not really increasing the amount of Plutus smart contract per block. Hoskinson quickly retorted, “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.”
Cardano, one of the most popular ecosystems, has been flourishing over the years. Its partnership with Ethiopia has earned the title of “being 2021’s most influential projects”. It is worth mentioning that its original token ADA surged up to 1500% YTD and its recent success also includes “ADA raising $10M in Funding Round”