Cardano may soon have its first sidechain for interoperability with Ethereum.
dcSpark, has announced the development of a sidechain called Milkomeda (M1). The bridge network will connect Cardano with the Ethereum network, allowing wrapped Cardano assets to be ported to the Ethereum ecosystem.
According to the dcSpark team, it will deploy its virtual machine by connecting to Cardano and use wrapped Cardano (wADA) as the native asset to pay for transaction fees.
Speaking about the development, Cardano’s founder Charles Hoskinson stated that “sidechains are an essential part of [Cardano’s] vision” before adding that Milkomeda was a “valuable addition to the Cardano ecosystem.”
For this implementation, dcSpark claims to have developed a novel technology called “wrapped smart contracts.” This feature allows teams to deploy EVM-compatible smart contracts on the sidechain without having to move native Cardano smart contracts over to the sidechain themselves.
dcSpark is closely associated with Cardano. The project’s founders have previously worked at EMURGO, a blockchain accelerator and development arm of Cardano. The reason for launching a sidechain on Cardano is not for scaling the network but purely to enable Ethereum compatible contracts, the dcSpark team said in its announcement.
The Cardano network is not natively compatible with the Ethereum Virtual Machine, a software environment for executing transactions on the Ethereum blockchain. Unlike Ethereum’s account-based model, Cardano has adopted an extended UTXO for settling transactions.
The dcSpark team also revealed that its roadmap has plans for more sidechains that connect Cardano with other Layer 1 networks such as Solana and establish interoperability between the various sidechain implementations.
dcSpark CEO Nico Arqueros said that the team was “excited to be a part of bootstrapping Cardano’s sidechain era as a first step for Milkomeda,” and that the team was “pushing the vision of multi-VM blockchain ecosystems.”
Although many crypto dApps have expanded to multiple blockchains, most Layer 1 networks lack the level of adoption and liquidity found within the Ethereum ecosystem.
Ethereum is the largest smart contract platform and has become the base layer for the DeFi and NFT spaces. For this reason, many competing Layer 1s have made efforts to offer some kind of interoperability with Ethereum, with the help of sidechains or standalone networks.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Aug. 13, 2021
Cardano is targeting Sep. 12 for smart contracts to go live as part of the Alonzo hardfork. Cardano Slates September Release For Alonzo The team behind the Cardano blockchain has…
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…
Cardano has stolen the crypto spotlight breaking its all-time high achieved in May. Now that ADA has entered price discovery mode, a particular technical pattern suggests it has more room…
Cardano has skyrocketed as market participants await a protocol upgrade that will expand the network’s utility. Cardano Moves Past $2 Cardano has surged nearly 20% in the last 24 hours. …
2018, Cryptoland Theme by Ninetheme