Algorand Now on Cardano, Says Charles Hoskinson, As Layer 2 Solution Launches
The post Algorand Now on Cardano, Says Charles Hoskinson, As Layer 2 Solution Launches appeared on BitcoinEthereumNews.com. According to a recent announcement, the Milkomeda A1 Rollup is now live on the Algorand mainnet. Milkomeda is a blockchain interoperability provider that...
According to a recent announcement, the Milkomeda A1 Rollup is now live on the Algorand mainnet. Milkomeda is a blockchain interoperability provider that aims to deliver Ethereum Virtual Machine (EVM) capabilities to non-EVM blockchains like Cardano and Algorand. The A1 Rollup uses wrapped ALGOs, called milkALGOs, as its base currency.
Cardano founder Charles Hoskinson, excited about the interoperability milestone, declared that “Algorand is now on Cardano.”
And by the power of blockchain transitivity, Algorand is now on Cardano https://t.co/wpKDNB6LFW pic.twitter.com/1N6SlyRRdz
— Charles Hoskinson (@IOHK_Charles) October 19, 2022
A partnership between Milkomeda and Cardano-based DEX Blueshift will allow Blueshift to provide its DEX model to the Algorand ecosystem using Milkomeda’s A1 Rollup. Since the Blueshift protocol is based on the Milkomeda Cardano C1 sidechain, the Algorand ecosystem can now access its DEX model.
Fundamentally, Cardano, which operates a UTxO architecture, and Algorand, which utilizes the Algorand Virtual Machine (AVM) that operates on an account-based model, are two fundamentally distinct blockchains unable to exchange assets or communicate with one another. However, Algorand and Cardano can now be connected thanks to the Milkomeda A1 rollup.
Blueshift wants to roll out more features shortly that will allow Algorand users to make cross-chain swaps to Cardano assets without having to sell their assets through a centralized exchange.
As reported by U.Today, the Milkomeda Foundation announced the launch of C1, an Ethereum Virtual Machine-compatible (EVM) sidechain that is connected directly to the Cardano blockchain.
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