As the number of blockchain projects on the Cardano network approaches 200, the network announces its intentions for 2022. Tim Harrison, IOHK Communication Director, provided an update to the Cardano community to improve the Cardano network’s scaling plans. In their roadmap, Cardano’s founder announced that they would be developing new projects on the blockchain network. After reporting that there are now a total of 199 projects on the Cardano network, Charles Hoskinson, the CEO, issued a tweet asking who wants to be on project 200.
Cardano Focuses On Scaling
In the past year, Cardano reached a critical milestone with the widespread adoption of its blockchain network. According to Charles Hoskinson, a total of 175 projects are on the Cardano, with about 11 projects expected to be unveiled in 2022 by the end of Q1. The total number of blockchain initiatives now stands at 199. Cardano has now said that it is interested in scaling and optimizing. By the end of April 2022, it plans to launch more than 17 projects.
Scaling and optimizing the Cardano blockchain network has been prioritized for Input-Output Hong Kong (IOHK). The IOHK team recently detailed their scaling ambitions and how they aim to achieve them in a blog post.
Cardano’s Layer 2 scaling solution
In September 2021, the Alonzo hard fork was activated by the IOHK team on the Cardano network. The Alonzo hard fork will ensure that decentralized applications (DApps) and digital smart contracts are implemented on the blockchain. By creating a new protocol on the Layer 1 blockchain, Cardano has embraced Hydra, a Layer 2 solution, to improve Cardano’s scalability and help process transactions.
Due to its Proof of Stake, Cardano boasted of its faster speed. Now, the network is working to improve scalability to address issues like network costs, DDoS, and memory utilization. Hydra Layer 2 aims to address these issues by boosting throughput, lowering latency, lowering costs, and lowering storage needs. The blockchain network is making progress on the Hydra solution, according to IOHK, as they focus on using numerous Off-chain solutions while improving On-chain to support nodes.
Cardano will also offer many off-chain methods to help with scaling and other network challenges. It will make it possible to use tokens from one chain in another. The bridge, a two-way technology, allows users to deploy Sidechains. The Hydra Layer 2 solution will aid in the efficient enhancement of off-chain transactions, while Mithril will aid in scalability. By offloading some computations, Cardano Off-chain will assist increase network efficiency and promote rapid and inexpensive transactions.