Runtime Verification (VR), a University of Illinois startup, and IOHK, a block chain research and development company, announced the release of next generation virtual machine for block chain. Notably, the project team has selected the open source, decentralized block-chain technology based smart contract platform Cardano for the deployment of the virtual machine in the following months. Cardano ADA, the token representing the smart contract platform, had appreciated by about 400% to $0.58, in the past week.
IELE’s technology offers superior security and dependability to block chain systems. Further, it decreases vulnerabilities that might lead to hacking. The IELE project, involving RV, students at the University of Illinois and IOHK research and development team, was led by professor Rosu. IELE was developed with high mathematical standards and state-of-the-art programming language theory. To implement the verification of smart contracts, IELE opted for a semantics-first approach.
Once deployed, IELE will serve as a standard lower-level platform for both translating and executing smart contracts from higher level languages. The platform will also enable developing automated techniques which can verify and prove the correctness of smart contracts mathematically. Thus, writing secure smart contracts will be made simple by the platform. Additionally, the platform will also provide a uniform gas model across all languages, creating a standard design format for gas calculations. The project team revealed that IELE was inspired by LLVM, a collection of tools used to create binary machine code. To put it simpler, IELE is basically a variant of LLVM, specifically used to execute smart contracts on the block chain. Once deployed on the Cardano block chain, IELE will optimize ADA transactions.
Professor Rosu said
“we were able to build a next-generation virtual machine that will optimize and secure smart contract interactions, bringing an added level of reliability to advanced blockchain systems. We will continue to build on our achievements to optimize our virtual machine and give it additional real-world use cases.”
Charles Hoskinson, CEO of IOHK, said
“I’m incredibly proud to launch IELE in a partnership between Runtime Verification and IOHK. RV is the leader in its field and has honed its expertise through years working with NASA, Boeing, Toyota, and many others. IELE is game changing when it comes to executing smart contracts. It is highly secure, and its advanced functionality will include backwards compatibility with many programming languages.”
We can expect further appreciation in the price of Cardano ADA token as more smart contracts are deployed on it.