The new Marlowe suite of products will allow users to deploy and execute DeFi peer-to-peer contracts efficiently. IOHK will launch the tool once they activate Smart Contracts in the Cardano blockchain.
IOHK, the Blockchain solutions developer behind Cardano, is preparing to launch a range of financial products based on Marlowe's Smart Contract construction tool.
Similar to Plutus, Marlowe enables the creation of Smart Contracts on the Cardano network. As such, it is a simple tool aimed at non-programmers interested in creating software code and products. Marlowe was first launched in 2018 and made it easy for inexperienced people to build Smart Contracts that run on Cardano.
Now, with the long-awaited arrival of Smart Contracts at Cardano, its technology development team is gearing up to roll out a suite of Marlowe tools aimed at democratizing finance and enabling easy access to decentralized financial deals.
Cardano is in the middle of its "Alonzo" update, which everyone expects to be complete by the end of August and finally activate the Smart Contracts functionality on the network.
Cardano to offer a range of DeFi products
The Cardano platform will soon provide tools for developers, end-users, and businesses to execute Smart Contracts on financial deals through a new suite of products.
"With Marlowe, our goal is to democratize finance by facilitating peer-to-peer deals that run on a blockchain. We seek to empower people to create their financial instruments and establish agreements with anyone they want to interact with," wrote Shruti Appiah, product manager at IOHK, in a post.
Marlowe will offer a product suite designed to serve a specific role and a particular user group. Marlowe's product strategy encompasses three streams: for developers, end-users, and enterprises.
The product suite includes Marlowe Build and Marlowe Play for developers, through which programmers can build and test Smart Contracts, respectively. Then there is Marlowe Run for end-users to execute financial deals on the Blockchain using open-source customizable templates.
The project's final idea is that users can create their decentralized finance (DeFi) products within the Cardano Blockchain. IOHK is committed to offering this suite of products to the Marlowe ecosystem that empowers people worldwide to create, control, and execute their financial instruments on their terms.
DeFi is coming as soon as Smart Contracts.
In the post, the IOHK representative explained that the decentralized nature of DeFi provides much more democratic access to financial instruments, resistant to tampering.
"With additional automation capabilities and no third-party requirement, this peer-to-peer solution will be cost-effective and, more importantly, democratize access to Smart Contracts," Appiah added.
The IOHK team anticipated that they would roll out its Marlowe end-user product in stages this year. First up will be Marlowe Run, which allows inexperienced users to use customizable DeFi Smart Contract templates. Marlowe for enterprise and Marlowe for developers will then be rolled out, expanding DeFi beyond individual users.
"As part of the Goguen launch, we are now in the process of completing the Marlowe implementation on Cardano, allowing users and organizations to execute DeFi contracts that they have written or downloaded from a contract repository."
Perhaps the most exciting thing about the development is that, although Marlowe will run first on the Cardano Blockchain, it will be independent of that Blockchain. In the future, it could also run on other Blockchain networks.
Plutus is a strictly typed, purely functional programming language used to define Smart Contracts in Cardano. Its syntax is very similar to Haskell's.
Haskell is a multi-purpose standardized programming language, functionally pure, with non-strict, lazy evaluation, and strong static typing. Its name is due to the American logician Haskell Curry due to his contribution to the lambda calculus, which significantly influences language.
Plutus is a tool that provides a general-purpose programming language and a set of elements under the Cardano blockchain. To do this, the IOHK programmers combined aspects of the Haskell functional language with Cardano. In this way, they created a platform on which developers can write their Smart Contracts, characterized by being very safe and structured.
IOHK (the developer behind Cardano) made available easy-to-use test space for the design of Smart Contracts with Plutus, based on a Blockchain emulator called Plutus Playground. As a result, interested parties will familiarize themselves and develop their first exploratory contracts quickly and safely and deployed on the Cardano blockchain network.
Plutus Playground, a testbed for Plutus, is now ready and fully integrated with the Cardano testnet. You will then implement contracts that you write to Playground on Cardano's blockchain settlement layer. The Contracts you develop on Plutus Playground use the same programming language and library interfaces as those implemented on the Cardano mainnet.
Plutus provides an execution platform and functional programming language that runs on Cardano's settlement layer and offers considerable security benefits. It provides an easier and more robust way to prove that your Smart Contracts are correct and that they will not find the old Smart Contract language design problems. By using it, the user can trust the proper execution of their Smart Contracts.