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šŸ’„Cardano to scale to 1,000,000 tps with Hydra for micropayments on ADA blockchainšŸ’„
November 11, 2022
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  • Cardano introduces Hydra for Payments, improving blockchain’s scalabilityĀ 
  • A demo version of Hydra for Payments will be open to a selected set of people and testers will enjoy faster and cheaper transactions.

Cardano introduces Hydra, a payment developer tool on its blockchain. The team has implemented the tool to help solve scalability issues on the blockchain.Ā ADA blockchainĀ is expected to carry out over 1,000,000 transactions without any significant increase in fees and processing time. The processing power of the main chain (layer 1) will be improved.

In addition to that, Cardano will make an additional upgrade to the processing time of the off-main blockchain (layer 2). The two upgrades will foster network performance, higher throughput, and low transaction processing costs. Hydra will serve as a platform where users can access micropayment on the Cardano ecosystem.

Cardano Introduces Hydra for payments

It will serve as a light wallet for developers to continuously build products that can benefit users. Hydra will reduce operating costs and increase the throughput of the Cardano network. Cardano will accommodate various sets of wallet providers, ensuring that onboarding developers experience a familiar setup. In the future, Hydra will integrate a basic back-office interface that would provide access for light wallet providers. These providers are required to maintain their own Hydra Head service, inspect their node infrastructure, and scale operations. They can also offer such a service to other providers.Ā 

Hydra will possess amazing payment features, which would be highly beneficial in the Cardano space. The platform will be open-source and easily accessible. As earlier stated, the payment interface will be familiar to developers without any required technique. Hydra will be extremely fast and straightforward to use. It also has a re-designed isomorphic design.Ā 

Currently, Hydra for Payments toolkit is under development, of which two perspectives will co-exist. The technical fundamentals will maintain the trust, security, and correctness of the Hydra Head protocol. In parallel to this, there will be a feature that would improve light wallet developers’ operating costs, ability to monitor their infrastructure, and enhance their users’ experience.

When will Cardano’s new payments tool be?Ā 

There is no announcement regarding the release of Hydra for Payments on the Cardano blockchain. Cardano promised to add specialized features that would cater to specific micropayment use cases before the platform’s launch. According to Cardano, Hydra for Payment will roll out gradually. The payment interface is undergoing important enhancement in Q4 2022, thereby hindering the immediate implementation of the platform. A selected group of people will gain access to the demo version of Hydra for Payments. These early testers will use the Head protocol to transfer assets at unmatched speed and cost.Ā 

Cardano hopes to implement more enhancements to the protocols in 2023. The team might switch to its initial implementation using a Star-Shaped Head Network topology if validation of new features persists. Cardano is open to feedback, discussion, andĀ contributionsĀ from the community regarding the Hydra toolkit.

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For up to date cryptocurrencies available through Robinhood:
https://robinhood.com/us/en/support/articles/coin-availability/

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Give them a follow:

Jays info:
@TheProjectUnity on X
youtube.com/c/ProjectUnity

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@TheLandOfChem on X
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→ 200–300 new symbols added each month
→ 3K+ by year-end, 10K+ in 2026
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Pyth will become the most comprehensive financial data layer in the world.

https://x.com/PythNetwork/status/1963255788698484942

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain areĀ Eternl,Ā Typhon,Ā Vespr,Ā Yoroi,Ā Lace,Ā ADAlite,Ā NuFi,Ā Daedalus,Ā Gero,Ā LodeWallet,Ā Coin Wallet,Ā ADAWallet,Ā Atomic,Ā Gem Wallet,Ā TrustĀ andĀ Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention toĀ Non-CustodialĀ andĀ CompatibilityĀ fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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Ā 

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