Hydra FAQ About Hydra Chain
Hydra is a truly decentralized POS (proof of stake) blockchain and emerged out of the combination of Bitcoin, Ethereum and Qtum. It unifies the best features of all three cutting-edge chains and carries a unique economic layer on top. This makes Hydra not only cutting-edge technology, but also enables a very strong shared economy of which all parties can benefit fairly.
There is no official roadmap. But the major tasks lying ahead are:
- Completing the migration of LOC to Hydra chain
- Migrating the LockTrip.com marketplace to Hydra
- Integrating LOC & HYDRA as payment methods into the marketplace
- Building and developing the Hydra DEX
- Integrating Hydra into Nano Ledger
- Onboarding EVED token on Hydra chain
- Exploring the opportunity to onboard the Rezchain booking verification system onto Hydra, which would immediately unlock a major use case and transactional economy
- Launching the new Hydra website
- Releasing a MetaMask-like browser extension
The order is not sequential
Following the airdrop distribution, we expect a supply of 8 to 9 million HYDRA. The supply can grow or shrink according to the requirements at the time. Block rewards cause an increase in supply, and transaction fee burns cause a decrease, countering the inflation. There will be a balance at some point, determined by multiple factors including the HYDRA price (which affects how many HYDRA are burnt via transaction fees) and votes by HYDRA holders performed via the staking wallet (including votes on the inflation rate (block reward) and transaction fee burn percentage).
Currently there are 4 projects lined up:
- LockTrip (90% migrated already)
- Evedo (scheduled for later this year)
- Rezchain (exploration stage)
- Horcules (community project)
The goal is to continue expand the ecosystem further. In fact, the DEX we are currently developing could be considered project number five. Since the transactional capacity of Hydra is significantly higher than the one of Ethereum, it has the capacity to support thousands of projects at the same time
Yes, we are currently searching for HYDRA listing opportunities. Our new website is also coming soon, which will help a lot with Hydra awareness. This community is also growing at a nice pace!
At date of publishing over 5 MILLION HYDRA and 6,892.42807928 LOC have been burned. The amount will constantly be increasing as the airdrop is always confirmed complete by the burn, which you can check the burn address here at any time:
Hydra coins will be mature after 2,000 block confirmations, or about 17-18 hours.
You can think of staking as entering a lottery every block to win the block reward. Therefore, there is no guaranteed reward at a specific time. The “expected time” shown in the staking wallet is a calculation based on your probability of winning the lottery (i.e. your staking weight compared to the overall network staking weight). For example, if your estimated time to win a reward is 16 days, you can think of it as a 1 in 16 chance of winning a block each day. Or a 1 in 10,800 chance of winning any individual block (calculation: average block time is 32 seconds. In 24hrs there’s 24 x 60 x 60 = 86,400 seconds, divided by 32= 2,700 blocks, and multiply by 16 to get the probability of winning any single block). Sometimes it may take up to 5 or 6 times longer than your estimated time to win a block, sometimes you may receive 5 or 6 rewards in the estimated time to receive one. This is the nature of mathematical probability. If this does not meet your expectations, we recommend staking on pool-x.io, where you will receive guaranteed regular payouts.
If you have enough HYDRA, it is better to stake yourself. Expected mining times as of now:
3,000 HYDRA —> 1 block per day 1,500 HYDRA —> 1 block every 2 days 1,000 HYDRA —> 1 block every 3 days 400 HYDRA —> 1 block per week 200 HYDRA —> 1 block every 2 weeks
One block right now gives you roughly 6 HYDRA. Please note that staking yourself introduces the factor of luck. So depending on your luck, certain blocks can take longer or shorter to be mined compared to the expected time. But over multiple blocks the average should come close to the estimated time
What is the advantage? You keep 100% of the rewards and don't pay a commission to Kucoin. Especially recommended for long-term stakers who can even out the luck factor over multiple blocks. And also recommended for anyone staking more than 1,000 HYDRA.
On kucoin, the APY is set by them. They will adjust based on the core protocol APY.
The core APY depends on the total amount of HYDRA staked and also the voted inflation rate.
This article and graph outlines our predicted for the APY change over time. It gives you a rough idea:
Your wallet needs to be open and online 24/7. While offline, you will not be staking so you will not be able to win a reward. As soon as you come online again, you will become eligible for a reward immediately.
Kucoin provides the staking pool as a service to make it easier for people to stake. For this service, they charge a fee, which is reflected in the lower APY compared to private staking. Over a longer timeframe, the private staking wallet will always earn you more, providing you have a relatively large number of HYDRA (e.g. 1000). Kucoin is good for people who want payouts every week (when Kucoin are on time), but the potential reward is less thank using a private wallet.
There are two options for storing your LOC in a HYDRA wallet: The webwallet (https://webwallet.hydrachain.org/) Or the installable wallet (https://github.com/Hydra-Chain/node/releases). The main difference between the two is the installable wallet can be used to stake your HYDRA once received. The webwallet cannot be used for staking. Both wallets can be used to receive the airdrop (https://www.locktabi.com/en/how-to-get-the-hydra-airdrop-and-start-staking/).
You can get a good approximation and calculate the APY and expected time yourself. Visit the Holders tab on explorer. Look at the first wallet on the list. Currently it has 3,519,078 which is shown to be 17.58% of the total supply. 3519078 / 0.1758 = 20,017,508 total supply. The Inflation rate is set to 20%. 20,017,508 * 0.20 = 4,003,501 new hydra minted per year. Take the new hydra / total staking weight will give you snapshot of APY for desktop wallet.
4003501 / 2137140 = 187% APY now with staking wallet
Estimating odds to mine a block is easier than APY. Time per block is 128 seconds. This is 675 blocks per day. Divide network weight by your number of staked hydra to estimate your odds of mining a block and subsequently the estimated time.
2,137,140 / 3000 = 712. Odds of mining block staking 3000 hydra with network weight of 2,137,140 are 1 in 712. Theoretically you should average mining 1 block every 712 blocks. 712 blocks divided by 675 blocks per day = 1.05 days per block.
3000 —> 1.05 days 1500 —> 2.11 days 1000 —> 3.17 days 400 —> 7.92 days 200 —> 15.83 days
These are estimates based on snapshot values. There are no guarantees to mine blocks. All estimates are based on simple probability. There is some deviation that gets worse the less hydra you have. That is the “luck” factor that is mentioned. In addition the dds change constantly based on variations in network weight. So some blocks you will have higher probability of mining than others within the same day.
It is impossible to give a firm number because some of the values used in the calculations are dynamic and change every block (specifically total supply and network weight).
You get 1.3% of your LOC amount in HYDRA every week. However if you add more LOC, there is a four week cooldown (Not included) for that new LOC (see below).
For any LOC transfered to your whitelisted HYDRA wallet after the start of the airdrop (30 March) there will be a 4 week cool down period during which you will not receive HYDRA for those LOC (it will be burnt). This also applies to new KYC submissions. More info here:
Unfortunately, You cannot get the airdrop on Kucoin.
The Snapshot is every Tuesday. Distribution 1-2 days thereafter
Swaps are processed every Tuesday
You may need to swap your LOC first. Please see this guide:
There is no deadline, but please see this guide on why you may want to swap as soon as possible: