Smart contracts & beyond

Yet another smooth delivery from the IOHK team. It was updated today that the Smart contracts upgrade has been confirmed for the mainnet and it is set for launch on the previously-announced date of 12 Sep 2021. 

Monumental, as this will herald a new era of innovation, creativity, interaction, interoperability within Cardano and the larger blockchain sphere at large. 

Bitcoin gave us a new novel way of monetary system and Ethereum introduced smart contracts. Both had pros and cons, and Cardano set out originally to find an original way to amalgamate the pros of both, while keeping the cons as low as possible. Using eUTXO (extended unspent transaction output) model, Cardano is now leading the way with safe, secured and cheap transactions

 

The moment the upgrade proposal was submitted

Charles took a moment to reflect on a previous video, using the Island the Ocean and the Pond as an analogy, before updating further with the current status of smart contracts and what’s beyond

To everyone including those who has been in the ecosystem since inception to new joiners, this and 12 Sep will be a celebratory moment to mark the long-awaited piece of puzzle to get things up and running. As Charles mentioned, it is nowhere near the final stage, rather a beginning to bigger and better things to come. With the launch of smart contracts, parallel functions can now run, from teams working on scaling/ improving transactions vertically (Hydra), to developer support (Cardano stake exchange), to partnering/ onboarding new business, there are plenty of to-do beyond the introduction of smart contracts!  

During the earlier testnet, developers working on DEXes to Defi to Dapps had a controlled environment to run their applications. Whle generally smooth, low-risk issues such as concurrency, single transaction were written and used by maximalists to create FUD. Similar to when Shelley was HF, IOHK and developers published posts to addressed and debunked the misinformation. If you are interested, I have linked some articles and videos below for additional references.

Sundae Swap: Concurrency, State and Cardano

IOHK: No surprises transaction validation on Cardano Part 1

IOHK: No surprises transaction validation on Cardano Part 2

Army of Spies: Much ado about concurrency

Conclusion & Huat thoughts

The future continues to be extremely exciting  and bright for the ecosystem. With smart contracts introduced, Cardano is well poised to work on more parallel issues towards the vision to bank the unbanked. 

Thankful to be a part of this community.

😸

 

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