- Charles Hoskinson, co-founder of Cardano, believes Dogecoin and Solana could theoretically become side-chains of the Ethereum-killer network.
- Cardano is heading into the age of ‘Voltaire’, a period of self-sustenance for the ADA network.
- Cardano price remains bearish as the altcoin is in a multi-month downtrend and testing resistance at the 50-day Exponential Moving Average.
Charles Hoskinson, the co-founder of Cardano and blockchain engineering company Input Output Global believes Dogecoin and Solana could theoretically become ADA sidechains, sharing in many of the benefits enjoyed by the Cardano network. Cardano price, meanwhile, is in a multi-month downtrend and is currently testing resistance at the 50-day Exponential Moving Average (EMA).
Also read: Cryptocurrency prices rally in disinflation trade, Bitcoin bulls fight US CPI jitters
Charles Hoskinson shares his vision for Cardano sidechains Dogecoin and Solana
Charles Hoskinson, an American Entrepreneur and co-founder of Input Output Global and Cardano recently told the crypto community in a YouTube AMA session that leading altcoin and meme coins could theoretically become sidechains for ADA.
The largest meme coin by market capitalization, Dogecoin and Ethereum-killer Solana could theoretically be Cardano sidechains. Hoskinson explained to the community what Cardano sidechains would look like in his YouTube AMA session.
Hoskinson told users that the Cardano network has been talking about pushing forward the idea of a sidechain for six years. The concept of one mainchain and a family of sidechains could theoretically work for the Cardano network. Dogecoin and Solana could act as sidechains to the Cardano network, the main chain that provides the infrastructure, ecosystem and liquidity.
Cardano’s scale could help the network expand with sidechains
Hoskinson argued that the Ethereum alternative altcoin is listed on more than 200 exchanges. This is the level of scalability that partner sidechains are looking for. Therefore instead of paying their inflation to miners, currently a nexus within that sidechain, the project could pay block rewards to stake pool operators and Cardano holders.
Cardano could ensure the security of the sidechain and ADA holders would earn additional rewards through new partnerships with projects like Dogecoin and Solana.
Development update: Cardano enters ‘Voltaire’ era
Cardano is set to enter what has been dubbed the ‘Voltaire’ era. That is, the final phase of its development journey where the network becomes self-sustaining. This era is marked by the introduction of a voting and treasury system, and the ability of network participants to use their stake and voting rights to influence the future development of Cardano.
Cardano network will therefore become truly decentralized and no longer require blockchain developers at Input Output Global to manage the network. Instead, Cardano’s future will be in the hands of the community.
Cardano price is in multi-month downtrend, trades below 50-day EMA
The Cardano price outlook remains bearish as the altcoin is in a multi-month downtrend since the beginning of 2022. Cardano price is currently below its weekly high of $0.32 and 50-day Exponential Moving Average (50-day EMA) at $0.33.
ADA/USD price chart
If Cardano price fails to sustain above support at the weekly low of $0.30, the altcoin could extend its losses.
A break past resistance at $0.33, on the other hand, could invalidate the bearish thesis and challenge the multi-month downtrend in the chart above.
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