IOHK, the company behind the blockchain development Cardano, has announced the launch of a suite of products that will ensure that the network is fit for the growing ecosystem of DeFi.
The “Marlowe” upgrade is explicitly designed to facilitate peer-to-peer financial agreements, enabling the development of Cardano smart contracts once this functionality is implemented on the blockchain.
Marlowe started its alpha phase last year (2020), and according to Mr. Shruti Appiah, Product Manager at IOHK, the team is now ready to launch the group along with the upgrade of “Goguen”.
But first, the Cardano development team must ensure the release of the “Alonzo” update.
This update will allow for the first time the implementation of smart contracts on the Cardano blockchain.
What awaits Cardano ADA next month?
According to the latest IOHK announcement, everything is now ready for the Alonzo upgrade test version, in the early alpha case.
The upgrade will be rolled out in phases, which will be implemented periodically every month, starting from next month in June until its full release on the main network scheduled for September 2021.
The Cardano development team was working on this upgrade even while they were developing the “Chile” stage.
Chile’s promotion was an important milestone for Cardano.
It determined the switch to the Proof of Quota consensus algorithm and its formal initiation.
According to the roadmap , implementation of the smart contract will be Cardano’s most important development to date:
With the integration of smart contracts, the “Goguen” era represents an important step forward and increasing the capacity of the Cardano network.
At a time when the era of “Chile” decentralized the core of the system, “Goguen” added the ability to build decentralized applications (DApps).
Each major upgrade and update in the Cardano project is called the era and is named after scientists specializing in mathematics and algorithms …
What is “Marlowe”?
Marlowe is a set of tools that will enable the execution of smart contracts on the Cardano blockchain.
This update will allow implementation of DeFi decentralized financing protocols and all kinds of new products such as games, NFT markets, identity tracking systems, transaction adaptation, etc.
As the image above shows, Marlowe serves three different fronts: developers, end users, and organizations
The developers will have three different products:
- Marlowe Build: which will allow the development of smart contracts.
- Marlowe Play: which will allow testing in safe conditions.
- Marlowe Library: which will allow updates to be launched in an open library for smart contracts to facilitate the development of new applications.
End-users will have a “Marlowe Run”, which will automatically develop smart contracts with an extensive library of templates.
Finally, IOHK has also developed a product for institutional use, focusing on the use of standardized financial algorithm contract types.
Will the price of ADA be affected?
The encrypted digital currency ADA currently ranks fifth in terms of total market capitalization at $ 1.57 and a total value of $ 48.8 billion.
The update referred to in the article presentation, which will start tentatively next month, to be officially activated in September 2021, will affect and increase the uses of the ADA digital currency, as is the case now with ETH in Ethereum.
The demand for the currency increases when it is desired to run smart contracts, participate in decentralized applications, or use one of the decentralized financing protocols, not to mention the payment of fees in the same currency.