How are Cardano and its Marlowe Project Planning to Disrupt Financial Smart Contracting?
Cardano has decided to unveil the different use cases of Marlowe, its domain specific language (DSL) that has been modeled as an algebraic type in Haskell.
It is important to mention that Marlowe is a language that can be used in the finance industry and it is expected to execute financial smart contracts. With this language, Cardano (ADA) will have a strong representation in the finance industry, specifically in some transactions in which escrow is needed.
For example, banking institutions would be able to execute a contract and perform obligations that are related to escrow without any problems. According to a paper released by IOHK, Marlowe could be embedded in another language in order to make it easier to write smart contracts.
In order for Marlowe to work, users need to know contracts will behave once they are deployed to the blockchain network.
The post about Marlowe reads:
“For Marlowe to be usable in practice, users need to be able to understand how contracts will behave once deployed to the blockchain, but without doing the deployment. We can do that by simulating their behaviour off-chain, interactively stepping through the evaluation of a contact in a browser.”
Cardano is expanding and that can be seen in the latest developments that are being implemented. At the same time, there is a growing number of applications and possibilities associated with Cardano.
At the moment of writing, Cardano (ADA) is the 9th most important virtual currency and has a market capitalization of $2.43 billion dollars. Its market cap is currently $2.43 billion dollars.