Cardano Announces The Progress Of Recent Development, A Competible Sidechain Launch Plan With EVM
JAKARTA - Cardano, a leading smart contract platform, is starting a revolutionary move by launching a proof of concept sidechain compatible with Ethereum. The development team from Hong Kong's Input Output (IOHK) announced that they are preparing a new public testnet compatible with the Ethereum Virtual Machine (EVM).
According to Stevan Lohja, developer relationship manager of IOHK, the project is an attempt to expand the use of the Cardano blockchain. With this sidechain compatibility, users can execute the same smart contract on the Cardano blockchain like they did on Ethereum.
"Testnet sidechain EVM is a proof of concept sidechain Cardano that uses components from sidechain toolkit. We created this sidechain to prove that Cardano can be applied with new features, such as a different smart contract language or consensus protocol, and sidechain toolkit acts as an example of how to build a Cardano sidechain," said Stevan Lohja.
This is an important stage in Cardano's journey to become a competitive smart contract platform in the market. With Ethereum compatible sidechain, users can take advantage of the advantages of two different platforms, expand their choices and make transaction processes more efficient. IOHK hopes that this new public testnet will help them to test and evaluate sidechain performance before it officially launches. Developers also hope that this will help them to improve the quality and reliability of the platform.
In its announcement, IOHK said that it will work with the Ethereum development community to ensure that this sidechain works well and meets the expectations of users. This is encouraging news for Cardano users and developers, who have been waiting a long time to see this project develop. The sidechain's compatibility with Ethereum will help Cardano to become one of the best and most innovative smart contract platforms in the market.
According to a DailyHodl report, although no specific period of time was given, IOHK said that the testnet would run for a long time and encourage developers and validators to use both toolkit and sidechain.
"This network proof of concept is temporary and will be re-responded regularly during its pilot phase. In the end, it aims to be a source for society and we encourage developers and SPOs to engage and work together," said Lohja.
Recently, crypto analytic platform Santiment found that whale activity on Cardano was on the rise. The company said that the last time something similar happened, ADA prices soared.
"The number of whales in Cardano is increasing in 2023, and major transactions are also prominent. The last time there was ADA transaction as much as 100.000 US dollars was in May, and the price jumped +36 percent from the start of the week to local peaks in early June," the Santiment announcement reads.
At the time of this writing, Cardano was trading at a price of IDR 5,831. ADA has decreased 3.5 percent in the last 24 hours, according to data reports by Coingecko.