It is impossible to solve the global payments using the current cryptocurrencies mainstream that run on the existing blockchain networks. This has led Argentas to set out and search to find a suitable solution that will meet the necessary requirements for global payments. This research and analysis has led to the design of the Hydra Network (HydraNet) which is a fast and more secure blockchain and network project that will offer a virtually free, real-time and global payment that will enable users to access finance, banking as well as payments in the most modern form reaching billions of unbanked users using the global decentralize financial applications that use the HydraNet interfaces such as wallets and exchanges. This is a part of the process of creating a real open global financial system of the new world.
HydraNet in brief
• Just like the bitcoin, the Hydra network will also be decentralized and contain on the distributed ledger.
• HydraNet will have its own native digital currency or asset.
• Unlike Bitcoin hydraNet will not consist of any mining, any user will be able to run a Hydra Core validator node, but the node operators will not be rewarded with new-minted cryptocurrencies by validating transactions.
• Bitcoin depends on the proof of work for its consensus model, but HydraNet will use a consensus model called the Hydra Protocol which is based on the variant that is known as the Byzantine Generals’ Agreement.
• The Hydra Protocol will not require a lot of computational power, and this makes it suitable for the environment as compared to the Bitcoin and other mining intensive cryptocurrencies. It will also have an eventual, anticipated maximum transaction throughput of tens of thousands of transactions per second that will ultimately turn into millions of transactions on a fully fledged global level.
• The median confirmation time for the Hydra network transaction will just take seconds, and this means that the transaction and validation will be settled in real time as compared to other cryptocurrencies such as Bitcoin and Ethereum which take a lot of time and keep users waiting.
• Even though there will be native digital currency and assets of the blockchain, the platform will support many other assets, and anyone who is using the networks will be able to issue new assets. The assets will be backed by external currencies such as fiat money or any other cryptocurrencies which will be supported on the HydraNet’s bridge entity system.
• The HydraNet will have an inbuilt and decentralized exchange, where assets can be exchanged to fulfill the function of global value transfer system for different assets that run on orders in the decentralized order book. Hydra transaction will be able to include the exchange transaction on the order book.
• The bridge transactions will act as an entry as well as exit points for the fiat money into the Hydra network. They will also maintain both HydraNet wallets and fiat currency accounts for their users. If a user deposits money into a fiat currency account, then the bridge entity will deposit the same amount of the relevant Hydra network asset to the user’s Hydra wallet and the verse versa will happen to the withdrawals.
Official links for more details,
white paper: https://github.com/argentasio/Documentation/blob/master/whitepaper.md
ANN Thread: https://bitcointalk.org/index.php?topic=4431900.0
My Bitcointalk Username: paisleyevelyn
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