Cardano Smart Contracts

Cardano released the smart contracts on the 12th of September, as part of the Alonzo hard fork upgrade, from the Goguen era. Smart contracts are nothing but digital representations of contracts. With the launch of smart contracts, Cardano enters into tough competition with the leader Ethereum.

The only difference between the Cardano smart contracts than that of Ethereum currently, is ETH works on PoW and ADA on PoS. And as ADA works on PoS, it requires a minimum number of validators to be online, unlike the PoW where it requires huge resources. However, Ethereum is also in a process of its migration from PoW to PoS and once done, experts expect a reduction in ETH gas fees too.

The upgrade did receive backlash over the use of the Haskell programming language. However, the platform has seen over a hundred smart contracts running within 24-hours of its release, and many projects are lined up boom on Cardano blockchain. Hopefully, the adoption will only increase in the time to come.