Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- The upcoming service is anticipated to enable near-instant settlement on Cardano L2.
- As per the latest information, testing of the protocol for Android took place in May.
A new decentralized payment system is on the horizon, driven by Cardano’s layer-2 solution Hydra Head and designed to be compatible with Web3.0 wallets on the network, according to a recent update shared on Twitter by the well-known ADA Whale.
The ADA Whale update mentions that the service for processing future payments is called Hydra Pay, and it is projected to facilitate near-instant settlement on Cardano L2.
Optimal Selection for Micropayments
Related Posts
Additionally, independent developers are engaged in the creation of the Hydra Pay service, with the latest update indicating that protocol testing for Android was conducted in May. The foundational protocols of the Hydra Pay service, Cardano and Hydra, are reported to offer numerous benefits.
Moreover, Cardano, recognized as one of the most adaptable layer-1 blockchain protocols, ensures high security across all domains. Cardano is in direct competition with its market counterparts. This is due to the Hydra head protocol, which was developed atop the Cardano protocol to enhance the network’s scalability. The features of Hydra render the Hydra Pay service an excellent option for direct use in micropayments.
With the likelihood of congestion minimized to nearly zero, Hydra Pay has the potential to emerge as the Visa payment service of the Web3.0 ecosystem. The precise launch date for the Hydra Pay service remains unclear. However, once it is introduced, it is expected to be one of the most prominent new offerings from the Cardano protocol.
On another note, data from DeFiLlama indicates that Cardano’s total value locked (TVL) has risen to 578 million ADA, marking a new all-time high. Additionally, over 1000 Plutus V1 smart contracts have been documented by Cardano in 2023, further demonstrating the increased activity on the blockchain network.
Highlighted Crypto News Today:
Shiba Inu Transaction Volume Sky Rockets Indicating Whales Dominance
