Cardano ($ADA) developer Input Output is reportedly working with Wanchain, a blockchain interoperability solution, to allow it to become an Ethereum Virtual Machine (EVM) compatible network on Cardano, bringing added utility to the network.
According to a press release, Input Output and Wanchain are collaborating “on enabling interoperability between the Cardano mainnet, Cardano sidechains, and other blockchain networks” and will deploy “decentralized, non-custodial, bi-directional crosschain bridges” connecting Cardano to other blockchains.
The press release reads:
Wanchain bridge nodes will also be upgraded to peg the Wanchain and Cardano networks to further secure Cardano’s crosschain bridges and transactions. In other words, Wanchain will become an EVM-compatible sidechain to Cardano.
Wanchain, the document ads, is a sustainable layer-one proof-of-stake blockchain and a decentralized blockchain interoperability solution that works as a “full Ethereum-like environment.”
Its crosschain bridges are reportedly decentralized, direct, and non-custodial. They connect EVM and non-EVM networks “without requiring any relay chains or intermediary networks.” The document adds they currently “connect more than 15 Layer 1 and Layer 2 networks.”
It adds:
The addition of Cardano to this wide area network of blockchains connects the Cardano network to other DeFi and Web3 ecosystems, increasing both the possible use cases for ADA holders on other chains and paving the way for BTC, ETH, DOT, WAN, XRP and other coins to be used in Cardano’s own Dapp ecosystem.
Making Wanchain an EVM-compatible Cardano sidechain, it adds, would allow Cardano’s decentralized application developers to access “more coding languages, frameworks and integrated developer environments.”
The move is said to also double as a scaling solution as transactions can effectively be moved off of the main Cardano network, with only the “vital information” being recorded on it. It was touted as a move that could allow Cardano to “transition into a fully-fledged multi-chain ecosystem with greater security and scalability than other networks.”
The announcement comes shortly after Input Output proposed increasing the network’s block size by 10% from 80 KB to 88 KB per block as the network load has been holding above the 80% mark in a bid to “increase throughput and DApp performance.”
As CryptoGlobe reported, Cardano now has over 900 projects building on it and has made numerous developments over the last few months, which include the launch of an ERC-20 converter.
The number of wallets being created within the Cardano blockchain has already grown by over 500,000 so far this year, with 453,000 of those wallets being created in the first quarter.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Unsplash
Source: Read Full Article