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Cardano gets a new sidechain with Cosmos and IOG’s new interoperability partnership with World Mobile

Source: Immersion Imagery – Shutterstock

  • World Mobile and Input Output Global have been working together for the past three years to bridge the digital divide using the Cardano blockchain.
  • Trading at about $0.379528 today, ADA price has gained approximately 45 percent in the past 30 days.

The Cardano (ADA) network has received a huge boost after World Mobile and Input Output Global (IOG) announced a partnership to fully integrate the purpose-built World Mobile Chain using Tendermint as a Cardano sidechain. According to the announcement, the two entities will bridge a permission solution built on Cosmos’ SDK through Cardano’s public mainnet. As a result, the Cosmos and Cardano network will enjoy a scalable interoperability network to build Web3 protocols.

Notably, Input-Output Global recently released an update on the ongoing sidechain project. The Cardano-based sidechain project is designed to usher in a new era of scalability for blockchains.

“World Mobile needed a permissioned sidechain to meet the requirements of a regulated telecommunications industry. Since such a solution doesn’t yet exist within the Cardano ecosystem, we decided we’d look at how we would be able to achieve this. ….,” Micky Watkins, CEO of World Mobile Group, noted.

Reportedly, the two companies, World Mobile and Input Output Global, have been working together for the past three years to bridge the digital divide using the Cardano blockchain.

OFFICIAL: #WorldMobile and @InputOutputHK Sidechain Announcement

Read more: $WMT #CardanoCommunity #DeWi

— World Mobile (@WorldMobileTeam) January 26, 2023

Accountability in sidechains has been identified as a key factor in scaling the interoperability of different blockchains that seek to attract more DeFi developers. Romain Pellerin, CTO of IOG, noted;

…..By working with World Mobile toward integrating with Tendermint, Cardano facilitates greater inclusion in the internet of blockchains. Cardano’s extensive offerings—everything from its core infrastructure to its enhanced security measures, to a vibrant community that drives Cardano’s future—empower these new chains to bootstrap and secure new use cases from day one,

Cardano (ADA ) market outlook

The Cardano network has grown to a world-reputable smart contract blockchain. However, the 2022 bear market has significantly slashed cash inflow to the ADA market as shown by the total value locked (TVL). According to market data provided by Coinglass, the Cardano network has a total value locked of about $75 million. Notably, the total value locked in the Cardano network a year ago was about $326 million.

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Nonetheless, the Cardano developers have been hard at work as identified by GitHub commits.

🧑‍💻 Top 10 #crypto assets by development activity: notable #github commits, past 30 days:

1) #polkadot $DOT
2) #Kusama $KSM
3) #Cardano $ADA
4) #Decentraland$MANA
5) #Status $SNT
6) #Cosmos $ATOM
7) #Filecoin $FIL
8) #InternetComputer $ICP
9) #Ethereum $ETH
10) #Concordium $CCD

— Santiment (@santimentfeed) January 24, 2023

Trading at about $0.379528 today, ADA price has gained approximately 45 percent in the past 30 days. Nonetheless, the rally seems to be out of fuel with on-chain data suggesting an imminent price reversal.

🤏 With large caps like #Solana, #Cardano, & #Polkadot drawing impressive return headlines the first 3 weeks of January, money now appears to be cycling to small caps. Active addresses are up big for $CBG, $MITX, $MTH, $TRADE, $PLSPAD, $RBN, $SLP, & $POND.

— Santiment (@santimentfeed) January 24, 2023

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The daily RSI shows a falling divergence, which signifies a price reversal on a rising market. As such, the Cardano bulls have a long run to reclaim the ATH of about $3.09.

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