By Hannah Perez
Lots of important news and developments for Cardano
amidst expectations for the upcoming network upgrade that will finally bring smart contracts.
network, as well as the recent price increase of its native currency, ADA, are putting the project in the spotlight.
s developments and advancements don’t stop.
This Wednesday, the project’s ecosystem is generating several noteworthy news: Cardano is preparing to have its first Ethereum-compatible sidechain. On the other hand, the Cardano Foundation announced a new partnership that will help this cryptocurrency meet all current regulatory requirements. In parallel, ADA finally debuted on a Japanese exchange
Cardano will have its first sidechain
Dubbed Milkomeda (M1), the protocol will enable a bridge between the Ethereum network and Cardano, which will allow wrapped assets from one network to be transferred to the ecosystem of the other. According to the dcSpark team, the protocol will make Cardano compatible with the Ethereum Virtual Machine (<a href=”https://www.diariobit
coin.com/glossary/evm-ethereum-virtual-machine-virtual-machine-of-ethereum/” target=”_blank” rel=”noopener”>EVM) and will use Cardano wrapped (AMA) as a native asset to pay transaction fees.
For this implementation, dcSpark claims to have developed a novel technology called “wrapped smart contracts“. This feature allows teams to implement EVM-compliant smart contracts.
“Interoperability is crucial to the mass adoption of Blockchain,” commented the founder of CardanoCharles Hoskinson, speaking about the development. In a company statement, he stressed that sidechains are a “are an essential part of Cardano’svision,” adding:
Milkomeda is a valuable addition to the Cardano ecosystem, as it will allow developers to benefit from the speed, security and lower costs of Cardano, without the need to switch wallets or navigate a completely new operating system.
Interoperability bridge with Ethereum, Solana and others.
In the official announcement, the team stressed that the reason for launching a sidechain in . Cardano is not to scale the network, but simply to enable contracts compatible with . Ethereum. In addition, they advanced that on their roadmap they have plans to roll out more sidechains that can connect to Cardano with other Layer 1 networks such as Solana y Polkadot.
The dcSpark team will move forward with its sidechain implementation shortly after the launch of smart contracts on <a href=”https://www.diariobitcoin.com/glossar
y/cardano/” target=”_blank” rel=”noopener”>Cardano. That will happen after Alonzo’s highly anticipated fork, scheduled for Sept. 12.
Partnering with Coinfirm
to meet regulatory requirements
In other news, the Cardano Foundation, the organization responsible for providing support to the ecosystem, announced that it has selected Blockchain analytics provider Coinfirm to help ADA meet the requirements of all modern regulatory frameworks. The company Coinfirm
shared a statement on Tuesday via its Twitter account.
???? More info belowhttps://t.co/3AkQjXAMfb
– Coinfirm (@Coinfirm_io) August 24, 2021
According to the official announcement, the integration with Coinfirm will prevent Cardano’s infrastructure from being used in criminal activities such as money laundering and terrorist financing. In this way, the deployment of the firm’s advanced tools will ensure Cardano’
s compliance with FATF (Financial Action Task Force) guidelines, AML (anti-money laundering) and other international regulations.
Mel McCann, Head of Technical Integration at the Cardano Foundation, stressed that the partnership is essential for ADA to receive mass adoption within regulated markets. “The tools and services provided by Coinfirm allow every exchange, custodian and all other third parties to clearly track the history of ADA held in wallets
.” <h3>”The most awaited day”: ADA debuts in Japan
Both announcements come on the same day that ADA makes its anticipated debut on a Japanese cryptocurrency exchange. Tokyo-based Bitpoint on Wednesday became the first Japanese exchange to list the native token of. Cardano.
In a celebratory gesture for the long-awaited milestone, Hoskinson shared in a tweet a haiku poem composed by Matsuo Basho, the most famous poet of the Japanese Edo period. The choice of poem is no accident. As soon as Cardano concludes the ongoing Goguen era with the launch of smart contracts, it will enter the Basho era, focused on improving the scalability and interoperability of the blockchain.
Ada launches in Japan in ten minutes. I’ve been waiting a long time for this day. Congratulations and thanks to the community there:
A monk sips his morning tea,
the chrysanthemum is blooming.
Ada launching in Japan in ten minutes. I’ve waited a very long time for this day. Congratulations and thanks to the community there:
A monk sips morning tea,
the chrysanthemum’s flowering.
– Charles Hoskinson (@IOHK_Charles) August 24, 2021
The various announcements and developments around Cardano come shortly after ADA conquered a new all-time price high of USD $2.9. Although the coin has dipped slightly from the record mark, undoubtedly the bullish price development is a sign of the enthusiasm around the project’s development and the arrival of the smart contracts.
Version of Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash