Cardano Says Smart Contracts Will Go Live in September
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…
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Input Output Global (IOG), the development team behind Ethereum (ETH) rival Cardano (ADA), is announcing the launch of a new toolkit that allows for the building of sidechains for the Cardano network.
In a blog post, IOG says that the toolkit enables developers to build Ethereum virtual machine (EVM)-compatible chains with their own consensus algorithm and features.
One such chain has already been created as a proof of concept, according to IOG’s announcement.
“Using the toolkit, they have constructed an Ethereum virtual machine (EVM)-compatible sidechain public testnet as a proof of concept. Sidechains make Cardano extensible and more scalable without compromising the stability or security of the main chain.”
The toolkit comes with a technical specification document containing an introduction and guide to Cardano sidechains and is designed with developers in mind. It aims to empower developers to achieve key tasks, like moving data and assets between the main chain and custom sidechains, and securing sidechain launches and smaller chains. The toolkit also allows developers to experiment, incubate and research.
According to IOG, the easy development of sidechains is one of the key components that can help spark mass adoption of Cardano.
“Sidechains development paves the way for mass adoption of Cardano by enabling much higher throughput without reduction in decentralization or security. Blockchain developers can more easily create custom sidechains. Eventually, IOG hopes to see a family of Cardano sidechains and partner chains emerging.”
IOG says the new toolkit will be released to the public this month, allowing the community to deploy decentralized applications (DApps), create smart contracts and transfer tokens between the testing environment chains.
“There are plenty of improvements that can be made and there are lots of diverse ways of running a sidechain. However, we hope what we have developed internally at IOG will provide a core set of capabilities and lay firm foundations for building out a set of tools and making further improvements in collaboration with the community.”
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Featured Image: Shutterstock/Vlad_Nikon/Mingirov Yuriy
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Dogechain is an Ethereum-compatible smart contract network built using Polygon Edge.
Dogechain Gains Momentum
Crypto’s original dog coin is back in vogue.
According to CoinGecko data, Dogecoin’s DOGE token is up 11.6% today, trading around $0.085 at press time. It briefly hit $0.088 before cooling off. The surge comes despite a downturn in Bitcoin, Ethereum, and the broader cryptocurrency market.
The biggest factor behind the rally is likely the growing momentum surrounding Dogechain. Marketed as a “Layer 2 for Dogecoin,” Dogechain is an Ethereum-compatible smart contract network developed using the Polygon Edge framework. Users need to bridge DOGE onto the network to access its applications, which has created buying pressure as momentum surrounding its launch builds. When users successfully move DOGE onto Dogechain, they receive a wrapped version of the token called wDOGE.
Dogechain went live earlier this month but has gained increasing attention from the market over the past few days. Many prominent traders have taken to Twitter to comment on the network’s rapid growth today.
Bridging to dogechain, likely going to lose it all. Wish me luck.
— Bagsy (@Bagsy) August 16, 2022
As the network now hosts several Uniswap-style automated market makers such as DogeSwap and DogeShrek, users can freely list tokens and trade between them if they are holding wrapped DOGE in their wallets. The project’s website also claims that the network will host NFTs and games. According to data from DEX Screener, Dogechain has seen $15 million of volume in the past 24 hours.
Dogecoin was one of the standout performers of the 2021 bull run, rising from fractions of a cent to $0.73 at its all-time high. Among its most vocal supporters was Elon Musk, who famously used Twitter to endorse the early cryptocurrency on multiple occasions. However, Dogecoin collapsed alongside other dog-themed coins amid a period of market mania in May 2021 and failed to reclaim its highs. Even after the renewed interest in the project, it’s still about 88% down from its peak.
Disclosure: At the time of writing, the author of this piece owned ETH, MATIC, and several other cryptocurrencies.
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Key Takeaways
- dcSpark is building a sidechain called Milkomeda to connect Cardano to Ethereum.
- The sidechain will use wrapped Cardano (wADA) as the native asset to pay for transaction fees.
- dcSpark has plans for more sidechains that connect Cardano with Solana and other Layer 1 networks.
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Cardano may soon have its first sidechain for interoperability with Ethereum.
dcSpark Builds Cardano’s First Sidechain
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.
dcSpark will move forward with its sidechain deployment shortly after smart contracts launch on Cardano. That’s due to happen after the highly anticipated Alonzo hardfork, scheduled for Sep. 12.