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Basho

The toolkit will allow for creators of sidechains to choose their own consensus mechanism and other application-specific features, whilst inheriting the security of the main chain.

Input Output Global (IOG) — the team behind the Cardano ecosystem — will release a software toolkit in late Jan. 2023 that will enable developers to deploy custom-built sidechains on Cardano aimed at improving the ecosystem.

The news was announced by IOHK — a blockchain engineering company founded by Charles Hoskinson and now known as IOG — on Jan.12, which also attached the official technical documentation for the sidechain toolkit.

⛓️ The #Cardano sidechain toolkit was previewed at #IOScotFest, and we’re happy to share the first iteration is out now.

Here’s the lowdown on this exciting new project! https://t.co/Ny9tQuJh5K
— Input Output (@InputOutputHK) January 12, 2023

IOG developers have already used the toolkit to construct an Ethereum Virtual Machine (EVM)-compatible sidechain public testnet as a “proof of concept,” and when the audit is complete, anyone will be able to deploy decentralized applications, create smart contracts and move tokens between different testing chains.

The toolkit will also enable the creators of the sidechains to choose their own consensus mechanism in addition to other application-specific features.

*A diagram of how value and data will be transferred between the Cardano main chain and custom-built sidechains. Source:* *Cardano.org.*

A sidechain is an independent blockchain that works adjacent to the parent blockchain, often referred to as the mainnet. Sidechains often attempt to add scalability to the mainnet which often prioritizes decentralization and security.

IOG hopes the sidechain development will “pave the way for mass adoption” on the Cardano ecosystem and “hopes to see a family of Cardano sidechains and partner chains emerging” in the near future.

Among the “partner chains” Hoskinson would like to see on Cardano is Solana, having recently stated on a Dec. 10 Ask Me Anything call that Cardano could leverage Solana’s network speed whilst Solana benefits from Cardano’s infrastructure and security.

Cardano community pumped

The news has Cardano fans pumped, with one member of the community hoping that Cardano experiences a similar price pump similar to that of Ethereum 2020-2021 when many layer-2 sidechains and utility tokens were rolled out.

2023 is the Year of #Cardano sidechains

- Midnight privacy sidechain
- Sidechains Toolkit EVM compatible
- Milkomeda, first Cardano sidechain
- ...more to come

Do you remember what happened when people started to build sidechains/tokens on Ethereum?
Take that and make it x10. https://t.co/n8KWCX2SVh
— Cardano Hieronymus (@CardanoHumpback) January 12, 2023

Another member of the Cardano fanbase called the toolkit deployment a “great move” that it will “spread the usage of Sidechains for Cardano” in the months to come:

Great move by @InputOutputHK I believe this help spread the usage of Sidechains for Cardano which is a good strategy if it evolves to use mithril / state proofs

As a core contributor to @Milkomeda_com we will continue to lead and hopefully support others to join https://t.co/auqp2TkEg1
— nicoarq (@NicoArqueros) January 12, 2023

However, IOG noted that the toolkit won’t serve as a “complete solution.”

“There are some known areas for improvement, like the bridge experience, SPO rewards mechanism and the security model. All these areas will be worked on with the community as we go – carefully and steadily – collaborating for feedback, thoughts and recommendations.”

In addition to sidechain improvements, the protocol will soon introduce parallel accounting styles as part of its "Basho phase" to improve interoperability in the Cardano ecosystem, according to the roadmap.

This isn’t the first sidechain solution that IOG has integrated on Cardano too, having already built a more basic EVM-compatible sidechain in July 2022 to get the sidechain development rolling.

Cardano also underwent its most significant hard fork — the Vasil upgrade — in September 2022, which has been said to make smart contract deployment more efficient and enable decentralized applications to run at lower costs.

The price of Cardano’s token, ADA is currently $0.3297, up 19.11% over the past week.

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Brad Garlinghouse

U.S. congressional candidate January Walker said a potential settlement would be a loss for the "whole world" and Web3.

Rumors continue to swirl suggesting the two-year legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) may be coming to an end as early as this week, prompting the crypto community to weigh in on the matter.

Speculation about the potential settlement appears to have come from a Dec. 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson, who said he had heard rumors that the case would be settled on Dec. 15.

In the days since, there's been plenty of commentary from the community — giving their two cents on what a settlement would mean for Ripple and the wider crypto industry.

In a Dec. 12 Twitter post, pro-crypto United States congressional candidate January Walker opined that an unfavorable settlement from Ripple would be a “loss for the whole world & WEB3,” adding:

“The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us,” she said while calling for the industry to "work together."

The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us. Instead of battling against each other claiming one group is better than another we need to work together for the right legislation.
— January Walker (@UtahPolitician) December 12, 2022

David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, weighed in as well in a Dec. 10 post commenting: “We need Ripple to win this case and not settle," which would be a worst-case scenario.

“Worse case scenario is Ripple settles, but I don’t know if they’ll provide clarity for the entire industry,” he added.

During the Dec. 10 AMA, Hoskinson also said that a settlement could have “catastrophic implications for the industry one way or the other.”

“But you know, you just keep moving forward. Regardless of what happens, it’s a decentralized ecosystem that you guys control.”

Hoskinson later reiterated in a Twitter thread that these were only rumors and that he didn’t necessarily believe them to be true.

Meanwhile, crypto attorney Jeremy Hogan, a partner at Hogan & Hogan, says there are several possible outcomes in a Dec. 10 YouTube video, telling his 157,000 subscribers he thinks there is a roughly 50% chance Ripple wins, but a “110.6% chance of something happening shortly.”

The lawyer predicts that if Ripple wins, the most likely reason would be “it had no legal obligation to purchasers of XRP after the sale occurred, no post sale obligations, in other words there can be no investment contract without an investment contract.”

“The evidence is clear in the Ripple case that there is no ongoing legal relationship between Ripple and XRP purchasers. There’s just none, and the SEC has failed to address that problem,” he added.

However, he also backed an earlier Nov. 4 prediction by defense lawyer and former federal prosecutor James Filan that the case will be decided on or before Mar. 31, 2023, calling it a “proclamation from a legal God.”

I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time - on or before March 31, 2023.
— James K. Filan 126k (beware of imposters) (@FilanLaw) November 4, 2022

Ripple CEO Brad Garlinghouse told panelists at the Oct. 11 DC Fintech Week conference that he expects the case against the firm to conclude during the first half of 2023 but admitted that it was hard to predict.

He has previously said Ripple would consider a settlement with the SEC on the condition XRP is not classified as a security.

Cointelegraph has reached out to Ripple for comment but did not receive an immediate response.

Charles Hoskinson

Cardano community pumped

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