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Cardano Announces New Collaboration to Promote Interoperability; Here's What to Know

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Wed, 04/27/2022 - 13:27
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Tomiwabold Olajide
Wanchain will become an EVM-compatible sidechain to Cardano
Cardano Announces New Collaboration to Promote Interoperability; Here's What to Know
Cover image via stock.adobe.com

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As shared by Tim Harrison, IOHK's vice president of community and ecosystem, Cardano's parent company IOHK and Wanchain are collaborating on enabling interoperability between the Cardano mainnet, Cardano sidechains and other blockchain networks. Here, Wanchain will become an EVM-compatible sidechain to Cardano.

As stated in a blog post, both teams, IOHK and Wanchain, will work together to deploy directional cross-chain bridges that will connect Cardano to other Layer 1 blockchains. Wanchain bridge nodes will also be updated to peg the Wanchain and Cardano networks, making Cardano's cross-chain bridges and transactions even safer.

More than fifteen Layer 1 and Layer 2 networks are currently connected via Wanchain bridges. Cardano's inclusion in this broad network of blockchains connects the Cardano network to other DeFi and Web3 ecosystems, expanding both potential use cases for ADA holders on other chains and the possibility of BTC, ETH, DOT, WAN, XRP and other coins being used in Cardano's own dApp ecosystem.

In recent months, Cardano has reached several milestones in interoperability while announcing new partnerships and integration.

As previously covered by U.Today, the AGIX ERC-20 Converter Bridge, which was developed in collaboration with SingularityNET, was recently launched. Its functionality allows users to bridge Ethereum-based ERC-20 tokens to Cardano, with the DeFi sector expected to benefit the most.

Also in March, the Milkomeda Foundation announced the launch of C1, an EVM compatible sidechain connected directly to the Cardano blockchain. This allows users to seamlessly transfer assets between the two blockchains, allowing Ethereum-based dApps to function on top of Cardano through the use of wrapped smart contract technology.

In another recent collaboration, Cardano's commercial arm, EMURGO, unveiled its partnership with Blockpass to onboard on-chain KYC in its regulatory compliance bid. Through this collaboration, Blockpass will add Cardano crypto addresses to the Blockpass app and offer on-chain KYC services for Cardano ecosystem projects, optimizing their KYC requirements.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.