Cardano (ADA) founder Charles Hoskinson introduced that Algorand (ALGO) is now on the Cardano community in response to the information that Mikomedia A1 Rollup is reside on Algorand.
And by the ability of blockchain transitivity, Algorand is now on Cardano https://t.co/wpKDNB6LFW pic.twitter.com/1N6SlyRRdz
— Charles Hoskinson (@IOHK_Charles) October 19, 2022
What’s Milkomedia?
Mikomedia is a blockchain interoperability supplier which focuses on giving EVM capabilities to good networks like Cardano, that are initially non-EVM. On the Layer-2 A1 rollup, wrapped ALGO — dubbed milkALGO — would be the native foreign money for all transactions.
Based on the announcement, “Algorand is a non-EVM chain with a number of different distinctive elements that make it the proper candidate for one of many first rollups outdoors the Ethereum (ETH) ecosystem.”
“Milkomeda’s chief focus is fostering blockchain interoperability, completed by bringing EVM capabilities to non-EVM chains, whereas making a seamless person expertise.”
Two merchandise are already reside on the A1 rollup: Celer and Blueshift. Blueshift is a decentralized change primarily based on the Milkomeda Cardano C1 sidechain. Now that it has been deployed on the AI Rollup, will probably be attainable for Algorand customers to entry the protocol.
What does this imply for Layer-2 networks?
Launching the Layer-2 A1 rollup is a giant deal for Cardano and Algorand as a result of it should permit the 2 networks to attach. This might not have occurred with out the rollup since each blockchain networks use completely different architectures.
Cardano relies on the UTxO structure, whereas Algorand makes use of Algorand Digital Machine (AVM). With out the Layer-2 rollup, it might be inconceivable for the 2 to attach or swap belongings.
Blueshift can be planning to launch options that may make it attainable for customers of each networks to make Cross-chain swaps.
In the meantime, the event didn’t impression the value of ADA or ALGO.
ADA was down 0.5% over the previous 24 hours and down 7.3% over the previous seven days — buying and selling at $0.3536.
ALGO was buying and selling at $0.3132 as of press time, down 0.2% within the final 24 hours.
