Cardano (ADA)’s First Ever Smart Contract Is Live With KEVM Testnet
Cardano (ADA) is in the midst of semi-resurgence if we can call it that. On the day when most crypto assets are heaving a sigh of relief on the hour, ADA is blazing through the 24-hour charts with a +10% price gain. In the hour-to-hour price watch, Cardano is +3% up.
AD/USD is now trading at $0.198 and could be over 20 cents within hours. Even though the movement doesn’t have a major support base, it’s expected that recent optimism could see it make short-term gains.
If you’ve been following keenly on Cardano, then you know about the level of expectation its community have placed in the project. The IOHK led team has consistently promised to make the platform the top go-to network, something that is essential to driving its value higher.
That came in quick succession over the last few hours. First, it was the Cardano v1.2 release and then the KEVM smart contracts testnet. To the latter, the Cardano Foundation simply tweeted:
“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”- Cardano Foundation
One step closer
One of the many blots on the Cardano CV has been a lack of any live products on its blockchain. However, after months of dedicated work, the IOHK team has released the KEVM testnet. This puts the platform one step closer to realizing the third-generation promise.
Smart contracts offer a platform the versatility that is essential to explore numerous ideas and opportunities in blockchain technology. It’s a cause for optimism that the crypto could be gearing for a foray into the world of dApps, potentially making the platform embark on a massive growth spree.
It’s a big step forward for the Charles Hoskinson-led team. There’s a lot that is still to be done before we see the first applications. Nevertheless, as their release notes put it:
“This is the first smart contracts testnet for Cardano. Smart contracts must be formally verified, so they run exactly as specified and are free from bugs or flaws. Only then can they be widely adopted as financial infrastructure that can be relied upon by billions of people.”
With the KEVM release, any developer can take an application designed to run on the EVM and deploy it on the KEVM. Similarly, the K framework has been developed to help in ensuring that smart contracts are working correctly.
What the developer does is to specify the properties of the contract in K, and combine that in KEVM. The remaining thing is to verify that those properties are indeed correct.
The release of the KEVM testnet is a vital milestone towards the next big step of launching the IELE product. The current testnet is only one of the earmarked smart contract testnet releases for Cardano. Another very important iteration is the aforementioned IELE.
When launched, it will introduce a new VM designed to take the platform to the next level. It’s expected that the project will launch this coming July.
Meanwhile, work continues on the Cardano v1.2 update release to the MainNet which was accepted at 00.20 AM UTC on Tuesday. The update was to be ready by 12:20 PM UTC. The IOHK team overseeing the upgrade has also updated the platform’s JSON metadata on the website.
This essentially enables users to easily download and install the updated version of the Mainnet.
It appears more is forthcoming for the crypto as the development team looks set to continue revamping the system. The Cardano v1.2 will now pave way for v.1.3 which should be out soon. According to the IOHK and Cardano CEO, the team should begin looking at the next release.
He tweeted today, saying: So you know what we are going to do now that Cardano 1.2 is out? Start getting Cardano 1.3 ready for QA. That boulder ain’t going to push itself up the hill!
As IOHK looks to push Cardano (ADA) hillside, what remains to be seen is whether that will be what finally settles the coin in the top drawer category. Though prices may not spike on the news, the future still has a lot to offer.