Cardano to launch smart contract model lying between Ethereum and Bitcoin

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With new smart contracts in 2021, the Cardano network reached a watershed moment. Charles Hoskinson, the creator of IOHK, feels that the new year will be critical in building the company’s decentralized application (dApp) architecture.

In a video on dApps and development, he set out an ambitious vision for Cardano this year. The network’s growth over the next six to nine months, according to Hoskinson, would be completely keen on growing Cardano’s dApp ecosystem.

This will be accomplished through the Cardano Improvement Ideas, a series of almost 22 community-driven network upgrade proposals expected to launch in 2022. During the video, Hoskinson designed an extended UTXO (eUTXO) smart contract mechanism for Cardano smart contracts.

He also compared Bitcoin’s UTXO paradigm, which creates smart contracts using the functional language Forth, and the extremely expressive Ethereum Virtual Machine (EVM) smart contracts. This was meant to imply that Cardano was attempting to strike a balance between the two by developing an eUTXO model that would remove the EVM’s unneeded features while keeping the functionality of Bitcoin.

The chief also stated that he expects the work on the eUTXO to be completed by October of this year.

In the meantime, Hoskinson discussed the other CIPs pending deployment in a recent video, many of which are targeted at further preparing Cardano for its evolution into a full-fledged dApp network. For example, the Cardano dApp-Wallet Web Bridge (CIP-30) will establish a web page-based communication bridge that will enable dApps to communicate with Cardano wallets.

According to Hoskinson, a dozen Cardano projects are in the works to launch on the Cardano network in the first quarter of 2022. Following its first DEX MueseliSwap, the network made its debut on DeFi TVL aggregator DeFiLlama. The network finally established itself as a serious rival in the DeFi arena.

These advancements come after the network has been chastised for its lack of visible development activity over the last few months. Cardano, it turns out, will be the most developed network on Github in 2021, according to Santiment, with over 140,000 development events taking place over that period.

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