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Expands and connects blockchain ecosystems, helping them communicate with each other in a more efficient and intuitive way.
Following Metcalfe's law, tech products primarily accrue value based on the size of their network. This means that superior technology can give a slight edge but does not in itself guarantee a definitive win against established competitors. Promising cryptocurrency projects are part of this set of tech products, thus it is necessary to achieve a critical adoption growth trajectory to actually come out ahead over the long term.
With this in mind, it is key that the barrier to entry is lowered for the enterprises, governments, and startups that see the value of said crypto projects and want to build solutions on top. Developers are at the core of making the visions of these business possible, and as such having access to a large pool of developers is one of the vital points for ecosystem success. In the current competitive landscape for hiring developers, companies are constantly fighting for the best talent, making it challenging for the blockchain ecosystems to keep up with such high demand.
There is a significant educational push in many ecosystems to on-board and train new developers, but nonetheless this rarely ends up scaling as fast as businesses require. Simply funding educators to write more educational material is not enough. To reach out to the developers who will build real value we must allow them to use the programming languages and tools they are already familiar with, so that the process of entering into the ecosystem is smooth and seamless. To achieve this goal, we suggest that by utilizing sidechain technology we can revamp the current developer experience for non-EVM based smart contract platforms, thereby opening up the available developer pool and cutting down the time-to-market for releasing new products.
Furthermore, we know that current sidechain technology alone is not enough to attract both devs and users to migrate to new ecosystems. As such we have spent countless hours researching and developing a brand new concept which we will be introducing in this paper, wrapped smart contracts. With wrapped smart contracts, the L1 blockchain becomes a robust coordination layer that users stay on while executing smart contracts on sidechains without having to move over to the sidechain themselves. This brings novel UX to the table for end users, wherein they will have the power to execute smart contracts on various systems without having to switch wallets or even know what is going on behind the scenes. Providing such flexibility and power to end users will set a new standard for smart contract enabled blockchains and their ecosystems at large, pushing forward the ones which adopt this new technology with significant traction and interest.
The Milkomeda protocol will be launching on Cardano and bootstrapping its first EVM-based sidechain with native wrapped smart contract support, timed perfectly with the launch of smart contracts in the ecosystem.