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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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