Cardano’s Next Upgrade to Introduce Smart Contract Support

2021-4-15 21:46

Cardano’s next upgrade Alonzo will introduce smart contract support to the blockchain. Alonzo will use the Plutus platform to establish the infrastructure and tools for smart contract development.

Last week, Cardano (ADA) founder Charles Hoskinson laid out the roadmap for his blockchain’s development until 2025. He mentioned that with the final Voltaire update, the Cardano ecosystem would operate as a self-sufficient system.

Before that happens, several steps need to take place first. The next update expected is the Alonzo upgrade. This will introduce smart contract support to the blockchain.

The Plutus platform

In an IOHK blog post, the development of Alonzo was described utilizing the Plutus platform. The platform will provide a native smart contract language for the Cardano blockchain.

According to the post, Plutus requires understanding three concepts. The first is the Extended UTXO. Next is the Plutus Core, the on-chain part of Plutus. Finally, there is the Plutus Application Framework (PAF). PAF is the off-chain part of Plutus that enables interaction with smart contracts. 

Like Bitcoin (BTC), Cardano uses the unspent (U) transaction (TX) output (O) accounting model (UTXO). According to the post:

“EUTXO extends the UTXO model by allowing output addresses to contain complex logic to decide which transactions can unlock them, and by adding custom data to all outputs.”

This way, the validity of a transaction can be checked off-chain, before the transaction is sent to the blockchain.

To implement EUTXO, it is necessary to clearly define the terms script and data, which is what Plutus Core provides. Plutus Core scripts will be executed by nodes during transaction validation “live” on the chain.

However, the writer of a Plutus application also needs to consider the off-chain part that builds and submits transactions. PAF then provides easy access to services Plutus applications commonly use.

NFTs on Cardano

The content of the post is rather technical. However, it did give an example of what these components will be able to enable for Cardano. The Mary hard fork introduced in February, introduced native tokens to the blockchain. Theoretically, users can now make NFTs on Cardano, albeit rather awkwardly.

With the deployment of the Plutus platform, users will ostensibly be able to write minting policies. As the post explains, “during minting or burning, the Plutus Core policy script will be executed in the context of the minting or burning transaction, and the script will have to approve or forbid the action.”

By creating more complex minting policies, this should apparently further the growth of NFTs on Cardano. 

The post Cardano’s Next Upgrade to Introduce Smart Contract Support appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Cryptsy Mining Contract (MN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MN

smart contract cardano introduce alonzo upgrade support

Источник: beincrypto.com

smart contract → Результатов: 126


RatingToken Discovers 12,000 Identical Smart Contracts Deployed by One Ethereum Address

The Ethereum ecosystem has attracted many developers and companies over the years. Its native smart contracts have proven to be of great value in unlocking new and interesting use cases. For some reason, there has been a rather steep surge in Ethereum smart contract production over the past few days. Some of this activity seems […]

2018-7-26 20:00


Gemstra ICO

Gemstra is building a blockchain-integrated ecosystem (ASTRA Platform) and token economy (GMS Token) to unlock social selling to the entire retail market. ASTRA is a smart contract platform. It leverages blockchain technology to put data back in the hands of sellers and enable retailers (called "Merchants" in the Gemstra ecosystem) and brands from the $24 trillion global retail economy to join social selling.

2018-7-24 22:18


Covee Network ICO

Covee is building a global, borderless and collaborative future of work where smart contract replace middlemen like corporations and team governance is self-organized and decentralized. Using the blockchain technology and advanced mechanism design, the platform insures fair reward distribution and establishes a trusted environment for remote collaboration.

2018-7-24 15:57


Фото:

When Smart Contracts Act Stupid: Is Your ICO Smart Contract Safe & Secure?

The potential inherent in smart contracts is immense. The nascent technology may be used for identity verification, secure data sharing, and for the management of tokens and raised funds in an initial coin offering/token sale – but just how clever are your smart contracts? The Ethereum network boasts more than 1500 decentralized applications (dApps), all of which make use of smart contracts to accomplish a wide variety of tasks.

2018-7-24 03:00


Block.One Releases EOSIO Version 1.1.0 Targeted at Scalability, EOS Price up Nearly 3 Percent

Enterprise blockchain, smart contract, and Dapp platform EOS has upgraded its EOSIO open-source blockchain software to version EOSIO 1. 1. 0 to achieve better scalability and performance. The new release, announced July 20, 2018, also focuses on a better usability experience for developers looking to build on the EOS platform “laying a foundation for more scalable application… The post Block.

2018-7-22 01:46


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Unknown entity drains $11.2m in liquidity via SafeMoon deployer contract

On-chain tracking alarms about unusual $11.2 million transactions linked to a modified SafeMoon deployer contract, coinciding with the project’s bankruptcy proceedings. According to an X post published by Cyvers Alerts, an unidentified entity made changes to SafeMoon‘s deployer contract, enabling…