Charles Hoskinson on new smart contract tools for Cardano blockchain
A leading blockchain research and development firm, IOHK, recently announced two new tools for writing smart contracts for the Cardano blockchain. Founder of the blockchain, Charles Hoskinson explained how it will turn out to be a boon for Fintech.
The apps known as Plutus and Marlowe have already been launched in test format. These are powerful tools which will be helping fintech industries, financial services and academia that would be running on Cardano.
In a recent interview with CCN, Charles Hoskinson explained that the Marlow app helps in providing global fund transfers instantly for business and to increase transparency it also enables the holding of rental deposits in escrow.
He explained, “As an example: The escrow mechanism allows Party 1 to deposit the money into a contract, in a way that the money will only be released when two out of three participants agree on whether Party 2 has indeed given Party 1 the item. The escrow participant (Party 3) is supposed to be a neutral third party that decides in case of dispute.”
Hoskinson further added, “This way if Party 1 and Party 2 are honest, they will just agree on the result of the transaction and Party 3 will not need to do anything. If Party 1 and Party 2 disagree, Party 3 will be able to choose whether the money must go to Party 1 or to Party 2.”
On the other hand, Plutus will be providing a general purpose programming language and tools for Cardano. Reportedly, the scientists and engineers of IOHK have combined the ADA network with the Haskell functional language’s discipline. The purpose behind this is to create a platform for the fintech developers in order to write robust and secure smart contracts.
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