Posted 2 months ago | by Catoshi Nakamoto
Smart contracts on Cardano are right around the corner. I know we’ve been hearing that for a while, but development teams have breezed through every step in the rollout process and we are now approaching the completion phase. Everyone might not realize it yet, but this is a very exciting time for the industry, because Cardano will be giving the builders in this space new tools to take blockchain technology to the next level.
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In this video, we’re going to be covering some of the most recent updates happening with Cardano, and taking a look at some of the superior technology that this blockchain will be offering.
But before we really jump into things I want to remind you that the best Cardano staking pool on the planet, the Bitpool, is up and running. You can stake your ADA with us to make those sweet profits. Click the link in the description to find instructions on how to stake your Cardano with the BitSquad.
Amy Arnott from the 244 billion dollar asset management group, Morningstar says that she thinks Cardano will be one of the Big Three in crypto for the foreseeable future. Being in Ole-Fi , Amy wants to see a Cardano ETF just like the rest of the world. Probably not gonna happen anytime soon Amy, just buy ADA. The SEC can barely understand the difference between crypto asset and a security let alone the value of an ADA ETF. Maybe they could if Elizabeth Warren would stop autistically screeching about Bitcoin while ignoring the massive transfer of wealth that happened during 2020 that has robbed the middle class of their wealth and lined the pockets of mega corporations….oh wait…where was I. Oh right. That’s your weekly reminder that the Whales are watching ADA.
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In his most recent warm and sunny livestream, Cardano founder Charles Hoskinson said that he was confident smart contracts would be ready by sometime in August or September, as long as there are no major bugs that need to be fixed along the way. He was actually bold enough to say that he doesn’t anticipate any more delays because things have been running so smoothly on the testnet so far. Uh oh. Last week, IOHK, Cardano’s main development office, announced that the “White” phase in the Alonzo hardfork had already been completed. This is the phase of the testnet where activity was strictly limited to core infrastructure developers. Next, Cardano will be entering Alonzo’s “Purple” phase, which will allow stake pool operators and app developers to begin building on the network. Hopefully, this part of the process won’t take any longer than two months, but even if there is a small delay, we are now in the final phases of the launch of smart contracts on Cardano, which is probably one of the most anticipated crypto events of this cycle.
Real Quick. What is Cardano City? If anyone watching knows…please give us a scoop. It looks awesome. This cryptic twitter account popped up out of nowhere and posted a single photo of what looks to be Charles Hoskinson smoking a cigar while jacked into the matrix. I’ll take the red pill please…
Plutus, Cardano’s smart contract platform, promises to be safer and more functional than solidity, the programming language that was specifically designed for Ethereum. The developers who are choosing Cardano say that Plutus is more secure because it runs on the Haskel programming language, which has been in use since the late 1990s and has seen steady development ever since, giving programmers plenty of time to work out bugs and patch vulnerabilities.
This means that Cardano is building their network on a strong foundation that has already been battle-tested through years of use in the wild.
On a more technical level, Plutus is a bit easier for coders to work with because the Haskel language can be cleaner. Programmers can use simple scripts to build their code. For example, a+b-c is a coding format that could be used with Plutus. This wouldn’t work with Solidity. Instead, coders would need to enter in a script that looked more like “a.add(b).sub(c).”
This can get unnecessarily inconvenient for developers, especially when they are working with large programs and applications. Solidity has made a lot of things possible, but it has also been heavily criticized by developers who have found it to have many flaws.
While it has yet to be proven, some developers also believe that Plutus smart contracts will be more resistant to MEV, which stands for Maximum Extractable Value. The term was previously Miner Extractable Value, but now that blockchains are growing and evolving, miners are no longer the only insiders in these ecosystems, so the definition was expanded to include other participants who might have opportunities to exploit the system. MEV is basically when miners or stake pool operators are able to frontrun users and take a cut of their trades because they can reorder transactions and decide which block is validated next. It is possible that we could see less of this behavior on Cardano because the gas mechanics work much differently, but we shouldn’t get our hopes up just yet, MEV is a very complex problem and it has been very difficult for developers to eliminate. Some blockchain experts even say that MEV will always exist in one form or another, but it will be interesting to see if Cardano’s unique programming language presents any challenges for the greedy frontrunners that have been digging into our pockets.
In addition to their revolutionary blockchain infrastructure, Cardano has also made significant progress on the application layer as well. NFT platforms are already starting to launch on Cardano and they are not just carbon copies of the storefronts that we have seen on other networks.
This week, Wolfram Blockchain Labs, one of Cardano’s partners, announced that they would be hosting a “Liveminting” NFT event. The team is also calling this idea “experiential NFTs”.
Liveminting is creating NFTs in front of an online audience in real time, as a way of creating a memorable event and recording it on the blockchain. This makes minting more of a public event, instead of something that is only seen by the owner or creator. There are a ton of different use-cases for this that can be something as simple as a birthday card, or as big as a sporting event.
Critics will say that other smart-contract platforms have had a head start, or that Cardano is late to the party because it has taken so many years to fully launch, but what if they’re thinking about it all wrong? What if Cardano’s network ends up gaining an advantage because its developers have had extra time in the lab, where they were able to observe the mistakes and breakthroughs that were happening in the industry. The first-movers in the space ran up against plenty of obstacles early on, and they have spent years trying to rework their systems through a frustrating process of trial and error. Ethereum has gathered a dominant network effect because of its first-to-market advantage, but if Cardano is able to launch with a more functional blockchain, that head start might not matter so much in the end.
With all that being said, there is no reason to take a maximalist viewpoint here. This industry will likely grow into a network of cooperating blockchains that will be completely interoperable, and the connections will be so seamless that they will be invisible to the average user. There is no doubt in my mind that Cardano and Ethereum will both be industry leaders for many years to come, which is why I always say, don’t sell your Cardano, don’t sell your Ethereum, and don’t sell your Bitcoin.
Cardano believes in a multichain future too. That’s why developers are building an easy converter for ERC-20 tokens and bridges to multiple other chains. Last month, it was announced that a bridge would also be built between Cardano and Nervos, a blockchain that is specifically built for interoperability between blockchains. Last week, Nervos posted an update on the bridge, saying that a few small tests needed to be completed before the bridge can be used by the public. If you can’t wait for my next Cardano update for more news, be sure to tune in to the next Cardano 360 event on July 29th. That’s where some of the big names in the Cardano ecosystem will be sharing some new details about the progress that’s been made during development.
But that’s all I got, be blessed. BitBoy Out!