IOHK, the tech company specialized in blockchain, cryptocurrency and financial development, recently launched its second Cardano smart contract on the testnet called “IELE.” The news was made public on both IOHK’s blog section and Cardano Foundation’s Twitter page.
IELE can be regarded as a virtual machine designed to execute smart contracts on the Cardano blockchain. Not only will the smart contract offer a secure and efficient financial environment for the platform’s users, but it will also allow them to explore this technology.
IELE made possible by IOHK and Runtime Verification
The virtual machine was developed by IOHK in close collaboration with Runtime Verification. The company’s recently launched smart contract uses the Solidity programming language to automatically execute contracts based on the Cardano blockchain. Runtime Verification has been able to eliminate some bugs that were harming the network.
“Developers will have far better security and performance with smart contracts on Cardano, thanks to our work with Runtime Verification, a very prominent tech research, and development startup. I’m delighted to bring this technology into the industry as everyone benefits when blockchain matures into solid and dependable infrastructure people can trust, without fear of bugs or flaws, ” Charles Hoskinson, IOHK’s CEO and founding member of Ethereum commented.
Why is IELE important
The company claims that IELE fits perfectly in the currently evolving market because it serves as a uniform platform for executing and translating smart contracts from higher-level languages. Another noteworthy feature is the fact that IELE is practically immune to errors usually found in other virtual machines during code execution, as well as the fact that it uses a register-based architecture instead of a classic stack-based one.
Grigore Rosu, CEO of Runtime Verification and professor of Computer Science at UIUC declared: “One of the driving forces behind the initial design of IELE was to facilitate the creation of more reliable and robust smart contracts and to prevent errors in code that can lead to large-scale hacks. IELE was designed from scratch using formal methods, following the same approach we previously used to formalize the KEVM semantics.”