Cardano Is All Set To Release A New Suite for Smart contracts and Decentralized Finance

The support for smart contracts will soon be much easier with the help of a new build suite by Input Output Hong Kong.

The latest announcement of suite to be released by the parent company of Cardano blockchain will cement that network will maintain a strong position in the expanding industry of DeFi. The latest suite build is called Marlowe. One significant purpose of the Marlowe suite is to assist p2p monetary agreements, allowing  Cardano to develop smart contracts after the functionality is added to the network.

The alpha testing of the suite began the previous year and presently the team feels the suite is ready for the launch which can be released along with the Goguen update. However, the immediate problem that Cardano’s team need to address is to launch Alonzo allowing smart contract execution in Cardano.

Cardano all set for the launch of Alonzo

IOHK has assured all preparations are now done and dusted for the launch of the Alonzo test net in the initial alpha testing phase. The launch will be carried out in different stages, every single stage having coloured names accordingly. The launch will start from June till September.

The team were working on Alonzo along with Shelley phase. The release of Shelly introduced more functionality to Cardano’s tokenomics as a switch was made to the Proof-of-stake algorithm.

The smart contract execution marks a vital development for Cardano as pairing along with the Goguen update would be a step in the right direction for the network. Shelley decentralized the foundation of the framework and Goguen adding the possibility of developing DApps on Cardano.

What is the latest suite developed by IOHK?

The latest suite named Marlowe will allow the ability to execute smart contracts on Cardano’s blockchain. Which has endless possibilities including the Non-Fungible Tokens marketplace, games, transaction condition, identity tracking systems, etc.

The suite will serve 3 various fronts: enterprises, Developers and end-users. The developers will be given 3 various products each with its essence including development, testing of smart contracts and open-source library for construction of new apps.

The End-users product will automatically build smart contracts along with non-technical descriptions for end user ease. Lastly, the enterprise-focused product will mainly focus on utilizing Algorithmic contract kind standards for monetary contracts.

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