- Cardano’s IOHK Says Marlowe is Much Better Than Ethereum’s Solidity for Decentralized Finance
- Cardano ADA is Gaining Bullish Momentum Against the USD
Cardano News Today – Marlowe is the domain-specific language that will be launched for industry scale with the upcoming Goguen update of the Cardano blockchain. In a recent post, IOHK noted that Marlowe is Much Better for DeFi applications than Solidity, Ethereum’s product. The blog post was published by Professor Simon Thompson, one of the top researchers at IOHK. Marlowe is Cardano’s programming language that was designed specifically for financial contracts. Unlike Ethereum’s Solidity, Marlowe cannot be used for general smart contracts.
Cardano News Today – Is Marlowe Better Than Solidity?
Marlowe is also great for general-purpose blockchain languages and it is perfect for industry scale processing. In Thompson’s words;
“Marlowe is industry-scale. We have built Marlowe contracts based on examples from one of the leading projects for financial smart contracts, the Algorithmic Contract Types Unified Standards (Actus) system. Currently, these and other examples can be seen in the Marlowe Playground, a browser-based environment in which users can create, edit, simulate, and analyze Marlowe contracts, without having to install or pay for anything.”
Marlowe is a DeFi platform that supports direct peer-to-peer lending, CFDs, and other blockchain instruments. While they have already started implementing Marlowe, the implementation will be completed after Goguen is uploaded. As soon as it is completed, Cardano users will be able to execute pre-built, self-written decentralized finance contracts. They will also be able to send cryptocurrencies depending on the terms of the contract. Financial institutions will also be able to use Marlowe for the development and deployment of customized tools for their clients. He continued;
“So that contracts can access values directly from a stock market ‘ticker’ or a popular data feed such as Coinbase. Using the experience gained from developing and building Marlowe on the Cardano platform”.
A while ago, Charles Hoskinson said that Marlowe is going to run on the Cardano blockchain first but they are going to work on making it compatible with other blockchains in the future. Also, it is just going to be one of many DSLs that Cardano intends to create in the future. They may create some for supply chains, accounting, or even insurance. Thompson continued;
“Users can create their DeFi contracts in different ways: they can write them as text, but also use visual programming to create smart contracts by fitting together blocks that represent the different components. Users can also choose from a range of templates and customize them as needed.”
In other news, the Cardano ADA token is gaining bullish momentum against the USD. At the time of writing, the price of the token was $0.097792. This means that it is up by 6.73% against the USD and up by 2.37% against Bitcoin BTC. The trading volume over 24 hours was $751,153,543 and the market capitalization was $3,042,559,097.