Smart contracts have been in the crypto space for quite some time, having recently debuted in Cardano. With the rise of decentralized financing (DFI), smart contracts have become more important for the industry as a whole. This is because they need to create the protocol on which these decentralized applications (DApps) run. As they have gained popularity, smart contract platforms like Etherium and Solana have recorded great success with them.
Cardano has been working to bring smart contracts to his network for some time, and on September 12, that dream came true with the final launch of the Alonzo Hard Fork Combinator (HFC). The advent of smart contract capabilities in networks was widely celebrated in the industry. But now, founder Charles Hoskinson doesn’t believe the term Cardano actually judges what it does.
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Disagreement with the term smart deal comes later One user mentioned that what Cardano does is actually very different from smart deals. The user, K_KtorZ_, noted that the network deviates from what smart contract platforms do, referring to the network as “essential.”
Compared to existing smart-contract platforms, Cardano takes a much different path. Recently, we’ve seen a lot of discussions about “Concurrency Issues” and “EUTXO vs. Accounts.” Although equally expressive, Cardano’s programmability is different and atypical.
– KtorZ (_KtorZ_) September 18, 2021
Cardano is not a smart deal
Hoskinson posted a tweet in which he agreed with the user that the term smart deal does not do justice to what the platform does. Agree instead that a new term is required instead of a smart contract to describe the capabilities of the network. The new term that the founder agrees with is the programmable verifier. Agree with the user that it indicates, this term better describes Cardano’s programmability.
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Matthias gets it right. Programmable validity instead of smart contract https://t.co/8VVESJ8MYU
– Charles Hoskinson (IOHK_Charles) September 19, 2021
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Explaining further, the user mentioned that unlike existing platforms like Ethereum and Solana, no one can simply place a smart deal in Cardano. “Instead, verifiers are specified by hash before their use, and they are published after activation,” the user said. This means that verifiers do not create anything on the network. What they actually do is “just verify.”
Towards the end, KtorZ explained that the term “smart contract” seemed to be an incomplete term. “I would prefer more specific terms like ‘on-chain validator’ and ‘off-chain code’. If anything, the ‘smart-validator’ already sounds a lot better to me, ”they added.
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