Cardano’s Hoskinson ready to support Kraken’s venture into layer-2 scaling solutions Cardano’s Hoskinson ready to support Kraken’s venture into layer-2 scaling solutions
Cardano founder offers expertise to Kraken for potential layer-2 network collaboration, highlighting security and community benefits.
2 min read
Updated: Nov. 13, 2023 at 8:35 am UTC
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Charles Hoskinson, Cardano (ADA) founder, said he is “game” to help Kraken crypto exchange build its layer-2 network, according to a Nov. 12 post on social media platform X.
Layer-2 networks are scaling solutions that provide scalability and speed to a layer-1 blockchain. These projects have become popular recently due to their cheap transaction fees and ability to improve transaction speed on layer-1 blockchains.
Hoskinson did not provide additional information on how Cardano could help Kraken build its layer-2 network solution.
However, Conrad, a Cardano-based Blade pool operator, pointed out that Kraken would enjoy Cardano’s security and community if it chooses to build on it. He said:
“Imagine Kraken benefitting from the most decentralized L1’s security, taking advantage of all that Cardano has built over the last 5 years while building your own L2. Not only that but you’ll get the entire community behind you immediately.”
Cardano already has a thriving blockchain ecosystem, including the Hydra layer-2 solution launched in May.
Last week, speculations emerged that Kraken might be considering the development of a layer-2 network. According to reports, speculation included collaboration with crypto firms like Polygon or Matter Labs to develop the rumored layer-2 protocol.
However, Kraken failed to confirm or deny the rumors, saying it is “always looking to identify and solve new industry challenges and opportunities.”
Cardano floats blockchain data management system.
Hoskinson’s recommendation comes on the heels of the introduction of Ledger Sync, a Java-based data provisioning tool on the Cardano blockchain. This tool is designed to grant developers access to Cardano Blockchain’s data.
Cardano explained that the framework will be made available under an open-source license, providing developers and partners with an additional tool for chain indexing and enhancing the diversity of the Cardano developer ecosystem.
Furthermore, Cardano highlighted that the creation of Ledger Sync addresses challenges related to data retrieval faced by blockchain-based systems.
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.
Jesse Powell is an expert in virtual currencies, online/international payments and fraud, as well as co-founder and former CEO of Kraken, one of the most trusted and largest Bitcoin exchanges in the world with number one EUR market share.
