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Cardano releases the KEVM Testnet In a move to advance project development

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Cardano
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Cardano has been on a roller coaster ride since its initial release only a few months ago and with a lot of ongoing projects lately. Just days ago, the much anticipated KEVM testnet was launched even as Cardano’s price faced tougher declines in the market losing about 27 percent of its value amidst a bear market.

Why are Testnets important?

Testnets provide a useful means for cryptocurrency projects to test future changes and developments to a Blockchain network. By allowing an environment for thorough testing of new network protocols, testnets allow programmers to strengthen the network and advance the project further.

The KEVM testnet is one among many of the testnets that Cardano hopes to put out as the year progresses. Cardano has categorized its testnets into two parts, one for future features and tech previews while some testnets for ongoing projects on the Cardano platform.

The KEVM testnet is an executable form of semantics that will see the creation of smart contracts. The launch of the KEVM was a first of its kind semantics of Ethereum’s EVM in a move by Cardano to build the third generation of Blockchain technology.

Cardano team educating the public on the project development

As usual, most ADA holders expected some positive results in terms of market price with the release of the testnet, however; IOHK’s CEO together with the Cardano team expressed excitement about the release and moved to publish their take on Twitter.

With the set launch of testnets, some of which are currently ongoing, several updates on the Cardano Blockchain have been implemented by the Cardano team which is a good sign of a project with a serious purpose set to accomplish and check all the boxes in its roadmap.

The big question, however, remains to be whether it’s a good time to buy ADA considering the market dip. Well, it depends on how you look at it. With the many partnerships and platform developments that Cardano has been up to lately, it’s easy to see that an uptake of ADA is on its way.

The Cardano foundation has also been touring the world partnering with global institutions and educating the public on how the proof of stake provably secure Ouroborous protocol works and also to update crypto enthusiasts on the developments with the project.

Building better smart contract languages

The development team at Cardano has been focused on mitigating the deficiencies that currently form a major part of smart contracts. Cardano builds its Virtual Machines on K framework’s formal semantics meaning the Cardano team plans to develop a new Haskell protocol that will deal with the issue of languages and virtual machines making it easy for developers to build their own smart contracts on Cardano’s Blockchain network. Furthermore, Cardano is releasing an upgrade to the ADA mainnet Blockchain network that will make it possible for developers to simultaneously run two mainnet tests on the same machine with zero interruptions.

With the successful launch of the KEVM testnet and more updates on its Daedalus 0.10 wallets, there is a new breath of hope in the Cardano community. For now, it’s a ‘wait and see’ approach as the Cardano team further advanced the platform.

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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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Understanding the Uses of Different Types Of Cryptocurrencies

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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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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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7 Steps to Recovery from a Crypto Trading Loss

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crypto trading loss
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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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