Charles Hoskinson of Cardano foundation has most recently teased the public with quite a few important announcements on the matter of further Cardano developments, adding that IOHK, Cardano, and Emurgo teams are working on the general adoption of ADA, while aiming at turning their asset into an everyday payment method.
With their most recent announcement, the team IOHK has stated on July 30th in an official post on Twitter, that the IELE virtual machine has been released in form of an extension of the previous test net release, which as stated makes up for a pretty important step in the further development of Cardano and ADA.
Cardano Releases Test Net Today
While TRON foundation on the head with Justin Sun has also announced the release of their very own RX viral machine, Cardano (ADA) also went forward with announcing the release of IELE virtual machine that has been launched today on July 30th.
In the official statement from the team IOHK that came out today, the team has stated that the newly released virtual machine actually represents the extension of the previous test net, also representing the second version of Cardano test net.
The team has also stated that the most recent update will have a major impact on the “financial infrastructure” in general, while developers will be able to utilize smart contract technology as a part of services available on Cardano.
Alongside with the announcement of the new version of Cardano test net, the team on the head with Charles Hoskinson added that smart contract technology has become a necessity in the world of blockchain, while Cardano will be able to contribute to the growing digital economy by enabling the transfer of any type of value between two parties that have agreed on the same terms, all without the involvement of third parties, which overall contributes to decentralization while also cutting on costs and time needed for this type of process.
The team IOHK has also addressed their “competitor” platforms that utilize smart contract technology, mentioning Ethereum, NEO and Hyperledger, while claiming that each of these smart contract platforms had reported some serious bugs when it comes to deployment of large-scale decentralized applications, whereas IOHK is working on diminishing these errors with smart contract technology available on Cardano.
To assure these problems are solved, Charles Hoskinson and the IOHK team have developed IELE virtual machine.
Cardano Test Net Update: What IELE Brings to the Table?
IELE is a flattering name referring to the mythological creatures that offered inspiration, the nymphs, and it represents a virtual machine made for the new version of test net, presenting smart contract technology on Cardano blockchain. IOHK has managed to design and launch this project with the help of Runtime Verification, as a product of the previously sealed partnership between the two companies.
This virtual machine is said to have a purpose of translating high-level programming languages into low-level programs so that the smart contracts could be executed while using several languages for translation.
IELE is also said to make the execution and deployment of smart contracts a lot simpler as it is designed not to allow errors and bugs that can be detected in other virtual machines, that way allowing secure utilization of smart contract technology, thus making a massive step forward for Cardano (ADA).
Cardano’s Virtual Machine is using correct-by-construction, which means that it prevents common errors from happening, such as DAO faulty for example.
With the most recent update, Cardano users are now able to use smart contract technology on Cardano test net, while being enabled to use a unique correct-by-construction model that diminishes common errors and bugs found in smart contract execution.
Cardano in the Market
Even though Cardano has surprised ADA community by launching IELE virtual machine that enables easy and simple execution of smart contract technology, it seems that ADA is not doing well in the market as it is seen dropping by over -7% while being traded around 0.15$.
Being ranked as the 8th best currency with nearly 4 billion dollars in its market cap, Cardano is still far from its all-time high of 1.20$, however, Hoskinson, IOHK, Emurgo and team Cardano (ADA) seem to be working full steam on bringing new developments to Cardano test net, which could eventually take ADA to price improvements as a consequence in the following months.