As per a report published in ethereumworldnews, distributed computing platform, Cardano which runs the blockchain for the Ada cryptocurrency revealed some new use cases of Marlowe, its own domain specific language (DSL). The main target of this language is to execute financial smart contracts. It is a finance industry language, and it resembles the style of some notable blockchain researches, especially that of Peyton Jones.
According to blockchain development firm Input Output Hong Kong (IOHK), Marlowe is composed of applicable small-step interpretations, and it is designed akin to algebraic type in Haskell.
The Cardano community is still working on this new financial language, and it will take some time to develop it. It will be able to process financial smart agreements on its networks once it is fully developed. This language will likely change the finance industry in a significant way. It provides Cardano a solid reputation in the finance industry and particularly in areas where a solid guarantee is needed.
The banks using this language in their blockchain framework will be able to make hassle free transactions while executing better accountability, specially in the cases of insurance settlement. Cardano is confident that Marlowe will become a preferred language of financial transactions in the future. The IOHK announced in a newspaper that for the ease of smart contracting, this financial language might even get installed in another language.
Nevertheless, the publication supposes that Marlowe will only provide benefit to the users practicing it if they have full knowledge about the behavior of the agreements once submitted to the blockchain.
The publication reported, “For Marlowe to be usable in practice, users need to be able to understand how contracts will behave once deployed to the blockchain, but without doing the deployment. We can do that by simulating their behavior o-chain, interactively stepping through the evaluation of a contract in a browser.”
The demands for Cardano tools is constantly increasing and as the blockchain becomes more prominent, there is a high change that it won’t end up in the shadows of this technology. As of now, in the world of virtual currency, Cardano (ADA) is at 9th place with the market capitalization of $2.43 billion. This makes it a strong contender for survival in the crypto world.
The value of one ADA coin at press time is $0.095, which registered a 0.75 percent growth in the past 24 hours. It is important to note that the currency’s resistance level is also $0.095. If it is able to move beyond this point, it could end up in a genuine bullish phase as well. The positive side is that its price also moved above the Fibonacci retracement level by 23.6 percent after the fall in price from the all-time high $0.1119 to $0.0904.