Cardano [ADA]’s first Testnet launched – drops by 27%

The much-awaited KEVM Testnet for Cardano has been released a few hours ago. K-EVM is a stack-based machine which is an executable form of semantics at the Ethereum Virtual Machine [EVM]. This is the first ever Cardano smart contracts corrected by an EVM, specified in the K framework.

Tweet by IOHK:

“First Cardano smart contracts testnet launches today, the KEVM testnet. This is the first time that a complete formal semantics of the EVM have been produced and important first in cryptocurrency that is a step towards building 3rd generation blockchains:  // “

Charles Hoskinson, the CEO of Cardano tweeted:

“Yo Dog, I heard you like smart contracts? So we put smart contract in your smart contracts on a blockchain Cardano CL’s first testnet has been released”

All the developers are allowed to take any application that runs on EVM and test it on KEVM to prove the complete working of the smart contracts. The Testnet is executed by specifying the desired property from the contract in K and combining the contract with the KEVM specification. Further, the K framework can be used to verify all the existing properties.

The technology is produced by Runtime Verification with the support of IOHK.  IOHK claims that this is an important step towards the promise of third-generation blockchains.

A Reddit user says:

what they care about is moon, and they think every update will take them there”

Dennison Collard, a Twitterati says:

Why is there so little attention given to this project?  It’s literally the only one worth anything”

Matt Stanislaw, a cryptocurrency enthusiast says:

“To the best cryptocurrency within 12 months…run it Cardano #Ada to the moon…#HODL

The next Cardano test is scheduled in the month of July, which is a new virtual machine called IELE. IELE will give the developers the leverage to write, compile and execute smart contracts, with improved security and performance compared to the KEVM Testnet.

Cardano's drop in the 15-minute chart

Cardano’s drop in the 15-minute chart

The entire cryptocurrency market is witnessing a bearish downside at press time with all the coins bleeding red. Cardano [ADA] is currently ranked at the 8th position and trading at $0.182 with a market cap of $4.7 billion. The coin has declined by 27.17% in the past 7 days and is the biggest loser among the top 20 cryptocurrencies in the market.

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