Wednesday, September 22, 2021
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Milkomeda project builds a bridge to Ethereum





Reading time for the article: 2 Minutes

Compact:

  • The Milkomeda project aims to make the Ethereum Virtual Machine usable for Cardano via sidechains.
  • The first sidechain will be called “M1” and will be the very first sidechain for Cardano.
  • In addition to Ethereum, Cardano should also become interoperable with Solana and other blockchains in this way.

Cardano has made waves in the media in recent weeks because the starting shot for the smart contracts, which are currently missing, is to be given on September 12th. Now the next product follows, which should contain exciting possibilities.

Project Milkomeda aims to enable the interoperability of Cardano and initially wants to build a bridge to Ethereum. As a result, smart contracts based on Ethereum should find their way onto the Cardano blockchain, which has been dubbed “Wrapped Smart Contracts”.

In principle, the Cardano blockchain should only take over the coordination and the rest of the work is done by the sidechain. “M1” will be Cardano’s very first sidechain. According to founding father Charles Hoskinson, Cardano’s future lies in the ability to be interoperable with other blockchains. In this context, Hoskinson emphasized that, in his opinion, there will be no blockchain in the future that can absolutely prevail, but that all technologies will be linked with one another.




ADA course on high flight

Meanwhile, ADA was in pricing this week, hitting an all-time high of $ 2.97. At press time, the price stands at $ 2.58, which has cooled the rally a little.

On the one hand, this is probably due to the fact that Bitcoin is now slowing down a bit after a five-week recovery and, on the other hand, the mark of almost 3 US dollars was certainly attractive for some traders to take profits.

Key support zones for Cardano are at $ 2.49 and $ 2.26, respectively. Should the correction turn out to be more severe than it already is, then one of these two supports should preferably hold so that the bullish trend remains intact. If this is not the case, it would be particularly important to evaluate how the BTC rate could develop in the coming weeks.

Note: This article is for informational purposes only and does not constitute a recommendation to buy or sell any investment products or cryptocurrencies, but merely reflects the opinion of the author. Cryptocurrencies are volatile and their acquisition is associated with a high risk, which can lead to the total loss of the capital invested. The information in this article cannot replace professional investment advice. All course information is provided without guarantee. Please also note our full disclaimer.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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