Cardano on Coinbase?


IOHK, the company hired to develop the Cardano project, recently announced that they have launched a new testnet for the KEVM, which means smart contract capability on Cardano is just around the corner.

The KEVM is the result of a lot of hard work on the part of Grigore Rosu and his team at Runtime Verification, the company contracted by IOHK to develop a system based on formal semantics.  Rosu has already built mission critical software systems for major industry players like NASA and Boeing, and now he has applied his own technology to blockchain for the first time.  The result is something very special.

Rosu applied his K framework to study and formally model the semantics of the EVM, the “virtual computer” that all Ethereum code runs on.  That model, in turn, has been used as a base for developing IELE, which is planned for testnet phase July 30.

Grigore said: “We designed IELE from scratch as a formal specification using K and generated the VM automatically from the specification. Therefore, there is nothing to prove about the VM in terms of correctness, because it is correct-by-construction.” He added: “We retrospectively analysed the EVM specification which we defined previously, and looked at all our attempts to verify smart contracts with it and then stepped back to think how should have a virtual machine been designed to overcome all those problems. We came up with IELE. This is an LLVM-like VM for the blockchain. For me as the designer of K, this is a hugely important milestone, and is the first time a real language has been defined in K and its implementation automatically generated.”   –source

As noted on , the development phase is quickly moving into wide scale testing.

We are launching a testnet version of IELE on the Ethereum Mantis client so that developers and the wider community can test and evaluate our implementation of smart contracts. The aim of the testnet release is to receive feedback on the IELE virtual machine and smart contract functionality. A specific toolset to support developers will be provided with this testnet launch.

The availability of a testnet will enable developers to test smart contracts and familiarise themselves with how they work before deploying them to the mainnet. This private test network can be used to test out code and discover any integration issues early on. Feedback can be gathered on usability to help us to make improvements where required at an early stage.


Meanwhile, as if on cue, Coinbase today sent out this tweet:

The price of ADA jumped 13% in an hour on the news before traders sought to lock in short term profits.  Not bad for an hour’s work.

We like to keep a long term outlook during these events, and remind our newcomers that volatility can be your friend, if you have patience and foresight.  Cardano is one of my favourite projects, and a long term hold for me, at these levels I am accumulating more.


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