There is going to be a terrible competition between Ethereum (ETH) and Cardano (ADA).
Today, IOHK announced that they have launched the second Cardano Testnet. The Testnet is specifically for the IELE virtual machine (VM) and follows the recently launched KEVM testnet.
The technology is going to make Cardano a competitor to Ethereum, and it may possibly make Ethereum fade out of the blockchain space.
Cardano, in a statement said “the technology is not only an important step on the Cardano roadmap, but also for the industry – in offering robust and reliable financial infrastructure.”
Through the platform, developers have the advantage to develop the smart contracts technology that will be a part and parcel of Cardano. IELE, according to Cardano team is not prone to DAO attack as opposed to Ethereum.
Cardano team, who made known that the technology is superior to Ethereum said:
“IELE is a new virtual machine for the blockchain and its testnet is almost live! Lars Brunjes, Education Director at IOHK, explains the DAO Attack on Ethereum and how the same attack does not work in IELE.”
What is IELE?
IELE is a virtual machine, having attendant low level language which is designed to implement smart contracts on the Cardano blockchain. The technology is an implementation of Runtime Verification and IOHK that provided the fund.
Today, the IELE language and its VM is completed, and now in the process of being integrated into Cardano that will provide a blockchain to store and retrieve data.
Cardano said “while the integration is taking place, developers have the opportunity to use the IELE VM along with the Mallet and Remix Tools to create and execute smart contracts on the IOHK testnet site. You can also start getting a feel for the capabilities of both IELE and its VM – and even learn to write IELE code directly!
IELE is a complete modification of LLVM, the blockchain virtual machine is designed to implement smart contracts on the blockchain. The architecture of IELE and all that revolves around it are of mathematical standards.
It follows a semantics-first approach with verification of smart contracts as a major objective, a blog update on IOHK has said.
Unlike Ethereum Virtual Machine (EVM), that is a stack-based machine, IELE is a register-based machine, like LLVM.
Conclusion: once IELE is fully added to Cardano, it will make the blockchain network a full competitor to Ethereum. With massive technology coming from Cardano, it has the potential of uprooting Ethereum out of the blockchain industry.