HomeNewsBreaking News: IOTA’s Co-Founder Signals Major Developments for Cardano and Shimmer

Breaking News: IOTA’s Co-Founder Signals Major Developments for Cardano and Shimmer

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  • IOTA co-founder, Dominik Schiener, unveils plans for blockchain interoperability, hinting at a potential collaboration with Cardano.
  • Schiener aims to develop an ERC20 migration tool, fostering seamless token transfer between Ethereum and IOTA, similar to what Cardano has been developing.

IOTA Paves Way for Blockchain Bridges

Dominik Schiener, co-founder of IOTA, set the blockchain world abuzz with his recent announcement on Discord, hinting at IOTA’s focus on building interoperability bridges to other blockchain ecosystems, particularly Ethereum and potentially Cardano.

Shaping the future of Distributed Ledger Technologies (DLTs), IOTA has teamed up with Pantos and TU Vienna to form the Christian Doppler Laboratory for Blockchain/DLT Research. A key focus for this collaboration would be the exploration of interoperability between various DLTs, extending from atomic swaps to cross-blockchain smart contract functionalities and interactions.

Through this partnership, IOTA intends to create an ERC20 converter, a tool that would enable any ERC20 asset to be effortlessly transferred to the IOTA network. This bridge, as described by Schiener, would allow an ERC20 token to exist within the IOTA ecosystem as either a tokenized asset or a component within a smart contract. The implementation of such functionality is slated for release in a preliminary alpha version by March 2021.

Interoperability: A Step Forward with Cardano?

In an interesting twist, a Discord user inquired about IOTA’s interest in forging a “bridge” to another blockchain project, Cardano. The user considered this a valuable allocation of resources, given Cardano’s similar approach of conducting rigorous research before actual development.

Schiener expressed openness to this idea and committed to reaching out to Cardano’s inventor and IOHK’s CEO, Charles Hoskinson, in due course. A partnership between IOTA and Cardano could create a dynamic interface between two of the most innovative blockchain platforms, expanding IOTA’s interoperability initiative to encompass more than just Ethereum.

This conversation stirred early responses from Hoskinson who welcomed Schiener’s intention for collaboration on his Twitter account. As both networks are in critical stages of development, a cooperative endeavor between Cardano and IOTA is certain to spark immense interest within the blockchain community.

As the landscape of blockchain technology continues to evolve, interoperability emerges as a key focus, and the potential partnership between IOTA and Cardano represents a significant stride in this direction.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628