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Cardano [ADA]’s smart contract updates by IOHK

Laira Rebecca

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Cardano [ADA]’s smart contract updates by IOHK
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Gerad Moroney, a Project Manager at Input Output Hong Kong [IOHK] gave some details about the upcoming updates on Cardano smart contracts. He explained about a project named Goguen. Gogues is designed to increase the existing capabilities Cardano’s smart contracts. The team will be creating a new computational layer on which the smart contracts will be executed.

There are a lot of innovative features in Goguen, such as:

  • Sidechains – Move tokens between blockchains without priority.
  • Accounting – Support UTXO and account-based transactions.
  • Multi Currency – Multiple cryptocurrencies on a single ledger
  • Plutus – General purpose language for writing smart contracts.
  • Marlowe- smart contracts language designed for financial transactions
  • IELE – Virtual machine [VM] with universal language framework for smart contract transactions.
  • End Users – Allow users to execute smart contracts.
  • Developers – Tools to develop smart contracts.

At present, the team has completed research in accounting, Multi Currency, and Sidechains. Engineering for Plutus is also completed. They have released the version 1.2 of Marlowe along with its academic paper. The first version of IELE VM has been finished. They are working on a Solidity to IELE translator now. The Ethereum classic client, called, Adapt Mantis produced by IOHK to work with IELE VM and K-EVM has been developed.

During the first Testnet, K-EVM will be released. K-EVM is a stack-based machine which is an executable form of semantics at the Ethereum Virtual Machine. It uses K and K-framework. It allows the developers to understand the practical application of formal semantics by interacting with the virtual machine and executing solidity contracts. The first Testnet will be live on 28th May 2018.

Gerad mentioned that this will certainly help all the developers build better software in future.

The second Testnet is the ELA virtual machine, which is a register-based machine inspired by IELE VM. This also uses K, K-framework. This Testnet helps in comparing the stack-based and register based VMs. The release date for the second Testnet is not confirmed yet.

A blockchain enthusiast commented:

“Dropping that smart contracts update video on a weekend. Lots of work being done here. Crypto doesn’t sleep #ada $ada #cardano

A Cardano proponent says:



Brilliant. Simply brilliant! #Cardano team is the most consistent and talented group of people in crypto. A fascinating tech from very smart and methodical people. Charles, you have outdone yourself but I know you got more aces up your sleeve. #Crypt0ManhattanProject $ADA.X

A Twitterati says:

Love Cardano’s attitude to investors. I know my #Ada makes progress .”

Fabio, another blockchain enthusiast says:

@IOHK_Charles if you care to take any suggestions on board. It would be beneficial to also include metrics and criteria for success in the presentation, as well as some sort of RAG status on each epic or milestones in Guogen.”





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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