The move would be led by three proposed scalability solutions for the network.
The founder of the Cardano network, Charles Hoskinson, stated that they have the necessary financial resources to implement an “aggressive plan” that drives the expansion of the ecosystem and its scalability.
This plan includes three proposed scalability solutions: Leios, Hydra and ZK. Hoskinson noted that this will only be possible if the community decides to move in this direction.
The American businessman's recommendation is to carry out the three proposals simultaneously, he said.
Although Hoskinson did not say how long it would take to carry out this plan, he believes that they could "move quickly."
Proposed scalability solutions for Cardano
First of all, there is Leios. This solution aims to increase performance and, at the same time, improve the security properties of the network.
Its developers, Duncan Coutts, Giorgos Panagiotakos and Matthias Fitzi, highlight that current versions of the Cardano network have a limit on their ability to process data and transactions.
This limit is not due to a lack of resources in the nodes, but rather to the way in which the algorithm manages information and communication between the nodes, they mention. To improve this, a new algorithm design is required, which is what Leios aims to be.
With this new design there is the possibility of incorporating “other tiered transaction fees” with corresponding levels of service priority and “faster chain synchronization by eliminating the need to execute each smart contract.”
Secondly, Hoskinson mentions Hydra. This is an isomorphic layer 2 solution designed to enhance the existing layer 1 of the Cardano network.
This means that it is a network that can exactly replicate the state of the main blockchain (layer 1) without the need for additional verification or data reconciliation.
Hydra uses a technique called sharding to split the workload across multiple parallel blockchains. This allows the network to process many more transactions per second than the main Cardano blockchain.
Thirdly, the founder of the network mentions ZK rollups among the second layer solutions, which could be implemented on Cardano. These allow multiple transactions to be grouped and executed off the main chain.
With this, there is no need to pay fees to miners nor do you suffer from main network congestion. Gas must only be paid when entering the rollup or leaving. This is frequently used in second layers of the Ethereum network
Challenges and criticisms
While this represents progress for the Cardano network, it has not been reflected in the price of the cryptocurrency. Furthermore, the performance of the asset has been questioned by some of its users.
As CriptoNoticias has reported, the Cardano network and its ADA cryptocurrency have generated discontent regarding its development and performance in the market. Some users have expressed that they have had better performance trading “random shitcoins” than ADA.
The above could be one of the reasons why the price of the ADA cryptocurrency has only increased by just 4.6% in the last 6 months. The price has been lateralizing in that period with prices that have oscillated between 0.4 and 0.8 dollars,
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