The first day with smart contract capability was a good one for Cardano, it reports.
Cardano’s recent upgrade to give it smart contract functionality allows developers the ability to create apps on it. Within the first 24 hours, the platform saw more than 100 smart contracts run on the network, with its first decentralized application also already deployed.
Blockchain is set to play a pivotal role in the future of applications, with 61 per cent of software developers deeming it a game changer. By building dApps on the blockchain, developers minimize the security compromises of traditional apps, which live on a central server/ They instead utilize the security of a global network of thousands of linked computers.
Until now development was limited by high costs and energy inefficiencies which see the largest blockchain platforms using the energy equivalent of entire countries. As a result, implementing blockchain for smaller enterprises has often not been a truly viable option without having to compromise on sustainability goals or business costs.
Cardano uses a transaction verification mechanism they say makes the whole network four million times more efficient than Bitcoin, using the energy equivalent of a family home. Its ability to accurately predict transaction costs also provides price predictability and stability, which allows developers to build applications without risking lost transactions or unexpectedly high costs.
In April Cardano parent company IOHK moved to provide five million teachers and students in Ethiopia with instantly verifiable IDs, facilitating better lesson planning, monitoring of student progress, and allowing the government to be better sighted of future workforce planning needs and gaps. For students, it also allows them to share verifiable qualification details with employers.
IOHK also pioneered a novel solution which allows the creation of NFTs on Cardano without the need for smart contracts, which has led to 780,436 NFTs created to date. In addition, the company has created Catalyst, a blockchain innovation fund. Catalyst incentivizes and funds innovative projects to support the Cardano blockchain and ecosystem. Catalyst has already funded 90 projects with a total of $5 million, a treasury worth in excess of $1.5 billion and an engaged community topping 35,000.
In a statement IOHK said it spent six years in research and development, which included close to 100 peer-reviewed scientific papers, in order to create a blockchain which could finally live up to the promises of the technology and address the long-standing problems involving cost, environmental stability, security, and scalability, creating a blockchain able to meet the needs of the global population.
“This upgrade is the culmination of six years of incredibly hard work with some of the brightest minds in blockchain and beyond,” IOHK CEO Charles Hoskinson said. “The focus is now on improving the platform further, and ensuring that Cardano is adopted by corporations and governments. With this launch, commercialization is as much in the hands of the community as it is the system architects, and they are already delivering – in less than 24 hours, over 100 smart contracts have already been run on the network.
“Building this blockchain has been the most difficult and meaningful work of my career. This time next year, there will be useful, and in some cases, life-changing, decentralized applications running on the system which will transform the lives of millions to billions of people throughout the next decade. This is also a triumph for science. We set out to build Cardano using a first-principles approach, asking fundamental questions, publishing academic papers and following the peer review process. That diligent approach has delivered the world’s most robust, advanced blockchain, designed to underpin the world’s systems for everyone everywhere.”
Five Binaries ran the first smart contract on Cardano. Its founder is bullish on Cardano.
“Cardano has always stood out for its focus on the fundamentals; it considers a problem from different angles before implementing the solution,” Marek Mahut said. “This is what makes smart contracts so exciting. Safety and scalability are major features for any developer. Cardano’s accounting technology, eUTXO, provides a novel approach, which makes writing secure smart contracts easier. I’m proud to have made the first execution of a smart contract on the Cardano mainnet, and am excited to see how the capabilities unfold as updates continue to roll out.”
IOHK will be discussing planned upgrades and improvements to smart contract functionality during the Cardano Summit Sept 25-26. The summit will explore IOHK’s plans to ensure Cardano fulfils its potential to act as an operating system for industries, supply chains and governments, as well as discussing the scientific research underpinning the platform. Speakers will include Sheila Warren, global executive, World Economic Forum; Gillian Tett, editor-at-large, Financial Times; and Misan Harriman, chair of the Southbank Centre. They will discuss such topics as CBDCs and interoperability, NFTs and climate change.