Cardano teases smart contracts with business use cases, DeFi is coming too

The development company behind Cardano, IOHK, has released an update on Cardano’s latest smart contracts.

The estimated roll-out remains the same, but Michael Peyton Jones, Software Engineering Lead, discusses business use cases that raise expectations for the future.

Goguen schedule for the roll out

From the start, Cardano has expressed its intention to make it big. This means building a globally distributed ledger for change makers, innovators and visionaries.

Alonzo, the final phase of the protocol for making smart contracts a reality, is currently a few months away from completion.

We already had Allegra in December to enable token locking and metadata functions. Then there was Mary in March who introduced the ability to create custom tokens. However, the final hurdle in Alonzo has proven to be a bit difficult.

Charles Hoskinson, CEO of IOHK, posted a video two weeks ago that gives an overview of what to expect and when. While some parts of the community have been disappointed with the expected roll-out date, getting it right the first time is a priority.

The IOHK team is currently integrating the Alonzo protocol into the Cardano node and ledger code. Once that’s done, the private test network is expected to be launched in mid-April to early May after the Plutus pioneers, who will be stressing the system, carry out further tests.

QA and user tests will be conducted in May and June, followed by an extra month to allow partners such as exchanges to stay up to date. This sets an August date for the launch of Alonzo.

Cardano’s plan encompasses a global vision

In the meantime, Peyton Jones talked about the broader enterprise applications that aim to solve problems in different industries and how Alonzo will unlock these use cases.

“While multi-asset support enables users to create unique currencies that meet business needs, Alonzo introduces a versatile platform for building smart contracts. For example, it will be possible to work with collectibles, crowdfunding or auctions. “

He mentions opportunities such as using escrow-based decentralized cryptocurrency exchanges (DEX), building complex applications that support centralized stablecoins, and track-and-trace applications for product authenticity within a supply chain.

Retail users don’t need to feel left out, however. Perhaps the most highly anticipated aspect of Alonzo’s coming is DeFi.

OccamRazer is the first DeFi launchpad for the Cardano ecosystem. It describes itself as a decentralized Fundraising vehicle with a full suite of Compliance tools and a feature rich UX.

While the OccamX layer refers to DEX and credit markets.

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