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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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