Gerad Moroney, a Project Manager at Input Output Hong Kong [IOHK] gave some details about the upcoming updates on Cardano smart contracts. He explained about a project named Goguen. Gogues is designed to increase the existing capabilities Cardano’s smart contracts. The team will be creating a new computational layer on which the smart contracts will be executed.
There are a lot of innovative features in Goguen, such as:
- Sidechains – Move tokens between blockchains without priority.
- Accounting – Support UTXO and account-based transactions.
- Multi Currency – Multiple cryptocurrencies on a single ledger
- Plutus – General purpose language for writing smart contracts.
- Marlowe- smart contracts language designed for financial transactions
- IELE – Virtual machine [VM] with universal language framework for smart contract transactions.
- End Users – Allow users to execute smart contracts.
- Developers – Tools to develop smart contracts.
At present, the team has completed research in accounting, Multi Currency, and Sidechains. Engineering for Plutus is also completed. They have released the version 1.2 of Marlowe along with its academic paper. The first version of IELE VM has been finished. They are working on a Solidity to IELE translator now. The Ethereum classic client, called, Adapt Mantis produced by IOHK to work with IELE VM and K-EVM has been developed.
During the first Testnet, K-EVM will be released. K-EVM is a stack-based machine which is an executable form of semantics at the Ethereum Virtual Machine. It uses K and K-framework. It allows the developers to understand the practical application of formal semantics by interacting with the virtual machine and executing solidity contracts. The first Testnet will be live on 28th May 2018.
Gerad mentioned that this will certainly help all the developers build better software in future.
The second Testnet is the ELA virtual machine, which is a register-based machine inspired by IELE VM. This also uses K, K-framework. This Testnet helps in comparing the stack-based and register based VMs. The release date for the second Testnet is not confirmed yet.
A blockchain enthusiast commented:
“Dropping that smart contracts update video on a weekend. Lots of work being done here. Crypto doesn’t sleep #ada $ada #cardano”
A Cardano proponent says:
“Brilliant. Simply brilliant! #Cardano team is the most consistent and talented group of people in crypto. A fascinating tech from very smart and methodical people. Charles, you have outdone yourself but I know you got more aces up your sleeve. #Crypt0ManhattanProject $ADA.X”
A Twitterati says:
“Love Cardano’s attitude to investors. I know my #Ada makes progress .”
Fabio, another blockchain enthusiast says:
“@IOHK_Charles if you care to take any suggestions on board. It would be beneficial to also include metrics and criteria for success in the presentation, as well as some sort of RAG status on each epic or milestones in Guogen.”