If FTX made the crypto space sick, the crypto space should be recuperating at the moment. But that does not cease some interesting news from getting out as the crypto space continues to make its stand in the financial economy.
The FTX collapse puzzled the crypto community for weeks and caused a variety of responses. But given how active the cryptocurrency market remains week after week, there are even more stories you might want to read.
The news about Solana becoming Cardano sidechain is the latest gist in many crypto communities and even in the media and news headlines. Read on to learn more.
About Solana and Cardano
Numerous crypto enthusiasts have come to love Cardano and Solana. It has recently caught the attention of crypto enthusiasts, coinciding with the previous bullish run of cryptocurrency.
Cardano and Solana are versatile and serve multiple purposes. While they are somewhat similar, they also have several differences.
On the other hand, Solana is a decentralized, scalable application hosting platform. This blockchain provides the open infrastructure required for wide adoption and is strong, quick, safe, and censorship-resistant.
Compared to competing blockchains, Solana charges lower transaction fees and processes many more transactions per second.
The first blockchain proof-of-stake platform to have its research and techniques peer-reviewed is Cardano. Among its milestones, it has been successful in providing a decentralized ecosystem for apps, developers, and the crypto community at large.
Cardano is completely open source and runs in a “trustless environment” so that developers can use their skills to grow the ecosystem. It uses pioneering technology to provide extreme security and sustainability.
Recognizing the potential, investors and traders are shifting to Cardano (ADA), and if that interests you, then head on over to the stellar-profit app to enjoy a seamless trading experience. This way, you can capitalize on the many rapidly growing digital assets in the cryptocurrency space.
What is a Sidechain in Crypto Space?
Sidechains are independent chains that work parallel to a parent blockchain, also called a mainnet. Their core purpose is to resolve the scalability issue which is currently preventing blockchain from turning into a mainstream technology.
A sidechain typically links two blockchain networks through two-way pegging; the parent network merges with the sidechain following this strategy.
As an independent blockchain network, each sidechain has its own token, protocol, consensus, and security. Multiple side chains connected to the main chain may exist, depending on the architecture and blockchain.
Using the mainnet as a relay network enables inter-sidechain communication as well.
However, for hosting decentralized applications, Solana is still one of the best blockchain platforms. Many cryptocurrency enthusiasts use this blockchain because of its reputation for processing large transactions quickly. This is because it is effective, dependable, and has low transaction costs.
But many crypto enthusiasts did not anticipate Solana becoming a Cardano sidechain. But how did this whole thing begin, and what is keeping it from happening?
How it All Started?
This term got popular after an anonymous tweet from user HyRisk asked if Solana should become a Cardano sidechain. There was support for and opposition to this tweet. Surprisingly, people started to support this, and arguments erupted over what seemed to be a passing comment or an ill-defined individual viewpoint.
The community seems to support Solana becoming a Cardano sidechain. And the motion has received an 80% approval rating from users, to which Charles Hoskinson has responded favorably. So who is Charles Hoskinson?
Is there a chance that this will actually happen, given how communities affect the choices made by many crypto and blockchain companies?
Who is Charles Hoskinson? And What is His Reaction After the Support from the Community?
Charles Hoskinson is a co-founder of the Ethereum and Cardano blockchain platforms and a well-known author, speaker, and expert in blockchain and crypto-economics. He is popular for the role he played in one of their most notable projects, Cardano, a public blockchain with smart contract functionality.
After discovering the tweet about Cardano’s potential collaboration, Charles Hoskinson casually responded with a video, suggesting he doesn’t have any serious plans to partner with Solana.
This could imply that he is not interested in working with Solana as a Cardano sidechain but might change his mind if the crypto community expresses an interest in it.
Do Solana and Cardano have a Chance of Compatibility?
Due to the disparate network architectures of the two networks, it may not be possible to complete the eagerly anticipated integration between Solana and Cardano. According to Charles Hoskinson, Cardano is a network of blockchains with several side chains connected to it. Since both have fundamentally different mechanisms and algorithms, a brand-new sidechain solution will need to be developed for both Solana and Cardano.
Solana and Cardano are among the top 10 Blockchain flourishing in the market. Solana has experienced tremendous growth in the NFT sector. Data from Messari revealed that the platform had grown by 19.3% QoQ after securing 8 million daily new NFTs in November.
On the other hand, Cardano recently hit a major milestone when the number of smart contracts in its network surpassed 4,000. It ranks among the ten most valuable cryptocurrencies, with a market cap of $13.4 billion.
Therefore, the potential for Solana to become a Cardano sidechain can only exist if the Solana foundation sees a need for it. The community has a say and has voted, but if these two blockchains’ algorithms don’t practically align with what seems like a far-fetched goal as of now, their brewing plans remain mere words.
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