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Cardano (ADA) Launches a TestNet for Smart Contracts

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Cardano
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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

HODLing Stellar Is A Good Plan For 2019

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HODLing
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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Altcoins

Reasons To Invest In Electroneum In 2019

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Electroneum
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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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Bitcoin ETF
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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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