IOG, Cardano’s EVM Sidechain Developer Launches Toolkit- Will ADA Hit $2 soon?

Estimated read time 2 min read
  • IOG recently developed a toolkit that will enable the creation of custom sidechains.
  • The price of Cardano token ADA at the time of publication was $ 0.331 rising just 2.6% in the last 24 hours.

Input Output Global (IOG) is set to launch the first sidechain for Cardano, allowing developers to build decentralized applications (DApps) on lower fees and less energy consumption than Proof-of-Work (PoW) blockchains.

The sidechain, which is based on the Ethereum Virtual Machine (EVM), will be made available as a public testnet in the coming weeks. Developers will be able to test the sidechain and weigh its potential for building DApps.

Sidechains are blockchains that run in parallel to the main blockchain. They can be used to offload certain functions from the main blockchain, such as processing transactions or storing data. This can help to improve the performance and scalability of the main blockchain.

The IOG sidechain for Cardano is designed to be compatible with the EVM, which is the most popular platform for building DApps on Ethereum. This will make it easier for developers to port their DApps to Cardano, and it will also make it easier for users to interact with DApps on Cardano.

The sidechain is also designed to be more energy-efficient than PoW blockchains. This is because it uses a Proof-of-Stake (PoS) consensus mechanism, which requires less computing power than PoW.

The launch of the IOG sidechain is a significant development for the Cardano ecosystem. It will make it easier for developers to build DApps on Cardano, and it will also make Cardano more accessible to users. This could help to boost the adoption of Cardano and make it a more competitive platform for DApp development.

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