The Cardano community might soon welcome the Hydra Pay protocol, a decentralized payment service powered for users By Godfrey Benjamin 2 hours ago Updated 2 hours ago
Developers on the Cardano (ADA) protocol drive innovations in unique ways that many are unaware of. According to a new update shared on Twitter by the famous ADA Whale, the community should be expectant of a new decentralized payment system that will be powered by Cardano-based layer-2 solution Hydra Head and compatible with the Web3.0 wallets in the network.
The Potentials of the Cardano Hydra Pay Service
According to the ADA Whale update, the prospective payment settlement service is called Hydra Pay and is billed to power a near-instant settlement on Cardano L2. The development of the Hydra Pay service is being done by independent developers with the latest update showing the testing for the protocol on Android was carried out back in May.
The Hydra Pay service is billed to come with a lot of benefits, driving on its foundational protocols – Cardano and Hydra.
Cardano is one of the most versatile layer-1 blockchain protocols that boasts good security across the board. The Hydra head protocol built atop the Cardano protocol is designed to boost the scalability of the network, placing Cardano in direct competition with its peers in the industry.
By virtue of the capabilities of Hydra, the Hydra Pay service is also poised to find direct use in micropayments. With the likelihood of congestion reduced to the barest minimum, the Hydra Pay service can be to the Web3.0 world what Visa payment service is to the general Fintech world.
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One in Many Innovative Products
While the launch timeline for the Hydra Pay service is unknown, its eventual emergence will serve as one of the most iconic products that the Cardano protocol has launched in recent times.
Thus far this year, the Cardano community has welcomed DJED, the first overcollateralized stablecoin that is backed by COTI. DJED received a warm welcome and soon became one of the top-performing tokens in the Cardano DeFi world.
Another key product is the Light Wallet – Lace which was launched by the Input Output Global (IOG) team. Lace is poised to serve as a unifying hub for all tokens in the Cardano community, and a complement to the Hydra Head protocol that has now been released on the mainnet.