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Custom Sidechains on Cardano: IOG’s New Toolkit with EVM-Compatible Testnet

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Input Output Global (IOG) has created a toolkit for building custom sidechains on Cardano. A sidechain is a separate blockchain that is connected to the main chain. The toolkit allows users to develop sidechains with their own set of rules and features.

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Source: Cardano Docs

It includes the main chain Plutus scripts, a chain follower, and a sidechain module. It also has a guide for developers to use the toolkit. The team also built an Ethereum virtual machine (EVM)-compatible sidechain as a proof of concept. 

This toolkit is open source, and the EVM sidechain will be available to the public as a testnet this month. It allows developers to test and explore its potential.

Revolutionary Sidechain Toolkit for Cardano Community

IOG has been working diligently behind the scenes to create a revolutionary toolkit that empowers anyone to tap into the robust security and infrastructure of Cardano to build their own sidechains. 

This toolkit is a major breakthrough in the blockchain world, as it allows users to construct custom sidechains that align with their unique needs and objectives.

According to the blog post, IOG is now making this toolkit available to the Cardano community and will be open-source. The project’s first stage was demonstrated at the IO ScotFest in Edinburgh in November 2022. 

Yesterday, the company made the first tranche of formal documentation accessible to the public, enabling developers to start exploring the toolkit’s capabilities.

The toolkit is made up of three main parts, such as the Main chain Plutus scripts, which run on Cardano main chain and help with token movement. 

Second a chain follower, which tracks the main-chain data and events that control the sidechain; and a sidechain module, which is part of the sidechain client and helps understand main-chain data and make changes to the ledger.

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Source: IOG Blog post

Per the blog post, the planned release of the toolkit in January is not a fully polished solution. The blog post stated that known areas require improvements, such as the bridge experience, the SPO rewards mechanism, and the security model. 

However, IOG plans to work on these areas with the community through a collaborative process of feedback, thoughts, and recommendations.

While there are many ways to improve the toolkit and many ways to use a sidechain, IOG believes that the toolkit they have developed internally will provide a strong foundation for building more tools and making further improvements in collaboration with the community.

Related Reading | SBF makes Big Claims While Making Staunch Promises

Cardano Spearheads $11M Investment In Africa’s Embedded Finance

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Cardano’s Charles Hoskinson announced that its parent firm, Input Output Global [IOG], participated in a pre-series A round of $11 million in support of a Kenyan fintech company called Pezesha, Africa. Hoskinson tweeted that the investment is intended to revolutionize Microfinance at the global level.

Apart from IOG, the financial round also had significant backing from Women’s World Banking Capital Partners II, Verdant Frontiers Fintech Fund, and cFund.

According to a TechCrunch report, small enterprises that contribute 90% of Africa’s trade are facing a deficit of $330 billion. This is where Pezesha hopes to fill the gap as it spread its wings into other regions of the African continent.

Founded in 2017 by entrepreneur Hilda Moraa, Pezesha boast of a scalable digital lending infrastructure where both traditional and non-traditional financial institutions offer working capital to MSMEs.

“The opportunity and impact in solving working capital problems for SMEs are huge. [We are] solving the root cause, which is information asymmetry issues, to ensure quality and responsible borrowing. Pezesha solves this through our robust API-driven credit scoring technology,” CEO Moraa, told TechCrunch.

Cardano Boss Termed Pezesha Funding As A Milestone

Terming the investment as an important milestone, Cardano and IOG’s co-founder Charles Hoskinson, said that blockchain and cryptocurrencies can play a key role in providing the movement of capital into emerging markets to support economic growth and job creation.

“Our vision is centered on using technology to make it easier for people across the globe to borrow and lend to each other in a regulated way. This investment in Pezesha is an important milestone, and we’re excited to be a part of their growth story,” he added.

The latest investment by the IOG into Pezesha comes close to the heels of an earlier announcement that the two entities had collaborated to build a peer-to-peer financial operating system for Africa.

In addition to that, EMURGO Africa and Cardano accelerator Adaverse recently unveiled the Blockchain Founders Hangout 2.0 event to discuss Web3 funding in Africa.

AdaVerse also invested an undisclosed amount into a seed funding round for AfriGuild, a blockchain gaming DAO that is on a mission to onboard 100 million Africans into Web3 over the next 5 years.

Cardano’s IOG Is Now Part Of The American Chamber Of Commerce Mongolia

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Cardano’s IOG has become the latest member of the Mongolian wing of the American Chamber of Commerce [AmCham]. According to the tweet, AmCham Mongolia stated,

We are very excited to announce our newest member a leading technology company committed to the highest principles of academic rigor and evidence-based software development.

Describing IOG as “one of the world’s pre-eminent blockchain infrastructure research and engineering companies”, the Mongolian entity also stated that the research wing build high-assurance blockchain infrastructure solutions for public, private sector and government clients.

Besides that, AmCham Mongolia is slated to host Cardano founder Charles Hoskinson and his team for a special ‘Meet & Greet’ event. It has laid out the details of the event here.

Just some days ago, Hoskinson, CEO of IOG, the software studio behind Cardano [ADA] blockchain solutions, spoke on the feasibility of blockchain-based instruments in governmental systems.

In the The Crypto Mile podcast, Mr. Hoskinson sat down to discuss the prospects of blockchain systems in governance solutions.

The chief exec says that as distributed, democratic and permissionless systems, blockchain systems will enable public services to become more accessible than ever before:

“It enables the poorest and most vulnerable person in society equal access as the president of the US, and there has never been a time in human history that that has been the case”, he said.

Apart from that, it has the ability to prevent one nation [USA, China] from gaining absolute control over global political affairs. Thus improving the quality of governance.

“It is a better way of doing things with less friction, less fraud, less waste and abuse and more transparency and ultimately less consolidation of power.”

Cardano To Establish lab at University of Edinburgh

To begin with, blockchain technology can help prove its worth in various sphere of public services such as land contracts, commercial and government voting, health information, educational credentials, tax and legal information, etc.

In order to study various aspects of decentralization and its use for governance, IOG is planning to build a new entity in collaboration with the University of Edinburgh.

Mr. Hoskinson revealed that his team will research all blockchains, including Bitcoin [BTC] and Ethereum [ETH], to find out the most suitable one.