Hoskinson Celebrates Ethereum Smart Contracts On Cardano, How This Company Enables It

Reynaldo Marquez

3 years ago

3 mins read

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The Cardano smart contract era is closing in, soon the Plutus platform that will host them will be integrated into the mainnet. In that sense, there are many changes and features to be launch on the network.

The inventor of Cardano Charles Hoskinson has been updating the community on the progress made during the smart contract platform test phase. Via his Twitter account, Hoskinson recently celebrated an achievement on an area of focus for the project, interoperability.

Blockchain-based company dcSpark announced that they are developing a “novel sidechain project named Milkomeda”. This interoperable solution will “empower” developers and users with Ethereum Virtual Machine-based sidechains.

Thus, Cardano and other blockchains will be able to onboard Ethereum developers. They will have the capacity to migrate their projects via these sidechains and their alternative virtual machines connected to Cardano and other L1 mainnets. An official post claimed:

(…) for Cardano, Milkomeda will allow sidechains to be deployed that connect directly to the mainchain and use wADA (wrapped ADA) as the asset to pay for transaction fees.

Ethereum smart contracts on Cardano! Glad to see someone getting into that Pond https://t.co/DH9D1v4ahh

— Charles Hoskinson (@IOHK_Charles) August 25, 2021

The company is set out to create incentives for users to try out a new ecosystem and will use “new technology”, the official post claims, such as Wrapped Smart Contracts. Thus, users and developers can leverage Cardano and other networks as “coordination layers”.

In the meantime, a smart contract can be executed on the Milkomeda sidechain without a more complex procedure. The team at dcSpark claimed this mechanism will “bring novel UX to the table for end-users”.

As an example, they said that developers will be able to execute a smart contract on the Milkomeda sidechain directly from the Cardano mainnet. This removes the need for additional platforms or tools, such as wallets. Robert Kornacki, Chief Strategy Officer at dc Spark said:

We believe that providing such flexibility and power to end users will set a new standard for some of the most promising smart contract enabled blockchains and their ecosystems at large thanks to Milkomeda.

From Cardano To A Multichain Ecosystem

The team highlighted that Milkomeda will be first implemented on Cardano under the named M1. This event will create this network’s first sidechain.

It will use wADA as a base asset with existing Cardano stake pool validators also running the Milkomeda validators. Nico Arqueros, CEO at dcSpark, said:

With the initial launch of the protocol and the M1 sidechain we are excited to be a part of bootstrapping Cardano’s sidechain era as a first step for Milkomeda. Furthermore, by bringing a new piece of game changing tech onto the scene, wrapped smart contracts, we are excited to be on the front line pushing the vision of multi-VM blockchain ecosystems and making it a reality.

Arqueros added that the company believes in a future where all L1 blockchains have a coordination layer to strengthen a “diverse ecosystem” with multiple virtual machines. In the future, Solana, Cardano, and many more blockchains could have a bridge supported by their own community.

Hoskinson stressed that interoperability is key to increase blockchain adoption while adding:

(…) we don’t believe there will be ‘one blockchain to rule them all’, and instead value collaboration. When it comes to interoperability and scalability, sidechains are an essential part of our vision for Cardano.

At the time of writing, ADA trades at $2.75 with a 2.1% profit in the daily chart.

Cardano ADA ADAUSDT — ADA on a rally in the daily chart. Source: ADAUSDT Tradingview

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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