- The announcement comes after Input Output proposed increasing the network’s block size by 10%, from 80 KB to 88 KB per block, in order to increase throughput and DApp performance as the network load has remained above the 80% mark.
- According to the news release: Wanchain bridge nodes will also be modified to peg the Wanchain and Cardano networks, making Cardano’s cross chain bridges and transactions even more safe. In other words, Wanchain will become a Cardano sidechain that is EVM compatible.
- Cardano now has over 900 projects built on it, according to CryptoGlobe, and has seen significant changes in recent months, including the implementation of an ERC-20 converter. So far this year, the number of wallets created on the Cardano blockchain has increased by over 500,000, with 453,000 of those wallets created in the first quarter.
Input Output, a Cardano ($ADA) developer, is apparently working with Wanchain, a blockchain interoperability solution, to enable it to become an Ethereum Virtual Machine (EVM) compliant network on Cardano, adding to the network’s utility. Input Output and Wanchain are working together on enabling interoperability between the Cardano mainnet, Cardano sidechains, and other blockchain networks, according to a press release, and will deploy decentralized, non-custodial, bi-directional crosschain bridges to connect Cardano to other blockchains.
Linking More Than 15 Layer 1 As Well As Layer 2 Networks
According to the news release: Wanchain bridge nodes will also be modified to peg the Wanchain and Cardano networks, making Cardano’s cross chain bridges and transactions even more safe. In other words, Wanchain will become a Cardano sidechain that is EVM compatible.
Wanchain, the document advertisements, is a decentralized blockchain interoperability solution and a layer-one proof-of-stake blockchain that acts as a complete Ethereum-like ecosystem. According to reports, its cross chain bridges are decentralized, direct, and non-custodial. Without requiring any relay chains or intermediary networks, they connect EVM and non-EVM networks. They presently link more than 15 Layer 1 and Layer 2 networks, according to the statement. It continues:
Cardano’s inclusion in this wide-area network of blockchains connects the Cardano network to other DeFi and Web3 ecosystems, expanding both the potential use cases for ADA holders on other chains and the possibility of BTC, ETH, DOT, WAN, XRP, and other coins being used in Cardano’s own Dapp ecosystem. It goes on to say that making Wanchai an EVM-compatible Cardano sidechain will provide Cardano’s decentralized app developers access to additional coding languages, frameworks, and integrated developer environments.
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Over 900 Projects Built
Transactions can effectively be taken off of the main Cardano network, with only critical information being logged on it, according to the move, which also serves as a scaling solution. It was seen as a move that might help Cardano transition into a fully-fledged multi-chain ecosystem with more security and scalability than other networks.
The announcement comes after Input Output proposed increasing the network’s block size by 10%, from 80 KB to 88 KB per block, in order to increase throughput and DApp performance as the network load has remained above the 80% mark. Cardano now has over 900 projects built on it, according to CryptoGlobe, and has seen significant changes in recent months, including the implementation of an ERC-20 converter. So far this year, the number of wallets created on the Cardano blockchain has increased by over 500,000, with 453,000 of those wallets created in the first quarter.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/29/ada-iog-is-collaborating-using-wanchain-to-get-to-be-an-evm-compatible-cardano-sidechain/