Hydra is an open-source Proof-of-Stake blockchain with a unique set of economic features.
Bringing Sustainable Economy to Blockchain
🔥 100% Burn of all Transaction Fees
📈 Up to 540 TPS Elastic Capacity
🔏 EVM Compatible Smart Contract Platform
🗳 Unique Decentralized Governance Protocol
Hydra is a permissionless, open-source, proof-of-stake blockchain built on some of top of the most proven open-source technologies - QTUM, Bitcoin, Ethereum and BlackCoin’s PoV v3, designed by Pavel Vasin.
The philosophy behind Hydra is to implement critical economic features while utilizing proven technology for data transmission. In addition to a number of unique economic features, it has a fixed inflation in order to stimulate stakers and market participants to contribute to its true decentralized architecture.
Hydra runs in the UTXO accounting model while supporting EVM as an additional layer.
Hydra solves one of the most difficult challenges with blockchains - How and When to switch from an inflation state to a deflation thanks to its unique ability to burn up to 100% of transaction fees on protocol level, in parallel to the inflationary driven block rewards. This stimulates infrastructure and community growth while offering protection against price degradation due to its ability to convert transaction gas into a permanent supply cut.
With Hydra, the term "total supply" is not just a random number. It is a direct representation of the actual economy and utility of the whole system. On one side block rewards inflate total supply and mint new HYDRA coins, while on the other side, 50% of the transaction fees are being burnt on the protocol level in parallel to the block rewards, which cuts the total supply. A unique constant battle between the two economic streams in the same system that yields a predictable and attractive economy for stakers, while ensuring no price degradation occurs due to inflation. A market-driven approach that determines the tipping point between inflation and deflation and ensures the whole system is adaptive to the actual economy and actual usage and not the other way around as is the case with alternative existing blockchain economies.
As a start, 18.5M HYDRA is in total circulation. During the seed/growth phase of the blockchain economy, inflation will be dominant and the total supply will appreciate.
At some point as adoption would grow, the transaction count would increase and generate a direct supply cut through the 50% burn on transactions.
At the heart of the system lies the HYDRA fiat price oracle which determines GAS fees into a fixed fiat cost. A critical feature that enables scalability and business predictability which are critical for dAPPs.
The fiat price oracle also comes as natural protection against strong price degradation due to its unique synergy with the 50% GAS fees burn component. In a hypothetical severe price drop, the fiat oracle updates the fiat fees cost in real-time and the same amount of transactions will start to burn a much more significant number of HYDRA.
The other 50% of gas fees are distributed to the wallet addresses that are the creators of the smart contracts to which the fees are being spent on (determined based on the contract to which a function is called). This feature makes Hydra a unique sharing economy, where developers are rewarded for contributing to the adoption of the chain. A unique feature that makes Hydra particularly attractive for DEX applications not only as a potential level 2 chain, but also as a theoretical primary blockchain to migrate to (as Hydra is fully EVM compatible).
For more information about Hydra as well as links to join our community, make sure to read the latest whitepaper.
HYDRA 2.0 Whitepaper.pdf
We want to provide our respectful credits to the Qtum, Ethereum, Blackcoin, and Bitcoin communities and their developers as our project would not be possible if it hadn't been for their open-source work. The technical documentation of HYDRA is an adaptation of the documentation originally deployed by the Qtum Foundation.