Cardano launches EVM side chain alpha | CryptoSlate

CryptoSlate

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Input-Output Hong Kong (IOHK), the parent company for the Cardano blockchain, announced the launch of an Ethereum Virtual Machine (EVM) sidechain alpha on June 12 and added that the sidechain is currently available on the testnet.

The launch means it will now be possible for developers to build Solidity-based applications on Cardano.

The announcement comes less than two months after the firm published a blog post titled, “Interoperability is key to blockchain growth,” where it discussed some of its side chains, including the permissionless EVM sidechain.

How To Get Free Crypto  

Part of the blog post reads: 

This sidechain will allow developers to write Solidity smart contracts on Cardano, create EVM compatible DApps, and ERC20-compatible tokens (and in time, their own sidechains) while gaining many of the benefits of Cardano. That means users will benefit from far lower fees and faster settlement times on a more environmentally sustainable blockchain.

According to the blog post, the sidechain will have full compatibility with Ethereum tools and upgrades. Ouroboros Byzantine Fault Tolerance consensus protocol, compatibility with web3 wallets, and Cardano main chain security. 

Meanwhile, it also tweeted a video about the EVM sidechain a few days ago, explaining how developers can get access to the EVM sidechain.

Cardano’s drive for development continues

The number of interoperability upgrades on Cardano has significantly increased. Mikomedia, a sidechain protocol, launched on the network in March.

The Cardano-based protocol allows developers to create EVM-compatible smart contracts that are executable on Mikomedia C1.

It is also planning to create side chains that will support interoperability with other networks like Solana.

Additionally, in April, Wanchain announced a noncustodial and bidirectional cross-chain bridge for Cardano. Wanchain currently has bridges connecting to over 15 L1 and L2 networks. 

Coinbase Banner  

Interoperability appears to be a significant focus for Cardano as it continues with its development drive. The network is set for its highly anticipated Vasil hard fork by the end of June.

IOHK also revealed that developers are now building more than 1000 applications on the Cardano blockchain.

Cardano’s ADA is one of the few digital assets bucking the general market decline. According to CryptoSlate data, the token has seen its value increase by over 13% within the last 24 hours to $0.5043.

Posted In: Cardano, Adoption

Go to Source
Author: Oluwapelumi Adejumo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.