Mikomedia is a blockchain interoperability service that focuses on providing EVM functionality to non-EVM smart networks such as Cardano.
— Charles Hoskinson (@IOHK_Charles) October 19, 2022
What exactly is Milkomedia?
Mikomedia is a blockchain interoperability service that focuses on providing EVM functionality to non-EVM smart networks such as Cardano. Wrapped ALGO, called milkALGO, will be the native currency for all transactions on the Layer-2 A1 rollup.
“Algorand is a non-EVM chain with several additional unique qualities that make it the right candidate for one of the first rollups outside the Ethereum (ETH) ecosystem,” according to the release.
“Milkomeda’s primary goal is to promote blockchain interoperability by delivering EVM features to non-EVM networks while providing a smooth user experience.”
Celer and Blueshift are already available on the A1 rollout. Blueshift is a decentralized exchange built on the Cardano C1 sidechain by Milkomeda. Algorand users will be able to access the protocol now that it has been launched on the AI Rollup.
What does this have to do with Layer-2 networks?
The Layer-2 A1 rollup is significant for Cardano and Algorand since it allows the two networks to connect. Because both blockchain networks employ distinct topologies, this could not have happened without the rollup.
Cardano employs the UTxO architecture, whereas Algorand employs the Algorand Virtual Machine (AVM). It would be impossible for the two to link or trade assets without the Layer-2 rollup.
Blueshift also intends to provide functionality that will allow users of both networks to do cross-chain swaps.
Meanwhile, the price of ADA or ALGO has remained unchanged.
ADA was trading at $0.3536, down 0.5% in the last 24 hours and 7.3% in the last seven days.
As of press time, ALGO was trading at $0.3132, down 0.2% in the previous 24 hours.
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