Cardano (ADA) Founder Says Its New Smart Contacts are a “Blessing” for the Fintech Sector

Earlier this week, a representative for IOHK, a blockchain R&D firm, announced that his company had just released two brand-new tools to help foster and create novel smart contracts for the Cardano blockchain.

The dApps are called Plutus and Marlowe. They were launched for the first time earlier this month during the PlutusFest conference that took place in Edinburgh, Scotland. To further elaborate on the usability of these new tools, we can see that Plutus and Marlowe will allow start-ups as well as independent developers to devise blockchain contracts quite seamlessly.

More About The dApps

In its core essence, Plutus has been designed to provide users with a general programming language that brings together the usability of Haskell with the ADA network. Not only that, the folks over at IOHK have also provided users with an easy-to-use exploratory development and testing environment for Plutus contracts.

Similarly, Marlowe is essentially a protocol that helps market analysts generate automated code that can be used to create software products. If that wasn't enough, Marlowe also comes pre-built with its very own web-based testbed called ‘Meadow’.

In regards to the matter, Charles Hoskinson of Cardano said that by introducing Marlowe and Plutus, ADA users will now be able to facilitate near instant global transfers as well hold rental deposits in escrow.

“As an example: The escrow mechanism allows Party 1 to deposit the money into a contract, in a way that the money will only be released when two out of three participants agree on whether Party 2 has indeed given Party 1 the item. The escrow participant (Party 3) is supposed to be a neutral third party that decides in case of dispute. This way if Party 1 and Party 2 are honest, they will just agree on the result of the transaction and Party 3 will not need to do anything. If Party 1 and Party 2 disagree, Party 3 will be able to choose whether the money must go to Party 1 or to Party 2.”

Final Take

In rounding out this article, it is worth mentioning that the first PlutusFest was hosted by the Edinburgh Blockchain Technology Laboratory at the University of Edinburgh.

The department was created early last year as a result of an increased interest in crypto and blockchain technology from people all over the globe.

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