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ADA Bounces Back 13% After Cardano Launches First Smart Contracts Testnet

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This post was last updated on November 7th, 2019 at 02:21 am

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 โ€” 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.

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:

โ€œThis is an important first in cryptocurrency that is a necessary step towards the promise of third-generation blockchains.โ€

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 โ€” 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 โ€œtricky but manageableโ€ by the Cardano development team.

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