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Cardano (ADA) Launches a TestNet for Smart Contracts

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After a recent launch of IELE Virtual Machine, Cardano announced a launch of a new TestNet, dedicated to testing smart contracts, and improving all potential flaws in the system.

It has been only ten days since IOHK blog published an announcement by Cardano, that its IELE Virtual Machine has been successfully deployed. The announcement came on July 30th, and it represented a large and significant development not only for Cardano (ADA) and its platform but for the entire world of the blockchain.

Now, barely ten days later, Cardano has another launch to announce, and this one involves the platform’s release of a TestNet for smart contracts. The TestNet is also to be a part of IELE VM, and it represents the second launch of a TestNet for Cardano. The first one was the KEVM TestNet, that was launched earlier this year, in May.

IELE VM explained

In order to understand what IELE VM is and how it works, we should mention that it consists of two separate parts. One of them is the KEVM framework-based ‘correct-by-construction’ VM, and another one is a Solidity-to-IELE compiler. The second one is a way to allow programs that were written in Ethereum’s own programming language, the Solidity, to enter KEVM and still remain functional.

To put it simply, the IELE VM is a platform that allows those smart contracts that were written in Ethereum’s Solidity language to be executed outside of the ETH’s network. Additionally, it also allows smart contract writing to become even more secure, and easier to do.

The importance of the smart contracts TestNet

Now that we understand what IELE VM is, it is time to see why the launch of a new TestNet is important. The first reason is that the TestNet will allow Cardano to do tests and experiments regarding its smart contracts. The contracts will be handled by real, competent developers, in order to make them as efficient as possible. Additionally, the feedback given by these developers will give Cardano’s own team valuable insight regarding all potential issues, bugs, and alike.

All of this will lead to necessary improvements that will make the network as good as it can possibly get, before going live and becoming available to the community. Additionally, the IELE VM is expected to bring a lot of improvements regarding the security of the blockchain tech. This technology is still extremely new, and new ways of improving it are being discovered all the time. IELE VM is believed to be able to help out a lot when it comes to this, but the first step to dealing with that problem is the launch of a TestNet.

Cardano’s future plans

It is worth noting that Cardano itself is extremely new, and already it achieved more than most cryptos have in years. After only half a year, Cardano had two TestNet’s launched, it entered numerous partnerships and team-ups, it updated the Daedalus Wallet, and launched a first ICO, with more expected to come.

After such a successful start, Cardano is still not done, and the team has a lot of plans for the platform’s and the coin’s future. After IELE VM is finished, it will officially join Cardano’s main blockchain, and become its sidechain. This will lead to a massive boost when it comes to scalability. Additionally, while ADA is already one of the most stable cryptos around, this move will make it even more so, which will be an additional improvement to the coin.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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