dcSpark, a product-oriented blockchain firm building critical solutions for the crypto space, has announced the development of an all-new sidechain project, Milkomeda.
The sidechain will feature an EVM-based technology (Ethereum Virtual Machine) that will be compatible with both Cardano and Ethereum, as well as other latest generation blockchains such as Solana and Polkadot. The sidechain will aid non-EVM cryptocurrency protocols to achieve and maintain mass adoption, providing seamless and intuitive user experiences for all.
Rollups that attempt to increase the throughput and improve efficiency for current blockchains are often left out in the game of scalability, and dcSpark’s Milkomeda sidechain aims to resolve this roadblock and open more opportunities for a more equitable crypto ecosystem.
“With the initial launch of the protocol and the M1 sidechain we are excited to be a part of bootstrapping Cardano’s sidechain era as a first step for Milkomeda. Furthermore, by bringing a new piece of game changing tech onto the scene, wrapped smart contracts, we are excited to be on the front line pushing the vision of multi-VM blockchain ecosystems and making it a reality.” shared Nico Arqueros, CEO at dcSpark.
The Milkomeda sidechain will build out sidechains with alternative virtual machines connected to Layer 1 mainchains. Layer 1 mainchains such as Cardano will benefit from this Ethereum-compatible sidechain by gaining access to direct sidechain deployment and use wADA (wrapped ADA) as an alternative asset for transaction fees.
“We believe this is an inevitable direction wherein L1 blockchains, like Cardano and Solana, have their strong security guarantees act as a backbone and coordination layer for a diverse ecosystem of many smart contract languages and virtual machines.” Arqueros added.
The Milkomeda sidechain will have an initial deployment on Cardano, bringing EVM compatibility into the Cardano ecosystem. The sidechain will be named M1 and will eventually become the first ever Cardano sidechain using wrapped ADA as its base asset.
“When it comes to interoperability and scalability, sidechains are an essential part of our vision for Cardano. We’ve pioneered research into Proof of Stake sidechains, and recognise how important they are for interoperability within our industry. Milkomeda is a valuable addition to the Cardano ecosystem, as it will allow developers to benefit from Cardano’s speed, security and lower costs, without needing to switch wallets, or navigate a completely new operating system.” shared Charles Hoskinson, CEO of IOHK and founder of Cardano.
Milkomeda validators running the sidechain will be selected from existing stake pool operators. Future deployments of Milkomeda will also come for other L1 blockchains such as Solana and Polkadot, opening great opportunities for true interoperability in a multi-blockchain ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link
