Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed
September 21 2021 - 7:00PM
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Smart contracts have been in the crypto space for quite a while
now, most recently debuting on Cardano. With the rise of
decentralized finance (DeFi), smart contracts have become even more
important to the entire industry. This is because they are required
to build the protocols on which these decentralized applications
(DApps) run on. As they have grown in popularity, smart contracts
platforms like Ethereum and Solana have recorded great success with
them. Cardano has been working on bringing smart contracts to its
network for a while and on September 12th, that dream became a
reality with the final launch of the Alonzo Hard Fork Combinator
(HFC). The arrival of smart contracts capability on the network was
widely celebrated in the industry. But now, Founder Charles
Hoskinson does not believe the term does justice to what Cardano
actually does. Related Reading | Why The Hydra Layer 2
Solution Is Important To The Cardano Network The disagreement with
the term smart contracts comes after a user pointed out that what
Cardano does is actually very different from smart contracts. The
user, @_KtorZ_, pointed out that the network deviates from what
established smart contracts platforms do, referring to the network
as “atypical.” Compared to most existing smart-contract platforms,
Cardano takes a much different road. Recently, we've seen a lot of
discussions going on about "concurrency issues" and "EUTXO vs
accounts". While equally expressive, Cardano programmability is
different and atypical. — KtorZ (@_KtorZ_) September 18, 2021
Cardano Does Not Have Smart Contracts Hoskinson posted a tweet
wherein he agreed with the user pointing out that the term smart
contracts do not do justice to what the platform does. Instead
agreeing that a new term is needed instead of smart contracts to
describe the network’s capabilities. This new term which the
founder had agreed with is programmable validators. Agreeing with
the user who pointed it out, this term better describes Cardano’s
programmability. Related Reading | Cardano Founder Charles
Hoskinson Says He Wants To Eliminate The Need For CEOs And
Presidents Matthias gets it absolutely right. Programmable
validators instead of smart contracts https://t.co/8VVESJ8MYU —
Charles Hoskinson (@IOHK_Charles) September 19, 2021 ADA price
falls to $2.1 range | Source: ADUSD on TradingView.com Explaining
further, the user pointed out that unlike existing platforms like
Ethereum and Solana, one could not just deploy a smart contract on
Cardano. “Instead, validators are implicitly referred to by hashes
prior to their use, and they are disclosed upon activation,” the
user said. Meaning that the validators do not produce anything on
the network. All they actually do is “just validate.” In closing,
KtorZ explained that the term “smart contracts” felt like an
imprecise term. “I’d prefer more specific terms such as ‘on-chain
validators’ and ‘off-chain code.’ If anything, ‘smart-validators’
sounds already much better to me,” they added. Featured image from
Coingape, chart from TradingView.com
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