What Is Hydra (HYDRA)?
Hydra is a permissionless, open-sourced proof-of-stake (POS) blockchain. The blockchain aims to implement critical economic features and use proven technology for data transmission. According to its whitepaper, the blockchain seeks to fix the transaction fees with a unique burning mechanism on the generated transactional economy. The network is built on top of open-source projects, such as Ethereum, BlackCoin’s PoV v3, QTUM, and Bitcoin.
The whitepaper mentions a few problems with Blockchain Economy 2.0 that Hydra seeks to solve. It includes the problem of total supply, which has been overly abused in the blockchain industry. Projects are compared with each other in terms of their total supply. Thus, the term has become more of a marketing component instead of being treated as an actual economic determinant. While as per Hydra’s concept, it is only one of the four critical components, with the other three being node economy degradation over time, rate of supply change, and transactional economy efficiency. Hydra believes that total supply is the direct representation of the actual usage of the chain.
As per the platform’s design, the market determines the total supply as an asset base. The network stimulates community growth and infrastructure, besides protecting against price degradation, given its ability to convert transaction gas into a permanent supply cut. Thus, solving the problem of ‘how’ and ‘when’ to switch a blockchain from an inflation state to a deflation state without high risk.
Some of the key features of the platform include:
The POS consensus mechanism allows each user to stake without any minimum amount of coins’ requirement.
The average output offered is between 75 to 85 transactions per second (TPS), while the elastic burst scalability is 540 TPS.
One-click installers are offered to run a node on an average household computer.
To provide complete compatibility and easy migration of Ethereum Dapps and Ethereum smart contracts, the platform supports Ethereum virtual machine.
The transaction fee is burned completely.
A 50 percent royalty is levied on the transaction for smart contract creators.
Fixed coin and token transaction fees are USD 0.20 and 0.50, respectively.
HYDRA is the ecosystem’s native digital coin. The coins would be used to carry out transactional activity on-chain and staking. The Stakers receive HYDRA tokens to help secure the network against attacks.
History of Hydra (HYDRA)
Nikola Alexandrov and Hristo Tenchev are the co-founders of the platform. Nikola and Hristo are also the co-founders of LockTrip.com (a blockchain travel project) and Bitcoin. Nikola has seven years of high-frequency algorithmic trading experience on high liquidity global markets. Others in the team include Florian Pfieffer, Nevena Petrova, Ivan Ivanov, Todor Yalamov, Rosen Krumov, etc.
The platform’s cold launch occurred between October 2020 and December 2020. The token was airdropped to the community between March 2021 and February 2022.
