The company behind the Cardano ecosystem, Input Output, has announced the launch of the alpha version of the Ethereum Virtual Machine (EVM) sidechain on the testnet. However, the first layer blockchain has not specified whether such EVM interoperability will ever be directly deployed on its main network.
Interoperability is the future
IOHC tweeted that this initiative will allow developers to build robust applications on the Cardano network, meaning that dApps developed on Ethereum can be easily migrated to Cardano.
We are releasing the Ethereum Virtual Machine (EVM) sidechain alpha! (Now on testnet.)
Build your applications with Solidity on #Cardano is a decentralized, permissionless, sustainable blockchain.
The future is interchangeable. pic.twitter.com/sCK9XIuFll
— Input Output (@InputOutputHK) June 12, 2022
Eric Zuleger, Senior Content Editor at Input Output Global (IOG), said the community believes in an “interoperable future” that will allow different blockchains to interoperate with each other. As for the latest rollout of the EVM sidechain, Chuleger saw it as an opportunity to bring in new users outside of the Cardano community without “complicating the mainnet.”
The growing number of first-level blockchains has made the issue of interconnection especially important. The EVM is a decentralized computing engine that allows smart contracts from multiple sources to interact with each other. Apart from Cardano, Ethereum’s main competitors such as Fantom, Avalanche and BSC currently have their EVM compatible networks.
In a blog post titled “Interoperability is key to blockchain growth” published A few weeks before the launch, IGO said that the sidechain would also allow developers to create ERC-20 compliant tokens, as users would be able to take advantage of lower fees and faster settlement times.
According to the post, Milkomeda — the sidechain protocol supporting Cardano — also allows EVM-compatible smart contracts to be deployed on its C1 sidechain connected to the main Cardano chain. In addition, the sidechain aims to expand interoperability between Cardano and other blockchains such as Solana by the end of the year.
Criticism of Ethereum
Cardano founder Charles Hoskinson is known for his views on blockchain interoperability. Although he recently embraced the deployment of an EVM on the Cardaono sidechain, he has previously criticized Ethereum for its exclusive focus on smart contracts. Hoskinson argued that Cardano, by contrast, can do this with governance and compliance, as it can work with metadata and auto-throttling.
Moreover, he called Cardano a set of protocols that could “offer economic support to billions of people, especially in poor regions.” Finally, he stated that the long-awaited upgrade of the blockchain to Ethereum 2.0 could lead to the death of the entire network.
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Credit : cryptopotato.com