Cardano, a blockchain platform that has been gaining popularity in recent years, has announced plans to deploy 1,000 smart contracts on its network by 2023. This move is seen as a direct challenge to Ethereum, which is currently the leading platform for smart contracts.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They allow for the automation of complex processes and transactions, making them faster, cheaper, and more secure than traditional contracts.
Ethereum has been the dominant player in the smart contract space since its launch in 2015. However, Cardano has been gaining ground in recent years due to its unique approach to blockchain technology.
Cardano was created by Charles Hoskinson, one of the co-founders of Ethereum. Hoskinson left Ethereum in 2014 due to disagreements over the direction of the project and went on to create Cardano in 2015.
Cardano uses a proof-of-stake consensus algorithm, which is seen as more energy-efficient and secure than Ethereum’s proof-of-work algorithm. It also uses a layered architecture that separates the ledger from the computation layer, allowing for greater scalability and flexibility.
Cardano’s plans to deploy 1,000 smart contracts by 2023 are part of its larger roadmap, which aims to make the platform more accessible and user-friendly. The platform is currently in its third phase, known as Goguen, which focuses on smart contract functionality.
The deployment of 1,000 smart contracts would be a significant milestone for Cardano and would put it on par with Ethereum in terms of smart contract capabilities. It would also open up new opportunities for developers and businesses looking to build decentralized applications (dApps) on the platform.
Cardano’s move into the smart contract space is seen as a positive development for the blockchain industry as a whole. Competition between platforms is healthy and can lead to innovation and improvements in technology.
However, it remains to be seen whether Cardano can truly compete with Ethereum in the smart contract space. Ethereum has a large and established developer community, as well as a wide range of dApps already built on its platform.
Nevertheless, Cardano’s unique approach to blockchain technology and its commitment to scalability and sustainability make it a platform to watch in the coming years. The deployment of 1,000 smart contracts by 2023 will be a key test of its capabilities and potential as a competitor to Ethereum.
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- Source: https://zephyrnet.com/cardano-gears-up-to-catch-ethereum-as-it-deploys-1k-smart-contracts-in-2023/