BlocksInform
Global exit input (iog), the society in charge of research and development of cardano, announced the release of a toolkit software later this month that will enable developers to deploy custom sidechains over the cardano network ($ada).
The move is set to improve the overall ecosystem of the Cardano blockchain, as IOG noted that “purpose-built solutions are crucial for communities to address unique social and technical needs,” with Cardano sidechains being “custom solutions” that “sovereign communities” can build on a secure, interoperable parent network like Cardano.
?? The #Cardano sidechain toolkit was previewed at #IOScotFest, and we’re happy to share the first iteration is out now.
The details of this exciting new project are as follows! https://t.co/Ny9tQuJh5K
— Input Output (@InputOutputHK) January 12, 2023
The company pointed out that it has created a technical specification for the construction of side chains on the newly published Cardano network, with lateral chains that follow these specifications being bootstrap with "Cardano security and first class infrastructure."
Using the toolbox, Input Output has created an example of an Ethereum Virtual Machine (EVM) compliant side chain test as proof of concept. The testnet is scheduled to be released this month, allowing the community to create intelligent contracts and "move chips between the test environment chains."
According to the firm, the toolbox is not a complete solution because it is eager to work with the community because it provides feedback from developers, reflections and recommendations. Lateral chains are separate blockchains that operate along the primary blockchain, referred to as the main network. They are set up to improve scalability without compromising the concentration of the main network on decentralisation and security.
Io aims to promote the widespread adoption of the cardano ecosystem by developing side chains and envisions a future in which multiple "cardano side chains and partner chains" coexist. The cryptocurrency community has responded positively:
Great move by @InputOutputHK I think that helps to spread the use of side chains for Cardano, which is a good strategy if it evolves to use mithril/state evidence.
As a core contributor to @Milkomeda_com we will continue to lead ?? and hopefully support others to join https://t.co/auqp2TkEg1
— nicoarq (@NicoArqueros) January 12, 2023
As CryptoGlobe reported, Cardano recorded the second-largest drawdown in its history last year. According to CryptoCompare’s latest Asset Report, the smart contract platform’s native token ended the year at around $0.25 after losing 81.2% of its value over its 12 months. The loss marked its second largest withdrawal, after a 94.3% decline in the bearish market in 2018, when the ADA increased from $0.71 to $0.04.
In particular, Cardano began the year with a recovery, increasing to $0.31 as we write. As reported, Twenty new addresses containing more than a million ADA chips have recently appeared, after the price of cryptocurrency has skyrocketed by more than 30% since late December, and the volume of trade has peaked at two months.
