Charles Hoskinsonthe co-founder of IOHK (Input Output Hong Kong), tweeted that Algorand was now on Cardano in a rather dramatic way. Hoskinson responded to a tweet to announce that Milkomeda, a layer 2 protocol, was now live on Algorand.
Here are AMBCryptos Price prediction for Cardano (ADA) for 2022-2023
Getting into the real details
cardano and algorithm are both examples of non-EVM blockchains, meaning they do not have the Ethereum Virtual Machine functionality. For such blockchains, Milkomeda exists to provide interoperability service and provide EVM functionality.
A recent tweet made by the protocol made the Announcement that the A1 Rollup has been successfully deployed on the Algorand mainnet.
To further serve the Algorand ecosystem, Cardano-based DEX Blueshift has partnered with Milkomeda to offer its DEX model through the use of Milkomeda’s A1 Rollup. The Blueshift protocol has given the Algorand ecosystem access to the DEX model built on the Milkomeda Cardano C1 side chain.
When examining the architecture of both chains, it is easier to understand the significance of the Milkomeda A1 rollup for both Cardano and Algorand.
Interoperability and communication issues arise because Cardano uses a UTxO architecture, while Algorand uses an Algorand Virtual Machine (AVM) architecture.
In fact, this is the biggest problem facing the blockchain industry. With the A1 update, L2 protocols such as Milkomeda are trying to address this issue.
Fall and fall
ADA’s price movement has not been great lately. A daily timetable price chart survey revealed that the price is on the decline. A price range made it possible to see that ADA saw a significant drop in May and lost more than 50% of its value. The price fell from about $0.87 to between $0.6 and $0.4.
In addition, it was notable that ADA had fallen from the previous support levels of $0.42 and $0.41 to around $0.351.
It could be seen that the support area had turned into resistance. The price was at $0.354 at the time of writing, up 1% from the previous trading period. All in the daily time frame.
Bullish sentiment continues
The price of ADA still attracted some bullish sentiment despite the downtrend. Santiment data showed that the ADA’s weighted sentiment index had a score of 0.37. Compared to other assets, ADA had the third highest level of surrounding bullish sentiment.
It has been a major obstacle for the crypto and blockchain industry to ensure that different blockchains can communicate with each other seamlessly.
There are a number of proposed protocols to solve this problem, but no one has come up with a truly groundbreaking solution so far. The crypto ecosystem will be able to grow and develop in exciting new ways once the interoperability problem is resolved.
This post Is Algorand on Cardano now? Decoding the True Image
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