Input Output Global (IOG) has launched a toolkit designed to enable the creation of custom sidechains powered by the Cardano blockchain network.
Input Output Global (IOG), the engineering and research company working on solutions for the Cardano ecosystem, has created a toolkit designed to develop custom Cardano-based sidechains.
Sidechains are mini blockchains connected to a main chain. While sidechains rely on their parent blockchains, they extend the latter’s capabilities and improve their scalability without compromising on the security or stability of the main chain hosting them. Sidechains are often connected to a main chain via a bridge that facilitates asset transfer between both chains.
Per a Dec. 12 blog post, a team of IOG engineers has developed an ethereum virtual machine (EVM)- compatible sidechain public testnet as a proof of concept using the toolkit. It will be available to users later this month after proper auditing.
The team says the new toolkit makes it possible for a sidechain to have its consensus algorithm (which may be different from the main chain) and features.
Importantly, the Cardano toolkit comprises three key components: main chain Plutus scripts that facilitate secure cross-chain transactions and crypto asset transfers, a chain follower that tracks mainchain data and events that rule the sidechain, and a sidechain module, which interprets data and implements necessary changes.
The team says the sidechain toolkit is designed to make life easier for blockchain developers, distributed application (dApp) developers, stake pool operators (SPOs), and even dApp users. The toolkit also enables devs to create application-specific blockchains that leverage Cardano’s security and decentralization.
To make it easier for devs to hit the ground running with the toolkit, IOG engineers have also established a technical specification document that provides an introduction and guide to Cardano sidechains.
At the time of writing, the price of Cardano’s native ADA token is $0.33, with a market cap of $11.48 billion, according to CoinMarketCap.
Author: Ogwu Osaemezu Emmanuel ::: Source link
