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- Cardano is a DLT and smart contracts platform based on blockchain which is pretty similar to Ethereum.
- Cardano Foundation, have announced the rollout of a new RFP for a new programming language for smart contracts on the Cardano mainnet.
- Charles Hoskinson, CEO of Cardano, in reply to the tweet had announced that smart contracts and native assets will come this year.
Cardano is a DLT and smart contracts platform based on blockchain which is pretty similar to Ethereum. Its native cryptocurrency token is Cardano (ADA). Recently, Cardano Foundation, have announced the rollout of a new RFP (request for proposal) for a new programming language for smart contracts on the Cardano mainnet. They further said that they will select and provide funds to one of the proposals. The last date to submit proposals is by 31st of August.
We’ve rolled out a new RFP for another programming language for smart contracts on #Cardano. We will select and provide grant funding to one or more proposals. Make sure to get your entry in before August 31, 2020. https://t.co/GCYFC5ZcPO#smartcontracts #blockchain
— Cardano Foundation (@Cardano_CF) August 3, 2020
Cardano Has Been Criticised For its High Latency
Nevertheless, Cardano’s mainnet has been criticised several times. Recently, Daniel Larimer, in his tweet, censured Cardano’s protocol for not working for applications other than currency. He added that its confirmation latency takes too long for most of the DeFi applications and isn’t suitable for most use cases. Charles Hoskinson, CEO of Cardano, in reply to the tweet had announced that smart contracts and native assets will come this year. He also mentioned ‘Hydra’ which will help Cardano to process transactions with lower latency than Ethereum, the most dominant DeFi platform.
Smart contracts and Native assets are coming this year, our latency is lower than ethereum's- the dominant DeFi platform (hydra brings it to subsecond) to quote satoshi: I'm sorry, I dont have the time to explain it to you. https://t.co/aej1MS06cz
— Charles Hoskinson (@IOHK_Charles) August 2, 2020
CEO Announces Development of Chain Protocol
The Hydra off chain protocol, which Hoskinson mentioned in his tweet, is expected to increase the scalability of Cardano platform. The required latency and space per node will be much more less. The protocol is suitable for all types of micropayments, insurance contracts and payments which require immediate confirmation such as voting applications. Only a few days ago, Cardano’s much awaited Shelley hard fork went live in which it introduced staking pools and delegations. Hoskinson has informed that the number of registered stake pools has already increased over by 400 and new pools are being added on a daily basis.
Smart Contracts, Native Assets to be Implemented by Year End
Marking the end of the Byron era, following the launch of Shelley hard fork, Cardano will enter the Goguen phase. In this phase, the smart contracts will be introduced as per the CEO, it is estimated to be implemented by the end of the year. Cardano expects to supplant Ethereum as the most successful smart contracts platform. It has been even backed by some analysts who believe that Cardano has the potential to become the second largest DeFi platform.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
