Cardano to develop its partner chain on Polkadot’s Substrate

Input Output Global, also known as IOG, has shared insights about how partner chain projects are coming to Cardano through Substrate. The Polkadot SDK makes it convenient for others to use the chain as it demonstrates its potential to expand within the Web3 boundaries.

IOG has described its partner as an open-source modular framework with a proven track record. What makes it an ideal choice for partnership is its long-shared common ground and mutual respect for modular technology. Another way in which Substrate will assist Cardano, developed by IOG, is by extending its capability of empowering developers to construct self-sovereign blockchains that independently operate on the network.

Charles Hoskinson, the founder and chief executive officer of IOG, was at Cardano Summit 2023, wherein he outlined a new framework for developers and validators.

IOG has highlighted that the development comes as a culmination of research and development that have been conducted in the last four years, further crediting the development to engineers and academics across the globe.

Every ecosystem member must have partner chains, as they contribute a collection of remedies to preexisting challenges. Partner chains implement a variety of solutions, including but not limited to security, interoperability, and tokenomics.

With that being said, it is interesting to note that the performance of ADA, Cardano’s native token, has taken a few jumps in the last 24 hours. The recent announcement could be considered a major factor, implying an expansion of the ecosystem. ADA was last seen exchanging hands at $0.3569, a jump of ~4.82% in the last 24 hours. This simultaneously reflects an increase of ~18.61% in the last 7 days, that is, one week. The Cardano future is estimated to be driven by optimism, as ADA could touch the maximum value of $0.88 by the end of this year.

Cardano perfectly fits this development. It is backed by CSL and CCL, with a special highlight on their separation. The Cardano Settlement Layer and Cardano Computation Layer contribute to the design, especially with CSL having a robust and scalable offering.

Partner chains are headed towards Cardano for one simple reason: they gain access to the capabilities of architecting their computation layer, which leverages a modular framework along with other existing components. The new framework has already been adopted by Midnight, making it the first chain partner to do so. Midnight was launched recently as a data protection-focused blockchain.

The Polkadot community has started responding to the development. They have welcomed the move, hoping that it brings communities together. These sentiments are also reflected in the trading value of DOT, a token that is currently listed at $4.98, an increase of approximately 5.87%.

Some members have also expressed their concerns about having to buy more $DOT and add $ADA to their wallets. A response to such queries is awaited from the official representatives of Polkadot.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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