Being the pioneer in the smart contract verse of the crypto-ecosystem, Ethereum (ETH) still runs the show when it comes to the contracts. When introduced, they were very much welcome as they are safe, much applicable and hoisted Ethereum’s popularity to the sky as it entered a new generation of coins. But, ex-part of the Ethereum project and founder of the 9th largest coin is working daily to overcome the well cemented smart contract-leader of the verse.
Cardano’s development
Given birth by scientific/philosophical research and principles, the network is quite a new coin in the play. Initiated by one of Ethereum’s cofounder – Charles Hoskinson, it is labelled by many as one of the most promising to choose from and it has set itself a target to become a real rival for Ethereum.
Cardano (ADA) has unveiled the use cases of Marlowe, a domain specific language (DSL) which is targeted at the execution of financial contracts in the style of Peyton Jones among other researchers on blockchains. The Marlowe domain-specic language (DSL), according to IOHK, is modeled as an algebraic type in Haskell, together with an executable small-step semantics.
There’s an excellent case for Marlow entering the financial services sector and becoming a killer app which, in turn, would be a threat to Ethereum’s dominance and could even render current Escrow transactions and services into things of the past.
If the just announced language suited for smart contracts does deliver and make Cardano a better fit than Ethereum to handle them then this goes very well what Mr. Hoskinson mentioned way back about the position and who should lead the coins. The co-founder did mentioned that he does target to overcome Ethereum in about a year.
“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”
Last the team behind Cardano announced Icarus as they explained it:
“A reference implementation for a lightweight wallet developed by the IOHK…. Icarus is a fully open source code base that will be the first step in a range of open source initiatives to provide developers with a suite of tools for Cardano.”