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Article by Amara Khatri - Source: Crypto Daily
Input Output Global (IOG), the entity behind the Cardano blockchain, has announced the launch of a new sidechain proof of concept compatible with the Ethereum Virtual Machine (EVM).
The launch enables users to run token transfers between test environments, connect their wallets, and also deploy decentralized applications (dApps) and smart contracts.
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Smart contract platform Cardano has announced that it is launching a new sidechain proof of concept, which will also be compatible with the Ethereum Virtual Machine (EVM). The launch follows on the heels of an announcement made just last month announcing the release of a new toolkit for developers, allowing them to deploy custom sidechains on the Cardano network. Input Output Global (IOG), the entity behind Cardano, announced the launch of the testnet, stating that it would be available for a short duration during its pilot phase.
IOHK developer relations manager, Stevan Lohja, explained that the project was started to expand the utility of the Cardano blockchain.
“The EVM sidechain testnet is a proof of concept Cardano sidechain which uses the components of the sidechain toolkit. We created this sidechain to prove Cardano could be extended with new features, such as different smart contract languages or consensus protocols, and the sidechain toolkit serves as an example [of] how to build a Cardano sidechain.”
While Input Output Hong Kong did not give any specific time frame, it did state that the testnet would continue to run for the foreseeable future and encouraged developers and validators to use the toolkit and the sidechain.
“This proof of concept testnet is ephemeral and will be regularly respun during its pilot phase. Ultimately, it is intended to be a community resource, and we encourage developers and SPOs to get involved and collaborate.”
Cardano had announced the launch of a new toolkit for developers to enable them to deploy custom sidechains on the Cardano network. The toolkit would allow sidechains to feature their own algorithms and features and would allow them to connect to Cardano’s root chain, facilitating cross-chain transfers. For the time being, smart contracts deployed on the network can only be written in Solidity. IOG will be exploring other technical variations to facilitate wider adoption on other networks.
The new testnet, on the other hand, will allow IOG to expand Cardano to other communities and also ensure that all of the network’s security features remain in place. It will also work with the Cardano community, gather feedback, and improve the testnet.
Cardano is one of the most innovative platforms in the crypto space and has focused on creating and growing novel concepts fueling the growth and adoption of crypto. Recent data sourced from Santiment, a crypto analytics platform, revealed that whale activity on Cardano has seen a considerable jump. The firm added that the last time whale activity picked up on the network, the price of ADA skyrocketed. The firm stated,
“Cardano whale numbers have risen in 2023, and large transactions have notably broken out. The last time there were this many $100,000 ADA transactions was in May, and its price jumped +36% from the beginning of that week until its local top in early June.”
In 2022, Cardano, along with Ethereum, had the most active developers on the platform, averaging around 151 daily developers.
Article by Amara Khatri - Source: Crypto Daily
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
