Cardano Nears Smart Contract Implementation: Report

Cardano nears a new smart contract implementation as it revealed in a new paper on January 27, in which the firm details how the smart contracts will be implemented in the upcoming Goguen update. Even though the system is unique, its release date is still uncertain in light of Cardano’s history of delays.

The Cardano news show that the Extended UTXO model was mainly designed as an improvement of the Bitcoin UTXO architecture. As you may not know, in Bitcoin, each transaction is based on inputs and outputs as representations of specific amounts of BTC.  Similar to this, the researchers and team behind Cardano is ensuring that even though this model “plays well with the concurrent and distributed nature of blockchains,” it still presents severe limitations to programmability which makes it impractical for most of the smart contracts.

While Cardano nears smart contract implementation, we can also compare it with Ethereum’s account-based ledger. This allows for complex computations but has to introduce a “shared state” which is the collective memory of all transactions and contracts. When referring to ETH’s model, Cardano’s researchers think that it is difficult to secure effectively due to all the complicated code semantics which results in incidents such as the DAO hack.

In order to enable more powerful smart contracts in the UTXO model, the researchers introduced a lot of mechanisms which can split the execution of a smart contract in many transactions.
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Each transaction output will also have a data field, which can contain arbitrary information connected to one specific smart contract. In addition to this, the system ensures that a specific chain of outputs uses the same contract code and a concept called contract continuity.

Cardano’s development is divided into several “eras” within its roadmap – a name they were inspired to give based on the eras in poetry and writing – referring to the famous artists and philosophers. The current era in which Cardano nears a new smart contract implementation is Shelley – while the next one is Goguen, which will focus on smart contracts.

However, the cryptonews from Cardano so far showed that the project is not new to delays. As you know, the CEO Charles Hoskinson in April this year promised that both Shelley and Goguen would be released by the end of the year on mainnet.