The Ada cryptocurrency (Cardano) has launched a testnet for the IELE Virtual Machine (VM). This is the second Cadano testnet, the first being the KEVM testnet. This latest testnet will help developers to explore smart contract technology on the network. The IELE Virtual Machine was designed in conjunction with IOHK, who provided funding for the project.
The IELE virtual machine
The IELE VM testnet is designed to execute smart contracts on the Cardano blockchain. The VM can understand programs written in Solidity, the native Ethereum language. This language can then be translated so that it is understood by the KEVM testnet. The intention is that security errors can be discovered more easily, and the contracts will be designed and executed more efficiently. Smart contract security has been identified as a vital area that is going to be targeted by hackers.
Cryptocurrencies that have secure smart contract security protocols are likely to pull ahead of their competitors. One of the biggest scandals in cryptocurrency history, the DAO, occurred due to a smart contract vulnerability that was exploited.
What is the Ada cryptocurrency?
Cardano is the first cryptocurrency to be built from scientific principles, run by leading academics. Its figurehead is Charles Hoskinson, who was recently said to have entered talks with Google about the network. It is described as a third generation blockchain, with Bitcoin being the first generation and Ethereum being the second generation. As a third generation blockchain, it can handle the issues of scalability and interoperability faced by previous blockchains.
The platform is being constructed in layers, which is said to give the network more flexibility and allow for easy maintenance. Among its many aims, it hopes to create a new style of regulated computing which will bring greater financial inclusion with regulatory compliance.
The Ada cryptocurrency has been performing very well price wise in recent months. It is currently ranked in 8th position from coinmarketcap, just behind Litecoin, with a market capitalization of nearly USD 3 billion at the time of this writing. For a new coin, it has shot up the ranks, amid a number of positive PR related events.
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