Earlier in January, IOHK (Input Output Hong Kong) founder Charles Hoskinson had spoken about the possible implementation of smart contract facility in Cardano, roughly in Q4 2018.
In this regard, Gerad Morroney, a project manager at IOHK, provided an update regarding Cardano’s smart contract facility, which will be built as a part of a project named Goguen.
The project has been designed to boost the existing capabilities of Cardano (ADA). The team is planning to create an additional computational layer on which smart contracts will be executed.
The features that will be implemented by Goguen project is as follows:
• Sidechains – would enable moving tokens between blockchains without priority.
• Plutus – General purpose language for writing smart contracts.
• Marlowe – smart contracts language designed for financial transactions
• Multi Currency – facilitate multiple cryptocurrencies on a single ledger
• Accounting – will support UTXO and account-based transactions.
• IELE – a Virtual machine [VM] with universal language framework for smart contract transactions.
• Developers – Tools to develop smart contracts.
• End Users – Allow users to execute smart contracts.
Presently, the Cardano team has finished research in sidechains, multicurrency, and accounting. Work related to Plutus is also completed. Furthermore, the team has released the version 1.2 of Marlowe as well as its academic paper. Solidity to IELE translator is being worked, while the first version of IELE VM has been finished. Notably, Adapt Mantis, the Ethereum Classic client built by IOHK to work with K- EVM, a stack-based machine, and IELE VM is also being developed.
K-EVM will be released when the first testnet goes live on May 28. K-EVM enables developers to understand the practical application of formal semantics by interacting with VM (virtual machine) and executing solidity contracts.