Cardano’s New EVM-Compatible Side Chain Toolkit Brings More Functionality and Scalability
On March 6, the development company behind Cardano, Input Output Global (IOG), announced the launch of the customized EVM compatible side chain toolkit. At pre…
On March 6, the development company behind Cardano, Input Output Global (IOG), announced the launch of the customized EVM compatible side chain toolkit. At present, the proof-of-concept version has been launched on the test network. The toolkit consists of three core components, namely, Mainmain Plutus script (supporting secure cross-chain transactions and token movement), on-chain tracker (tracking the main chain data and events of the management side chain) In the side chain module (explaining the main chain data and implementing the necessary ledger adjustment), developers will be able to build a customized side chain for Cardano, and then support more functions and scalability on the chain. （Micky）
Cardano launches EVM compatible side chain kit
Interpretation of the news:
The development company behind Cardano, Input Output Global (IOG), has launched a new customized EVM-compatible side chain toolkit that aims to bring more functionality and scalability to the Cardano blockchain. This toolkit is comprised of three core pieces: the Mainmain Plutus script (which enables secure cross-chain transactions and token movement), an on-chain tracker (which tracks main chain data and events for managing side chains), and a side chain module (which explains main chain data and implements necessary ledger adjustments).
The proof-of-concept version of the toolkit has already been launched on the test network, and it is expected that developers will be able to build customized side chains on Cardano, which will support more functions and scalability on the chain. This is a significant development for Cardano since it opens up new opportunities for decentralized applications (dApps) and will allow Cardano to compete with other smart-contract-enabled blockchains.
One of the most significant features of Cardano’s new toolkit is that it is EVM-compatible, which means that developers familiar with Ethereum can easily migrate their dApps to Cardano. Ethereum is the leading blockchain platform for building decentralized applications, but it is currently facing scalability issues due to the high transaction fees and limited throughput capacity of the network. With Cardano’s new toolkit, developers can now build dApps with the same functionality and features as Ethereum, but with improved scalability and lower fees.
In addition to providing a solution for scalability issues, Cardano’s toolkit also enables secure cross-chain transactions and token movements. This means that developers can create tokens on a side chain and move them between different chains securely. This feature is essential in ensuring interoperability between different blockchain ecosystems and is a significant development in the current decentralized finance (DeFi) ecosystem.
In summary, Cardano’s new EVM-compatible side chain toolkit represents a significant development that will enable developers to build more scalable and functional dApps on the Cardano blockchain. With secure cross-chain transactions and token movement, Cardano is well-positioned to take advantage of the growing DeFi ecosystem, and with EVM compatibility, it can also attract developers familiar with Ethereum. Overall, this is an exciting development for the Cardano community and the wider blockchain ecosystem.
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