Hydra blockchain or Hydrachain as they also call it, is a decentralised Proof of Stake that unfolds by combining Bitcoin, Ethereum, and Qtum technologies. It solves the inflationary and deflationary processes that several other blockchains face. It offers fixed transaction fees in fiat currency with the transaction fee burn up to 100%. It provides 50% gas royalties to smart contract owners whenever users execute their smart contracts. The Hydra blockchain has high scalability with up to 540 transactions per second elastic capacity. It is EVM compatible and has a unique decentralised governance protocol.
Briefly about Hydrachain
Nikola Alexandrov and Hristo Tenchev are the cofounders of the Hydra ecosystem in late 2020 with its inflation-deflation system. The Hydra network is from a design of the published document, LockTrip Blockchain Manifest, based on the challenges in developing the LockTrip Dapp. The Hydra blockchain promotes the smart contract functionality that facilitates the execution of dApps on-chain. The dApps and coins building on the Hydra ecosystem benefit from the gas royalty transaction fees. Each project increases the HYDRA burnt and develops the Hydra ecosystem to a transactional economy.
Hydrachain is Solving the Total Supply Problem.CryptoLists.com
The Hydra blockchain offers transactional cost predictability via a stable gas price protocol. Holders of the Hydra token govern the gas price via a decentralised voting mechanism set in fiat currency. It burns up to 100% in transaction fees while an oracle monitors the HYDRA price on exchanges and alters the fee constantly. The fixed inflation framework incentivise market participants and stakers to engage in the decentralised nature of the project. There is also a 50% royalty on gas for creators of smart contracts, which supports business rather than purely a speculative tool.
Utility of Hydrachain?
The Hydra blockchain is attractive for developers, stakers, and market participants due to the permissionless, open-source, proof of stake system. It is mainly due to its unique inflationary and deflationary mechanism and up to 100% burn of the transaction fees. It protects users against price degradation by converting transaction fees to a permanent reduction in the supply of its tokens. There is scalability and predictability that is essential in dApps. Anyone can acquire a full node in the HYDRA ecosystem by staking the native token and receiving block rewards and a high APY.
Hydrachain
Release Date: September 9, 2015
Advantages at Hydrachain
+ The Hydra ecosystem is EVM compatible + It has a shared economy that benefits all stakeholders of the blockchain.
+ Fixed transaction fees with 100% burn provide stability to the Hydra network.
+ It covers up to 540 transactions per section with elastic capacity when required.
Disadvantages
- The migration from Locktrip to the Hydra chain is not yet complete.- The limited number of projects on the blockchain despite its capacity.
- It uses an open-source software hence transactions cannot be reversed.
Costs
▪ Rated at 10/10The unique economic mechanisms of the blockchain allow it to have fixed transaction fees in fiat currency that are predictable. It is determined by token holders using the decentralised governance protocol. There is a fixed coin transaction fee and a fixed token transaction fee equivalent to $0.20 and $0.50, respectively. It is essential to note that 100% burn on all transaction fees and a 50% royalty on gas for smart contract creators.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 8/10
The Hydrachain has gained buzz and reputation from its unique features by bringing a sustainable economy to the blockchain. Its inflation-deflation system ensures that the chain is secure with market-driven mechanisms. The fixed transaction fees allow seamless operation without high gas fees and a congested blockchain. Block producers always have an incentive to keep mining. There is no minimum staking amount and requirement to invest in high energy-consuming equipment. It gives everyone fair access to the economy and the APY is guaranteed to always be above 20%. The lack of mobile wallet staking is the negative aspect voiced by the Hydra blockchain community, which they look forward to.
FAQ
Who created Hydra - Blockchain?
The Hydra blockchain is a creation of Nikola Alexandrov and Hristo Tenchev. They were part of the team behind the Lock Trip Blockchain Manifest project that defines the design of the Hydrachain.
Is Hydra - Blockchain proof of stake?
The Hydra blockchain is a permissionless, open-source, proof of stake consensus model and a UTXO transaction model. Stakers receive block rewards that ensure the protection of the Hydra chain against 51% attacks.
Will Hydra - Blockchain overtake Ethereum?
Some crypto stakeholders believe its unique mechanisms will spear it to overtake Ethereum in the long run. Its scalability of up to 540 transactions per second is a significant feature. The Hydrachain combines the best features of previous blockchain technologies such as Bitcoin, Ethereum, and Qtum chains. The blockchain experiences significant growth with over 1000 nodes. It has quality projects in its portfolio and showcases the best scaling solution.
What are the benefits of staking in the Hydrachain?
It does not require special equipment making it accessible to all
It has strong decentralisation with over 1000 nodes
It awards the same APY to all stakers regardless of the HYDRA amount.
It is significantly more secure against most attacks compared to PoW.
How to get started on the Hydrachain staking?
1. Install your Hydra web wallet for staking.
2. Encrypt the wallet with a password.
3. Import a private key for your wallet.
4. Countercheck your address.
5. Export your private key by backing up the wallet.
6. Add funds to the wallet by sending HYDRA and LOC coins to your address.
7. Enable staking
Screenshots from Hydrachain
