A New Feature for Cardano Users: Direct Use of EVM Contracts from Any Cardano Wallet & Pledge Rewards

According to reports, Sebastien Guillemot, CEO of Milkomeda, the L2 network protocol that provides EVM functionality for non EVM compatible chains, said that a feature would soon be introduced that allows Cardano users to use EVM contracts directly from any Cardano wallet. Mikomeda will soon provide pledge rewards to all EVM users, including smart contract developers. The pledge rewards for Cardano products built by Mikomeda will be automatically paid every 5 days.

The L2 protocol, Milkomeda, will allow users to use EVM contracts directly from any Cardano wallet

Introduction

Cardano is an open-source blockchain platform that promises a more secure and sustainable infrastructure for decentralized applications (dApps) and smart contracts. It has gained significant traction in recent years, becoming the third-largest cryptocurrency by market capitalization after Bitcoin and Ethereum. However, one of the limitations of Cardano is that it does not natively support Ethereum Virtual Machine (EVM) contracts, which are widely used in the blockchain ecosystem. This may soon change, as Sebastien Guillemot, CEO of Milkomeda, announced a new feature that allows Cardano users to use EVM contracts directly from any Cardano wallet. Additionally, Mikomeda will provide pledge rewards to all EVM users, including smart contract developers.

What are EVM contracts?

The Ethereum Virtual Machine (EVM) is part of the Ethereum blockchain’s infrastructure and is responsible for executing smart contracts. EVM contracts are self-executing code that runs on the Ethereum blockchain and enables decentralized applications (dApps) and other financial instruments like tokens, exchanges, and prediction markets to exist. EVM contracts are written in Solidity, a programming language that resembles JavaScript, and are processed through the EVM.

The challenges of EVM compatibility with Cardano

Cardano has a unique blockchain architecture that distinguishes it from Ethereum, which is why it does not natively support EVM contracts. Cardano uses a unique UTXO model designed to improve network security, scalability, and interoperability. UTXO (Unspent Transaction Output) is a model of accounting that tracks the unspent outputs of transactions. This model differs from Ethereum’s account-based model, which tracks the balance of an account. Therefore, EVM contracts cannot be executed directly on Cardano’s network, and developers have had to use middleware such as Plutus and Marlowe to bridge the gap.

What is the new feature provided by Milkomeda?

Milkomeda is an L2 (Layer 2) network protocol that provides EVM functionality for non-EVM compatible chains. The new feature announced by Guillemot allows Cardano users to use EVM contracts directly from any Cardano wallet. This integration will eliminate the need for developers to use middleware, reducing the complexity of deploying EVM-based dApps on Cardano. It will streamline the process of creating smart contracts and promote interoperability between Cardano and other blockchain networks.

What are pledge rewards?

Pledge rewards are incentives provided to those who contribute to the network by participating in various activities. In the context of Cardano and Milkomeda, pledge rewards will be provided to all EVM users, including smart contract developers, who contribute to the network by building Cardano products. The pledge rewards will be automatically paid every five days, and the amount will depend on the activities performed and the stake contributed.

How will pledge rewards benefit the Cardano ecosystem?

Pledge rewards will encourage more developers to build on Cardano and promote the adoption of EVM-based dApps. By incentivizing developers to contribute to the network, Milkomeda will create a vibrant and engaged community that benefits both Cardano and the entire blockchain ecosystem. Additionally, pledge rewards will promote network security by increasing the stake of participants and thus reducing the risk of malicious attacks.

Conclusion

The new feature announced by Sebastien Guillemot of Milkomeda is a significant development for the Cardano ecosystem. By providing direct use of EVM contracts from any Cardano wallet, developers will no longer have to use middleware, streamlining the process of creating EVM-based dApps. Additionally, the pledge rewards offered to all EVM users, including smart contract developers, will incentivize more developers to explore the potential of Cardano and promote the network’s security and scalability. These developments are crucial for Cardano’s success as a leading blockchain platform, and we can only expect growth and expansion in the future.

FAQs

1. What are UTXOs, and how do they differ from the account-based model?
UTXO (Unspent Transaction Output) is a model of accounting that tracks the unspent outputs of transactions. This model differs from Ethereum’s account-based model, which tracks the balance of an account.
2. Why are EVM contracts so important for the blockchain ecosystem?
EVM contracts enable decentralized applications (dApps) and other financial instruments like tokens, exchanges, and prediction markets to exist, making the blockchain ecosystem more versatile and accessible.
3. How will pledge rewards be calculated and paid out?
The pledge rewards will be automatically paid every five days, and the amount will depend on the activities performed and stake contributed by the participant.