In what has been described as another milestone for Cardano (ADA), the exchange has launched its first Smart Contracts Testnet. The announcement was made by IOHK, the engineering company tasked with designing and developing Cardano technology.
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Moving towards becoming a complete ecosystem
The launch is part of the exchange’s strategic plan to become a complete ecosystem. KEVM Testnet will be Cardano’s first step towards embracing smart contract technology. It is expected to offer an improved user experience with a network with minimal bugs or flaws.
In a statement during the launch, Duncan Coutts a director at IOHK said that the Testnets are coming in a package with each Testnet playing a unique role in making the entire platform stand out among the rest. He announced that the next Testnet will be released by the end of July at a date that will be announced later.
Rushing to beat competition
The Cardano ecosystem is a full project on its own just like NEO, Stellar, QTUM among others. The Cardano ecosystem has been developed so as to attract ICO in its token economy. This may be a hard to attain goal. However, with rumors that South Korea may be considering re-legalizing local ICOs, there is some hope, which may have motivated the launch.
Smart contracts establish a software protocol that allows users to exchange valuable things like shares, property or liquid money. Just like in a traditional contract, parties involved agree to the terms of exchange. The contract is executed on the blockchain.
The Testnet is live and ready to be deployed. Among other functions, the contract will make it very easy to integrate systems. Additionally, it will allow users to view and keep track of any developments instituted on the system as well as make projections of what to expect in the future. The platform will operate using features similar to those of Ethereum Virtual Machine (EVM). It has the capacity to run most of the programs on Ethereum Virtual Machine.
