Cardano Update: Latest Technical Release Reveals Solid Foundation Being Built

The Cardano Project begins to take shape with the announcement of two testnets alongside major advancements in providing a provably secure Proof of Stake protocol.

The latest version of Cardano's Ouroboros staking algorithm, dubbed Genesis, will allow parties to bootstrap the blockchain form the genesis block.

IOHK, the company responsible for the development of Cardano, has been invited to present Ouroboros at Eurocypt 2018 in order to share their findings with the wider cryptography community and gain insight by allowing the community to assist the project through the process of academic peer review.

This process fits in line with the team's goal of enabling development of the network within the accepted academic framework, an endeavor that distinguishes Cardano from the rest of the market.

Cardano also recently announced the release of two testnet for the platform in the form of K-EVM and IELE. Firstly, K-EVM defines the formal semantics of the Ethereum Virtual Machine in the K framework.

Secondly, IELE will provide developers with a collection of compiler and toolchain technologies based on the modular principles of LLVM. Much like LLVM, IELE is a register-based virtual machine and operates as the lowest layer of the Cardano Computation Layer.

The two testnets comprise parts of Cardano's project Goguen milestone.

While this most recent announcement lacks detail, expect more information to be revealed soon as Cardano updates their roadmap.

In recent months Cardano had continued to maintain strong support from the market, resulting in consistent supportive positive price action.

The project's audit from trusted third-party software developer FP Complete provided investors with assurance that the chain's development process is being held accountable while listing on Huobi saw Chinese capital flow in via the Beijing based exchange.