IOHK launches Cardano smart contracts testnet for IELE virtual machine
IOHK on Monday launched the second Cardano testnet for IELE virtual machine (VM). The blockchain and cryptocurrency development company earlier launched KEVM testnet in May. IOHK was founded in 2015 by Charles Hoskinson, who also co-founded Ethereum.
The launch of the testnet for IELE virtual machine marks an important step for Cardano roadmap and industry as it aims to offer a robust and reliable financial infrastructure.
It lets developers explore smart contracts technology and receive feedback before they launch their programs on Cadano mainnet.
The purpose of smart contracts
In an business, when there is an exchange of value, the terms of agreements are verified by intermediaries that ensure both the parties are satisfied.
A fraction of transaction goes to the intermediaries for it. A smart contract (self-executing contracts or blockchain contracts) basically cuts down the transaction time by reducing the third party involvement.
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IOHK partners with Runtime Verification to make IELE
IELE (pronounced YELL-eh) has been developed by Runtime Verification and IOHK. It is a virtual machine designed to execute smart contracts on Cardano blockchain.
The company claims it meets the evolving needs of the market because
1. It serves as a uniform and low-level platform for translating and executing smart contracts from higher-level languages.
2. It supports Solidity and provides uniform gas model across all languages.
3. IOHK claims IELE is ‘correct by construction’ as errors found during code execution in other virtual machines are not possible in IELE.
4. It uses a register-based architecture instead of stack-based.
Charles Hoskinson said: “Developers will have far better security and performance with smart contracts on Cardano, thanks to our work with Runtime Verification. I’m delighted to bring this technology into the industry as everyone benefits when blockchain matures into solid and dependable infrastructure people can trust, without fear of bugs or flaws.”
Image via Shutterstock
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