Monday January 18, 2021
BTC $36,133.00 (3.82%)   ETH $1,223.31 (2.88%)
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
SWAP BITCOIN NOW
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas.net
No Result
View All Result
Home Vendor Technology

Hydro Labs partners with OmiseGo to scale Ethereum (ETH) payments

Published by CryptoNinjas.net
10/08/2019
OmiseGo Hydrogen CryptoNinjas

Hydro Labs, a decentralized, and open-source project for blockchain applications, today announced a new partnership with plasma infrastructure provider OmiseGO. The partnership will ensure that Hydro Pay transactions are no longer bottlenecked by Ethereum scalability issues.

Users of Hydro’s peer-to-peer (P2P) payments app will be able to make instant transactions even when the Ethereum network is congested. For OmiseGo, the partnership brings about real-world usage of its plasma chain technology for day-to-day payments.

Scaling Issue

Scalability has been a long-standing problem for Ethereum as most famously shown during the Crypto Kitties craze of 2017, and more recently by the launch of USDT on the Ethereum blockchain. Quite simply, the current Ethereum blockchain cannot handle any large number of transactions without significant waiting time and cost implications.

It has been suggested, but not proven, that alternative (newer) chains may be the answer outside of Ethereum, however, this comes at a cost, security. Simply put, the more decentralized a chain is, the more secure it is. With Ethereum’s very large hashrate and robust network of nodes (100% uptime), it doesn’t get much more decentralized than that. No other chain can offer both the features, and level of security.

Work is currently underway on fixing Ethereum’s scaling issues with Ethereum 2.0 (Serenity); however, until such time as this is complete, the community is stuck with Ethereum’s current transaction speed. OmiseGo’s plasma chain will allow Hydro Pay to overcome these issues for users of the app.

Hydro Pay / OmiseGo

The Hydro Pay (beta) app was released at the end of July 2019, and by using meta-transactions (MetaTX), this meant Hydro Pay was the first product functioning on Ethereum to allow users to make gas-less transactions. However, the Hydro Labs team soon realized that scaling was an issue, first for creating an account, and secondly for making a transfer. Neither was instant, which is an issue for any type of payment application. To solve these issues, the Hydro Labs team decided to use a plasma side-chain and that’s where the OmiseGO partnership comes into place.

With OmiseGo’s child chain solution, Hydro Pay will be able to scale up to an impressive 3,000+ tps (up from just 15tps on Ethereum currently). Moreover, this rate of transactions will only increase. First, as OMG continues to fine-tune its technology, and secondly, once Ethereum 2.0 is released.

32
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related Posts

Hydro Labs partners with Republic to help expand its crypto service suite

01/07/2020

Hydro Labs opens up early access to next-gen Vault crypto wallet

12/04/2019

Hydro dApp Store transitioning to mainnet launch

11/25/2019

Hydro Labs fine-tunes its next-generation crypto wallet for release

10/28/2019
Hydro dApp Store

Hydro dApp Store is officially open for community testing

10/03/2019

Hydrogen blockchain APIs now available in Oracle Cloud Marketplace

09/06/2019
Load More
Leave Comment
CoinSwitch: Instant Cryptocurrency Exchange and Converter CoinSwitch: Instant Cryptocurrency Exchange and Converter CoinSwitch: Instant Cryptocurrency Exchange and Converter

Recent Updates

Billions of dollars in bitcoin becomes available to creditors of Mt.Gox bitcoin exchange

Cryptohopper launches new feature to automatically test, rank, and deploy trading strategies

Binance adds Navcoin (NAV) to their locked staking program

Loans now available on the Crypto.com Exchange

Modulus CEO: Parler & Amazon Strife Highlight Danger for Digital Asset Exchanges

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Purchase 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit

Trending Views

Nisbah Capital joins Tezos blockchain baker ecosystem

IOHK expands Cardano development fund with launch of new $500K round

Instimatch to leverage Algorand blockchain to advance settlement and payment solutions

Crypto exchange Poloniex launches XRP perpetual futures

Fenbushi Capital launches $15M+ investment fund for Filecoin and IPFS ecosystem

  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2021 CryptoNinjas Disclosures | Privacy Policy