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Revealing HydraGon Engine — First DAO Proposal HIP-1

News from the LOC Coin Development team on May 16, 2023

Revealing HydraGon Engine — First DAO Proposal HIP-1

After a long process of design and development, today we are finally ready to reveal the next step for the evolution of Hydra — the HydraGon Engine!

HydraGon combines the collective experience, know-how, feedback and technological development of the past 3 years in a powerful engine, fully packed with features and capabilities. The voices of the community and contributing developers have been invaluable — and they were heard!

  • You think UTXO maturity is annoying and prevents you from smooth on-chain interactions? — Solved!
  • You want Hydra to work as smooth as the most user-friendly chains out there? — Solved!
  • You want Hydra to have the performance of the fastest chains out there? — Solved!
  • You want full compatibility with popular tools and wallets? — Solved!
  • You want to have a say in all Hydra decisions? — Solved!
  • You think the bad luck/good luck feature causes too much anxiety? — Solved!
  • You think the inflation rate is too static, wasteful and indifferent to events? — Solved!

We could keep going, but let’s not spill all the excitement in advance!

In order to stay ahead of the curve, HydraGon replaces the Qtum-based technology of the past with the Polygon Edge-based technology of the future. Thus marking a revolution within the very core of the chain.

But the engine is not the only thing that matters! The HydraGon consensus mechanism is further enhanced by a series of powerful features that are unique to Hydra, preserving the genetic strain first defined in 2018. Attempting to solve the trilemma of decentralization, scalability and security with a completely new approach, based on an exponentiating weight formula.

At the same time, HydraGon doubles-down on its economic strengths and supercharges them with a multi-layered staking mechanism. Becoming aware of its self, Hydra gets equipped with a new set of tools that allows it to reward loyalty, adapt to economic cycles and combat negative community sentiment when needed. Opening up dozens of new synergies among the indvividual layers.

We have prepared plenty of materials for you to better understand the new concept, including:

There is a lot of new information to digest, so take your time. We will be waiting in the Telegram group chat for your questions and feedback.

Pre-Vote Discussion and Timeline

The presented HydraGon consensus mechanism is a major step forward, with fundamental implications on all levels. Due to this, we structured the announcement in the form of a community vote proposal.

Community members will have the opportunity to get acquainted with the concept and ask any questions that they may have in order to structure a more informed decision.

The last step will be an on-chain community vote on whether the proposal should pass or not. If it passes, a subsequent plan for an optimal migration will be laid out.

Brief Timeline

  1. Announcement of HydraGon as a Proposal Draft (May 16)
  2. Discussion and Vote Preparation Period (May 16 — May 23)
  3. HYDRA Balance Snapshot (May 23, first block after 12:00 UTC time)
  4. Proposal Voting Period (May 23, 12:00 UTC — June 2, 12:00 UTC)

Discussions can be held in the Hydra Telegram Group.

Community Vote — Hydra Improvement Proposal 1 (HIP-1)

Proposed on: 16 May 2023
Voting start date: 23 May 2023
Voting end date: 2 June 2023

Snapshot time: 23 May 2023, first block after 12:00 UTC. A snapshot approach is necessary to ensure a fair and transparent process without allowing users to try multi-voting with the same balance from different wallets.
Threshold for approval: 65%

The Voting Process:

Each wallet will be credited a voting weight equal to their HYDRA balance, which was recorded at the moment of the snapshot. Once the voting period begins, community members will be able to cast their votes by sending 0.1 HYDRA from their wallet to the voting address.

There are two addresses specific to this vote, one for YEA (yes) and one for NAY (no). Please send a tiny amount of 0.1 HYDRA to the corresponding address that represents your preference.

To vote yes, send 0.1 HYDRA -> HHxxxxYEAxPN1xxxxxxxxxxxxxxxxnP36b

To vote no, send 0.1 HYDRA -> HHxxxxNAYxPN1xxxxxxxxxxxxxxxza3K1w

The 0.1 HYDRA will credit your entire wallet snapshot weight to the corresponding side.

Note: If you want to change your vote, you can do so by making a new transaction to the opposing address. Only the last transfer will count, as long as it was made within the voting period!

This marks the first official vote of the Hydra DAO, even though it is not fully launched yet.

We hope that you will enjoy the newly proposed vision for the future of Hydra. Please take the time to view the HydraGon presentation before casting your votes. The whitepaper holds a lot of additional info too!

👉 Join the Hydra News Channel

HYDRA is a proof-of-stake blockchain optimized for real-world businesses. It tackles some of the most profound and challenging issues with existing blockchain economies and introduces a truly shared economy with fair treatment to all network participants.

Revealing HydraGon Engine — First DAO Proposal HIP-1 was originally published in Hydra Chain on Medium, where people are continuing the conversation by highlighting and responding to this story.

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