ADA Consolidates As Hoskinson Envisions Multiple Major Blockchains Like Solana Connected to Cardano
Cardano (ADA) is trading at $0.3122, representing a change of -0.47% in the past day and -0.57% in the past week, per the latest data from CoinMarketCap. The smart contract token has oscillated between $0.30 and $0.32 since November 20.
As ADA trades sideways, its co-founder Charles Hoskinson suggests having Solana as a sidechain (a separate blockchain connected to the main blockchain) for Cardano. Hoskinson floated the idea during an ‘Ask Me Anything’ session on December 12.
“So you could take Solana to replace (its) current consensus algorithm with something 25 times faster and does not collapse all the time, make it a Cardano sidechain,” the 35-year-old developer who is also behind Ethereum said. “Solana would then be paid to ADA holders to maintain it, and they don’t have to worry about security anymore … and then all those dApps move over, and they get better reliability and security, and they get faster.“
Hoskinson envisions multiple major blockchains connected to Cardano
In the more than 2 hours AMA video, Hoskinson said that his blockchain has been exploring the possibility of accommodating sidechains for over six years–where Cardano becomes the main chain and other networks can plug in. According to the entrepreneur, the arrangement will let the partner sidechains pay block rewards to stake pool operators and the ADA token holders, as Cardano takes care of the security elements of the whole ecosystem.
Hoskinson has been pushing his ambitious plan for a while now. After Elon Musk acquired Twitter towards the end of October, he floated the idea of having Dogecoin as a sidechain to Cardano. In a tweet dated October 28, the American blockchain developer said: “Now that Twitter is in the hands of (Elon Musk,) I can see a real possibility that DOGE will somehow merge with (Cardano). He added that he would “do the migration free… and even add smart contracts.“
Elsewhere, Bitcoin and altcoins (non-bitcoin cryptocurrencies) are recovering – after the US Bureau of Labor Statistics showed better-than-expected inflation data. BLS published a Consumer Price Index report showing the inflation rate for November at 7.1%, compared to an expected rate of 7.3%. As a result, Bitcoin surged past $18,000 – the highest level in more than a month – as major altcoins, including ETH, XRP, DOGE, and LTC, registered positive gains.