Market Price Continues Slow Slide: Cardano (ADA) Launches Virtual Machine on Testnet

Cardano (ADA) has completed another milestone by launching the testnet version of its proprietary virtual machine IELE, which allows testing smart contracts before releasing them to the mainnet.

So far, the Cardano protocol has worked only as a simple blockchain, still being away from the goal of launching distributed apps. While Cardano was yet another project conceived as a competitor to Ethereum, the Ethereum network remains the preferred one, seen as the golden standard for smart contracts, and is the one running the handful of distributed apps available on the market.

The IELE virtual machine has its own low-level programming language, designed specifically to work with the Cardano blockchain to create safe and correct smart contracts.

“Smart contracts offer a significant benefit to many businesses looking to optimize their operations. Many industries – including automotive, supply chain, real estate and healthcare – are investing in research to understand how this technology can make their businesses more competitive,” IOHK, the company behind Cardano, wrote in a recent blog.

The Cardano project was involved in minor controversy, as Charles Hoskinson heavily criticized the EOS project. Later, he left Twitter, after an argument with the Metamask Twitter account:

In the past weeks, the ADA digital asset has been losing value, despite the return of optimism to crypto markets. ADA trading has been mostly confined to Binance, but even on this one exchange, enthusiasm has waned. The share of Tether (USDT) trading is consistently high at above 34% but has not helped support the prices.

ADA has traded at around $0.14, on a slow slide in the past weeks, and in the past day started sliding again around 12:00 UTC.

Despite the technical advances, Cardano has been lagging in terms of market price, leaving the community waiting for a price breakthrough. Like many platforms, the Cardano project is seen as potentially repeating the performance of Ethereum, but also NEO and QTUM. However, the price of ADA remains depressed, though still higher than the post-ICO lows around $0.03.

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