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HYDRA – How good is the project?

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The important thing in any sort of market is to attract the attention of the consumer. One way is to make a fool-proof business plan that is going to puts both the buyer and the seller in a beneficial position. The other way is the superficial means of attracting the attention of the masses through a cool logo and a name. And what could be cooler than the many-headed serpent that fought against the mighty Hercules, the Hydra; although portrayed as a mindless monster that thinks of nothing but hunting man.

Introduction to HYDRA

Not delving too far away from our discussion, the HYDRA is a cryptocurrency that has been developed by the company Locktrip. It had a different name at first but later changed it to HYDRA. It is pertinent to mention that since hydra is quite the eye-catching name, some other coins have branded themselves as Hydra as well, such as the defunct cryptocurrency sharing the same and developed by the Internet of People (IOP). There is also the HydraLedger, HydraDX (with the coin referred to as ‘XHDX’), and the Hydra Network on Cardano, completely distinct.

The Hydra coin that is going to be our focus is actually an open-source Proof-of-Stake blockchain. Locktrip, the developer of this app, is a hotel and a private property booking site. Their job is to save the booking fees of the users or get them at a cheaper price. Since the pandemic came, their project met with a serious obstacle and so they decided to pivot towards the Hydra blockchain project that was designed for bookings. This may seem innovative as the current setup of hotels works on an archaic system and the security and functionality offered by the blockchain technology may prove to be a game-changer. At least that’s what the developers are pushing.

Coin Tokenomics

Currently, it has a value of $21.85 with the highest it being at $52.18 at CoinMarketCap. Sounds good but the problem is the trading volume. It currently has a trading volume of $1,168,106 which is quite less than other cryptocurrencies valued around the same mark. This is mainly due to the control of its value through a combination of inflationary as well as deflationary mechanics as part of its networks that work in parallel and let the real adoption define its total supply. If this system isn’t properly adopted, it won’t have any value. In a market of scams and empty promises, the opportunity provided by HYDRA does certainly not give whiffs of a scam.

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