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Input Output launches suite of sidechains for Cardano blockchain » CryptoNinjas

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A new Cardano EVM Sidechain for Solidity developers is set to increase interoperability between Cardano and Ethereum. The Ethereum Virtual Machine (EVM) is the virtual computer system at the heart of the Ethereum blockchain’s operating structure.

Solidity developers will be able to bring their existing Ethereum applications to an EVM-compatible sidechain that supports all the EVM tools and frameworks they currently use on the Ethereum network.

This platform will make it easy for Solidity developers to build applications in an environment with all of the aspects they love about Ethereum and all of the aspects they would like access to on Cardano.

Sidechains

Separate blockchains connected to the main blockchain network, Sidechains allow developers to bring new features to blockchain platforms. The new offering from Input Output Global (IOG), one of the systems companies behind Cardano, will introduce a new suite of Cardano sidechains.

Sidechains enhance programmability (the ability for developers to have more control over the types of solutions they can build), scalability (the ability of a blockchain to grow with its user base), and interoperability (the ability of different blockchain networks to connect) within the blockchain space.

The first step on this journey is the EVM Sidechain alpha release. The currently private test environment will next move to an alpha release, permissioned testnet, where users can start building on the sidechain.

Once the bridging mechanism is fully developed, users will be able to securely send assets between the EVM Sidechain and the Cardano mainnet.

Full capabilities of the sidechain will be developed over the coming year, with mainnet deployment set to launch in 2023.

Over time, as more users adopt blockchain technology, we will need more specialized sidechains designed to address specific use cases.

Once the EVM Sidechain is fully developed, blockchain developers will have the ability to use the EVM Sidechain as a framework to create their own Cardano sidechain.

“At IO we want to give devs the best tools to take advantage of blockchain, no matter their background in the space. Sidechains enable us to expand the Cardano feature set for niche apps and provide a test ground for new capabilities for developers. The EVM Sidechain will let the Cardano community benefit from the billions of dollars of investment that have built the Ethereum ecosystem, with ADA holders able to participate in securing these satellite ecosystems.” 
– Dynal Patel, CPO of Input Output

To register your interest in being one of those on the testnet for the EVM Sidechain, click on the link here.



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Roger Ver denies CoinFLEX CEO’s claims he owes firm $47M USDC

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Roger Ver, an early Bitcoin investor and Bitcoin Cash proponent, has pushed against claims from crypto investment platform CoinFLEX regarding an alleged $47-million debt.

In a Tuesday tweet, Ver — not mentioning CoinFLEX by name — said he had not “defaulted on a debt to a counter-party,” and alleged the crypto firm owed him “a substantial sum of money.” The denial followed rumors on social media that the BCH proponent was involved in the platform halting withdrawals due to “a high-networth client who has holdings in many large crypto firms” not covering their debts.

CoinFLEX CEO Mark Lamb took to Twitter shortly after the statement to claim the company had a written contract with Ver “obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly.” According to Lamb, CoinFLEX served Ver with a notice of default and was “speaking to him on calls frequently about this situation with the aim of resolving,” claiming the firm did not owe him anything.

“It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities,” said the CoinFLEX CEO.

Related: Su Zhu’s cryptic statement as rumors swirl of 3AC liquidations and insolvency

Cointelegraph reported on Tuesday that a CoinFLEX account — held by a “high-integrity person of significant means” — incurred $47 million in losses after being allowed to reach negative equity without being liquidated. The platform planned to fix its liquidity shortage by issuing a new token, Recovery Value USD (rvUSD), starting June 28, with user withdrawals expected to resume on June 30.

The price of CoinFLEX’s native token (FLEX) has fallen more than 84% in the last 30 days, dropping from $1.19 to $0.80 following Lamb’s and Ver’s statements on Twitter.

Cointelegraph reached out to Roger Ver and Mark Lamb, but did not receive a response at the time of publication. This story may be updated.