The feature has the capacity to handle 1 million transactions per second. The launch brings to an end five years of development work. The protocol makes high transaction speeds dream a reality. Users are able to use a small portion of node space which will translate into cheaper transaction costs.
Cardano Ouroboros Hydra Upgrade implications
The upgrade means users are able to access a 10 lane throughput that also supports transactions and data. It comes at a time when the network is preparing for more users to come on board.
The ability to process 1million transactions per second will see the platform beat the likes of Visa and MasterCard. It is also a clear message that the financial industry is ready for disruption. Could Cardano be the future of cross border transactions?
However, in a recent update on the project, Charles Hoskinson hinted that:
This fits with the extended UTXO model and gives us a natural way to shard the stake space without sharding the ledger itself.
After Cardano Ouroboros Hydra Upgrade
The Blockchain industry is faced with two major problems; scalability and congestion. These make transactions slow and expensive. However, this is going to be a thing of the past; thanks to the Cardano Ouroboros Hydra upgrade.
Cryptocurrency adoption is on the rise and demand for better service is also growing. There is a need for better real-world use cases of the technology. Cardano is on the right track to give what the modern crypto goer demands.