Cardano is ready to launch some unique projects. Details on the below post.
The hype around Cardano is undeniably sky-high right now. We’ve seen such a massive bullish run in the price and huge buying pressure from investors. Cardano set out a road map for developing one of the most competitive blockchain projects in the industry an interoperable low-cost and decentralized ecosystem.
The reason why the hype is now at the peak of course is the confirmation a few weeks back that smart contracts are ready to go. We know this what’s the future.0
We look at the first set of applications to be built on Cardano or to the side of it and that will make sense in a secondç. But in this post, we’ve got huge news and updates about the first projects to take advantage of smart contracts on Cardano.
It could unlock insane value not just for ADA, but for other blockchains too. We also have direct news from Charles Hoskinson about the rollout schedule and the Alonzo Hard Fork that will decide, if September 12th is actually going time for the launch of smart contracts. Also as an investor keep note of the early-stage projects in this post some may turn out to be huge.
Cardano side-chain project (ETH-ADA)
Let’s dive right into the most important update for Cardano. That will very soon make Cardano truly interoperable.
What does interoperable actually mean anyway? Just like different operating systems on your phone or computer, each blockchain is potentially built on different code. There are reasons why Cardano chose a programming language called Haskell as the base for their Plutus smart contracts language, but we won’t get into that in this post.
Because of this though Cardano isn’t compatible with for example Ethereum smart contracts. That problem though isn’t going to last long. This week we got news of a potential side chain protocol that will aim to link Ethereum and Cardano smart contracts.
The team is called dcSpark and they’re calling this project Milkomeda. I think it’s supposed to be a portmanteau of the Milky Way and Andromeda galaxies two big galaxies coming together, but anyway, the potential value is clear.
At their base, Ethereum and Cardano just cannot communicate, but if you have a protocol in the middle that can communicate with both Ethereum and Cardano smart contracts then you have the ability to port over those contracts from one chain to the other.
Everything on Ethereum is run on smart contracts including all the lending protocols and DEXs, but if there was a way for developers to easily port over their code to run with Cardano, the benefits are clear for both those dApps and also ADA holders.
The best way to see how this would work successfully anyway is Polygon (MATIC) and Ethereum. Polygon (MATIC) is essentially a side chain to Ethereum where Ethereum dApps can very easily also get set up on the Polygon (MATIC) chain.
Polygon (MATIC) is a different blockchain to Ethereum, but dApps like Sushiswap and AAVE have already set up links to Polygon (MATIC), and now users can easily switch over whilst using the dApps they’re used to and like using and they also have no issues when it comes to sending and trading tokens.
Polygon (MATIC) exists to reduce fees on Ethereum, but a protocol like Milkomeda would open up the gigantic Ethereum ecosystem for Cardano token holders.
dcSpark believed their unique innovation to be something that they called wrapped smart contracts. According to the white paper wrap smart contracts will make the use of side chains fade into the background of the dApps using them.
End-users won’t even realize they’re using different side chains and base layers. This is actually a slight inconvenience right now with Polygon (MATIC) as you need to set up a Polygon (MATIC) wallet send your ERC20 tokens over to it paying Ethereum fees in the process, and you need to set up a Polygon (MATIC) wallet with your Metamask too.
According to Milkomeda, the wrap smart contracts would allow developers to keep building in their preferred programming language and for end-users, they’ll be able to interact with dApps on Ethereum or Cardano from one wallet without the need to switch. Read More…
Categories: CARDANO ECOSYSTEM