Input-Output Hong Kong (IOHK), the parent company of the Cardano blockchain, announced the alpha launch of the Ethereum Virtual Machine (EVM) sidechain on June 12 and added that the sidechain is currently available on the testnet.
The launch means that developers will now be able to build Solidity-based applications on 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
The announcement came less than two months after the firm published Blog post titled “Interoperability Is Key to Blockchain Growth” where some of its sidechains were discussed, including the permissionless EVM sidechain.
Part of the blog post reads:
This sidechain will allow developers to write Solidity smart contracts in Cardano, create EVM compliant DApps and ERC20 compliant tokens (and eventually their own sidechains) while enjoying many of the benefits of Cardano. This means that users will benefit from much lower fees and faster settlement times on a more environmentally sustainable blockchain.
According to the blog post, the sidechain will be fully compatible with Ethereum tools and updates. Ouroboros Byzantine Fault Tolerance consensus protocol, web3 wallet compatibility and Cardano mainchain security.
Meanwhile, a few days ago, he also tweeted a video about the EVM sidechain explaining how developers can access the EVM sidechain.
Cardano’s push for growth continues
The number of compatibility updates in Cardano has increased significantly. Mikomedia, a sidechain protocol, was launched online in March.
The Cardano-based protocol allows developers to create EVM-compatible smart contracts that run on Mikomedia C1.
It is also planned to create side chains that will support interaction with other networks, such as Solana.
Also in April Wanchain announced non-custodial and bi-directional bridge for Cardano. Wanchain currently has bridges connection to more than 15 L1 and L2 networks.
Interoperability appears to be an important focus for Cardano as it continues to evolve. The network is preparing for the long-awaited Vasil hard fork by the end of June.
IOHK also revealed that developers are currently building over 1,000 applications on the Cardano blockchain.
ADA Cardano is one of the few digital assets that have managed to withstand the overall market downturn. According to Cryptooshala According to the data, the value of the token has increased by more than 13% in the last 24 hours to $0.5043.
Credit : cryptoslate.com