Cardano prepares to scale with Hydra upgrade as network reaches 2M wallets

The Cardano Foundation posted a tweet on Monday stating that the number of Cardano (ADA wallets) has surpassed 2 million. On May 22, 2021, the network reached the previous milestone 1 million ADA wallets.

The Cardano Foundation implemented the Alonzo hardfork, which enabled smart contracts on its network, during that time. Charles Hoskinson (the founder of Cardano) has now turned his attention to increasing adoption of blockchain technology throughout Africa. Hoskinson posted a tweet last week claiming that 5 million Ethiopian students are on track to get an ID using the Cardano blockchain to track academic performance.

Cardano’s technological advancement is also increasing post-Alonzo. Hoskinson answered a question about Cardano’s layer-two scaling solution Hydra during an “ask-me-anything” session on October 30:

Hydra will continue to grow and we have been trying to find teams to parallelize the workstream since it is such a high priority commercially. It’s crucial that we can offload large amounts of transaction traffic from all the new apps.

Layer-two solutions work on top of an established protocol in order to improve network performance. In the context of Cardano, sharding refers to the transfer of transactions off-chain to staking pool, or Hydra Nodes. The ledger is not parted. Hypothetically, each Hydra Node could process 1,000 transactions per second. There are 1000 of these nodes. If linear scaling is used, that would mean the entire Cardano network can process 1 million transactions per second. The project is still in research and development. There’s no specific launch date.

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