Cardano ADA releases highly-anticipated Testnet

Earlier today, Cardano ADA release the much-anticipated K-EVM Testnet.

Although the launch is good news for the project, values for Cardano have fallen hard.

In the last week, Cardano ADA has shed 27 percent from its price.

According to the announcement from the Cardano team, K-EVM 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.

“The KEVM is a correct by construction version of the Ethereum Virtual Machine (EVM) specified in the K framework.

“This technology, produced by Runtime Verification with the support of IOHK, is the first time that a complete formal semantics of the EVM has been produced.

“This is an important first in cryptocurrency that is a necessary step towards the promise of third-generation blockchains.

“Developers will be able to take any application that runs on the EVM and execute it on the KEVM, which can also be used to rigorously prove that smart contracts work correctly.

“This is done by formally specifying a contract’s desired properties in K, combining the contract with the KEVM specification, and then using the K framework to verify those properties.”

Cardano ADA Testnet garners a mixed response

IOHK, the development team behind the Cardano ADA blockchain, said in a tweet:

“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: “

The CEO of Cardano, Charles Hoskinson, 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”

Shortly after the launch, values of Cardano ADA seemed to plummet.

News of the launch seems to garner a mixed response from crypto enthusiasts.

One Reddit felt the update was underwhelming, saying:

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

A Twitter user, Dennison Collard, says Cardano ADA deserves more attention:

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

One cryptocurrency enthusiast, Matt Stanislaw, predicts big things for the future of the project, saying:

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

Cardano’s smart contracts

Cardano’s next scheduled test is due in July, which is for IELE; a new virtual machine.

IELE gives developers the leverage to write, compile and execute smart contracts.

The update will give improved security and performance over the KEVM Testnet.

Cardano ADA Launches First Testnet, Price Drops 27 Percent

Despite the launch, prices for Cardano ADA fell sharply.

Currently ranked the 8th largest crypto my market cap, Cardano ADA trading at $0.181 with a market cap of $4.7 billion.

In the past seven days, the coin has fallen by 27.17 percent and is the biggest loser among the top 20 digital assets.