ADA Bounces Back 13% After Cardano Launches First Smart Contracts Testnet 🚨 This article is 7 years old...
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ADA Bounces Back 13% After Cardano Launches First Smart Contracts Testnet
3 min read
Updated: Nov. 7, 2019 at 2:21 am UTC
Photo by Steve Ramon on Unsplash
Academia-driven blockchain platform Cardano, launched the first iteration of its KEVM test net, catalyzing an ADA price recovery of over 13% in the last 24 hours.
Announced on May 28, the new testnet is the first correct by construction version of the Ethereum Virtual Machine — KEVM is designed to define the formal semantics of the EVM in the K framework in a manner consistent with the methodical and scientific approach adopted by the Cardano team in the development of the project.
The KEVM smart contracts testnet has been launched! Developers will be able to take any application that runs on the EVM and execute it on the KEVM – This is a necessary step towards the promise of third-generation blockchains. Read more on our forum: https://t.co/m0RgsQQsz0
— Cardano Foundation (@CardanoStiftung) May 29, 2018
KEVM Testnet Goes Live
The new testnet is set to accelerate the growth of the Cardano project, as developers will be able to take any application that runs on the Ethereum Virtual Machine and execute it on the KEVM. This process can also be used to determine whether smart contracts work correctly by formally specifying the desired properties of the contract in K, which is then combined with the KEVM specification. In turn, the K framework can be used to verify the desired properties.
The development of the KEVM testnet is led by Runtime Verification founder and UIUC Professor Grigore RosuI, who commented on the release of the testnet:
“This is an important first in cryptocurrency that is a necessary step towards the promise of third-generation blockchains.”
The launch of the KEVM testnet precedes the upcoming launch of the IELE testnet, which will function as a Cardano virtual machine. Unlike the Ethereum Virtual Machine, IELE will operate as a register-based machine — IELE will possess an unbounded number of registers and support unbounded integers.
In a similar manner to the Ethereum, IELE will implement a gas limit in order to restrict resource usage and prevent DoS attacks. These features, while difficult to implement, were labeled “tricky but manageable” by the Cardano development team.
Cardano Market Data
At the time of press 2:21 am UTC on Nov. 7, 2019, Cardano is ranked #7 by market cap and the price is up 13.37% over the past 24 hours. Cardano has a market capitalization of $5.33 billion with a 24-hour trading volume of $178.26 million. Learn more about Cardano ›
Crypto Market Summary
At the time of press 2:21 am UTC on Nov. 7, 2019, the total crypto market is valued at at $327.57 billion with a 24-hour volume of $19.09 billion. Bitcoin dominance is currently at 38.95%. Learn more about the crypto market ›
Posted In: Cardano, Price Watch
