Recent news in the crypto space has brought three tokens into the limelight: Binance (BNB), Cardano (ADA), and Snowfall Protocol (SNW). While the former two are in the headlines due to recent changes in their ecosystem, Snowfall Protocol (SNW) is all the rage due to its functionalities and potential, despite being new. Keep reading to learn more.
Binance (BNB) up 9% this week
Binance (BNB) is a cryptocurrency platform whose ecosystem consists of decentralized blockchain networks. Binance (BNB) has earned its name as the leading cryptocurrency exchange platform in the world based on daily trading volume. Binance (BNB) recently announced on Twitter that it would support the upcoming Terra Classic upgrade on Jan 21. Terra Classic is set to discard the re-minting of a portion of its burnt tokens, which is likely to have a positive effect on its price. Binance (BNB) deals in over 50% of Terra Classic’s trading volume and thus, its support is crucial for the token. Binance (BNB) will disable the deposit and withdrawal of LUNC tokens, at the time of upgrade, for three hours, but users will still be able to trade. Binance (BNB) is currently priced at $303.2, and up by 1.3% compared to a day earlier. Binance (BNB) has been demonstrating improved market performance lately, where, in the last week, the token has risen by over 9%.
Cardano (ADA) will launch sidechain through IOG collaboration
Peer-to-peer transactions are made possible by Cardano (ADA), a layered blockchain technology that is open-source and decentralized. Cardano (ADA) has been making new changes to its ecosystem lately, including the upcoming DJED launch. In a recent development, IOG (Input Output Global), a blockchain engineering company linked with Cardano (ADA), released the official sidechain toolkit documents for the platform through a tweet on 12th Jan. This sidechain will be an independent blockchain that will run alongside Cardano’s (ADA) mainnet. Cardano (ADA) seeks to scale its network with the introduction of this sidechain, and the community is excited about this news. Cardano (ADA) is currently on the way up, trading at $0.35, with an increase of 0.2% in the past 24 hours. The sidechain launch in collaboration with IOG is expected to have a positive impact on Cardano’s (ADA) price. However, proper research is important before investing in a token like Cardano (ADA).
Snowfall Protocol (SNW): an interoperability wonder
Snowfall Protocol (SNW)) acts as an interoperability solution that links many blockchains, and enables the exchange of data, NFTs, and money. The goal of Snowfall Protocol (SNW) is to create an interconnected network where all significant blockchains may communicate with one another. Snowfall Protocol (SNW) has a wide range of use cases, which would allow investors to seamlessly migrate their cryptocurrency holdings from one platform to another to profit from greater staking rewards, interest rates, or other advantages. Snowfall Protocol (SNW) makes it possible to trade in assets whether they are EVM compatible or not. Many cryptocurrency investors are drawn to Snowfall Protocol (SNW) as they believe that a decentralized protocol is the future of the industry. As a result, more than 250 million Snowfall Protocol (SNW) tokens have been sold, reflecting its growing demand. Experts predict that Snowfall Protocol (SNW) will increase by approximately 5000% after launching. Thus, other cryptocurrency investors are attempting to buy some Snowfall Protocol (SNW) tokens before they run out. Currently, the final presale round of Snowfall Protocol (SNW) is ongoing, where its price has risen to $0.191. Experts strongly suggest investing in Snowfall Protocol (SNW) as its price is only going to soar with its launch on 3rd Feb 2023.
Get in while you can and invest in Snowfall Protocol (SNW) today!!!
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
Input Output Global (IOG), the company responsible for Cardano’s research and development, has announced the release of a software toolkit later this month that will allow developers to deploy custom-built sidechains on the Cardano ($ADA) network.
The move is set to improve the overall ecosystem of the Cardano blockchain, as IOG noted that “purpose-built solutions are crucial for communities to address unique social and technical needs,” with Cardano sidechains being “custom solutions” that “sovereign communities” can build on a secure, interoperable parent network like Cardano.
The firm noted that it has created a technical specification for building sidechains on the Cardano network that has now been released, with sidechains that follow these specifications being bootstrapped with “Cardano’s first-in-class security and infrastructure.”
Using the toolkit, Input Output has created an example Ethereum Virtual Machine (EVM)-compatible sidechain testnet as a proof of concept. The testnet is set to be released this month, allowing the community to create smart contracts and “move tokens between the testing environment chains.”
According to the firm, the toolkit isn’t a complete solution as it looks forward to collaborating with the community as it brings in developer feedback, thoughts, and recommendations. Sidechains are separate blockchains that operate alongside the primary blockchain, known as the mainnet. They are created to enhance scalability without compromising the mainnet’s focus on decentralization and security.
IO aims to promote the widespread adoption of the Cardano ecosystem through the development of sidechains and envisions a future where multiple “Cardano sidechains and partner chains” coexist. The cryptocurrency’s community reacted positively to the announcement:
As CryptoGlobe reported, Cardano recorded the second-largest drawdown in its history last year. According to CryptoCompare’s latest Asset Report, the smart contract platform’s native token ended the year at around $0.25 after losing 81.2% of its value over its 12 months. The loss marked its second-largest drawdown, behind a 94.3% drop in the 2018 bear market, when ADA dropped from $0.71 to $0.04.
Notably, Cardano started the year off with a recovery, moving to $0.31 at the time of writing. As reported, 20 new addresses holding over 1 million $ADA tokens have popped up recently, after the price of the cryptocurrency jumped more than 30% since the end of December, and as its trading volume rose to a 2-month high.
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Featured Image via Unsplash
The team behind the Cardano ecosystem will release a software toolkit later this month that will enable developers to deploy custom-built sidechains on Cardano aimed at improving the ecosystem.
The news was announced on Jan. 12 by Input Output Global (IOG), a blockchain engineering company founded by Charles Hoskinson and formerly known as Input Output Hong Kong (IOHK). The announcement included the official technical documentation for the sidechain toolkit.
The #Cardano sidechain toolkit was previewed at #IOScotFest, and we’re happy to share the first iteration is out now.
Here’s the lowdown on this exciting new project! https://t.co/Ny9tQuJh5K
— Input Output (@InputOutputHK) January 12, 2023
IOG developers have already used the toolkit to construct an Ethereum Virtual Machine (EVM)-compatible sidechain public testnet as a “proof-of-concept.” When the audit is complete, anyone will be able to deploy decentralized applications, create smart contracts and move tokens between different testing chains.
The toolkit will also enable the creators of the sidechains to choose their own consensus mechanism in addition to other application-specific features.
A sidechain is an independent blockchain that works adjacent to the parent blockchain, often referred to as the mainnet. Sidechains often attempt to add scalability to the mainnet which often prioritizes decentralization and security.
IOG hopes the sidechain development will “pave the way for mass adoption” on the Cardano ecosystem and “hopes to see a family of Cardano sidechains and partner chains emerging” in the near future.
Among the “partner chains” Hoskinson would like to see on Cardano is Solana, having recently stated on a Dec. 10 Ask Me Anything call that Cardano could leverage Solana’s network speed whilst Solana benefits from Cardano’s infrastructure and security.
Cardano community pumped
The news has Cardano fans pumped, with one member of the community hoping that Cardano experiences a similar price pump similar to that of Ethereum 2020-2021 when many layer-2 sidechains and utility tokens were rolled out.
2023 is the Year of #Cardano sidechains
– Midnight privacy sidechain
– Sidechains Toolkit EVM compatible
– Milkomeda, first Cardano sidechain
– …more to comeDo you remember what happened when people started to build sidechains/tokens on Ethereum?
Take that and make it x10. https://t.co/n8KWCX2SVh— Cardano Hieronymus (@CardanoHumpback) January 12, 2023
Another member of the Cardano fanbase called the toolkit deployment a “great move” that it will “spread the usage of Sidechains for Cardano” in the months to come:
Great move by @InputOutputHK I believe this help spread the usage of Sidechains for Cardano which is a good strategy if it evolves to use mithril / state proofs
As a core contributor to @Milkomeda_com we will continue to lead and hopefully support others to join https://t.co/auqp2TkEg1
— nicoarq (@NicoArqueros) January 12, 2023
However, IOG noted that the toolkit won’t serve as a “complete solution.”
“There are some known areas for improvement, like the bridge experience, SPO rewards mechanism and the security model. All these areas will be worked on with the community as we go – carefully and steadily – collaborating for feedback, thoughts and recommendations.”
In addition to sidechain improvements, the protocol will soon introduce parallel accounting styles as part of its “Basho phase” to improve interoperability in the Cardano ecosystem, according to the roadmap.
Related: Cardano to launch new algorithmic stablecoin in 2023
This isn’t the first sidechain solution that IOG has integrated on Cardano too, having already built a more basic EVM-compatible sidechain in July to get the sidechain development rolling.
Cardano also underwent its most significant hard fork — the Vasil upgrade — in September, which has been said to make smart contract deployment more efficient and enable decentralized applications to run at lower costs.
The price of Cardano’s token, ADA, at time of publication was $0.3297, up 19.11% over the past week.