EP025 - Building on Cardano with Smart Contracts

September 14, 2021

The time has finally arrived for the era of smart contracts on Cardano.

It has been a long time coming with years of research and development and a slow and methodical rollout of the new layer of the Cardano blockchain.

Many harsh critics have commented on Caradno for not having the ability to run and execute smart contracts. That narrative has now changed from not having any developers or decentralised applications to being only able to have 1 transaction per 20 seconds.

At the time of writing the show notes for this podcast episode, there is just a huge amount of activity happening on the Cardano blockchain. Everything from stable coins, decentralised exchanges all the way to various NFTs and their related use cases to oracles and decentralised finance protocols.

In this episode, we'll be looking at a few highlight projects that are building on Cardano, how smart contracts are done and how they differ from other blockchains and what the future might look like when it comes to smart contract development.

In this week's interview, Chris Swenor, the CEO and co-founder of Reach.sh, joins me to talk about their blockchain development language, Reach. It is used to write blockchain agnostic smart contact on multiple different blockchains. It minimises the amount of code required and takes out almost all of the headaches required when it comes to the development, auditing and deployment of your code.

Who is Building on Cardano

Compared to the beginning of the year, the activity in the Cardano ecosystem has increased significantly. So many more projects have started building on Cardano, for the Cardano ecosystem or are moving their projects over to Cardano.

A great source of projects in the ecosystem is Project Catalyst. As part of the governance layer of Cardano, there are several challenges set in place every few months with large amounts of funds available for projects to iterate, evolved and developed in the ecosystem. At the moment there are challenges such as the "Developer Ecosystem" which has $1,005,000 USD

If you want to have an idea of who is building on Cardano, that is the first place to look. Unfortunately, you have to log into the website on IdeaScale to be able to see any of the project proposals but at least it is a centralised place where you can see projects.

A more public source of projects is Trading with Paul's BuildingOnCardano.com website. This site showcases various projects that have been submitted and checked by the team managing the website.

A nice way to see everything at a glance is with an infographic produced by @cardains_

May 26th 2021
August 31st 2021

This infographic isn't even accurate with various projects that I'm aware of that are not included in the current graphic.

If you want to learn more about some of the projects, we have done plenty of interviews with some of them over the past few months as they have been launching their marketing and development plans.

One interesting project that isn't on the list is ADAHandle, this allows you to claim a handle or username to be able to accept ADA. Instead of providing a long wallet address, you will be able to provide a short human-readable handle that will translate into a wallet address and allow for transfers to the handle instead of a lengthy was llet address. at the moment you can reserve your handle.

The Team at 5iveBinaries were the first to execute a smart contract on Cardano.

In a recent tweet, we've also seen the execution of NFT traded by a smart contract on testnet.

Successful smart contract trade on testnet

We have also seen the first NFT created by a smart contract on mainnet

How Are Smart Contract Written and How the Differ from Other Blockchains

Ethereum uses solidity as its smart contract language. Solidity is designed to be similar to JavaScript, a common web programming language to help reduce the learning curve for new developers. It allows the onboarding of developers easily to the ecosystem. Any good Javascript developer can easily pick up Solidity and start developing smart contracts for Ethereum and Binance Smart Chain.   

Cardano uses Plutus which is built on Haskell for its smart contracts. Haskell is a functional programming language. As opposed to the more commonly used imperative language, a functional language combines coding with advanced mathematics.

Did you know that Facebook implements its anti-spam programs in Haskell, maintaining the underlying data access library as open-source software?

Now, this is a double-edged sword.

Utilizing the functional approach allows you to mathematically prove to an extremely high degree of accuracy if a code has any flaws or not (aka formal verification). The learning curve is high.

If you're interested in programming on Plutus, I'd recommend starting with the Plutus pioneers program.

This course will take you through the necessary overview of smart contracts on Cardano with Plutus and take you to the point of being able to write a simple swap contract to build a decentralised exchange.

How to Write a Cardano Smart Contract with Reach

Chris mentions that he's actually been in the Cardano ecosystem from the very early days.

Next Week's Episode on Cardano NFT and the Evolution of NFTs

Comments

Leave a Reply

Your email address will not be published.

EP042 - Cardano ADA News Update from May 27th, 2022

May 27, 2022

This week I look at a few updates from the Cardano community. More projects are delivering new tooling along with new partnerships. Watch the Video If you prefer YouTube, you can watch it all on our channel. Project Catalyst Fund 9 is coming up Register for the upcoming town hall events. dcSpark Release Carp dcSpark […]

EP041 - Free Crypto Airdrops, Token Distributions & Initial Stake Pool Offerings

May 27, 2022

There are many projects launching, building and running through their marketing campaigns at the moment and as a result, many are releasing their utility and governance tokens to the ecosystem. This is our chance to pick up some of these tokens and participate on their platforms. Indigo Protocol Airdrop What's the currently proposed 3-round token […]

EP040 - Seedstars Accelerator & Pitch Competition

May 27, 2022

Seedstars in collaboration with the Financial Times Talent (FT Talent), Project Catalyst and Cardano are holding a pitch competition to gather the best of the best projects working in emerging markets around the world. Projects at any stage of development will be able to get their ideas and concepts in front of the Seedstars group […]

New Cardano ISPOs for April 2022

April 22, 2022

Every few months there are more and more Initial Stake Pool Offerings (ISPOs) that are starting up in the Cardano ecosystem. This unique funding method allows projects to raise the necessary funds required to build their projects while allowing for a relatively safe and risk free way to participate in the ecosystem. Genius X ISPO […]

How to Compound Your VyFinance Rewards from NFT & Token Staking

April 15, 2022

Compounding your rewards on the VyFinance (VyFi) platform can earn your more rewards compared to simply leaving your rewards unattended. Compound interests is a powerful invention. Harvesting Rewards & Compounding Returns on VyFinance Did you remember to harvest your rewards on the VyFinance platform? I totally forgot! All of my NFTs had matured and were […]

Happy Cardano Stake Pool Registration Day to ADAOZ and Our First Year of Operation

February 21, 2022

One year ago today, I decided to open up a Cardano stake pool and I've ended up down a rabbit hole that I did not expect. My expectation was to simply start a pool, write a handful of articles about the pool and staking and watch the delegation come in. That was far from the […]

Choose a Wallet

Get Started

Delegate with the Daedalus Wallet

  • Download the Daedalus app
  • Create/select your wallet
  • Select Delegation Centre -> Stake pools
  • Search for our stake pool ticker: ADAOZ
  • Select to delegate
daedalous wallet

Delegate with the Yoroi Wallet

  • Download the Yoroi app
  • Create/select your wallet
  • Select Delegation Centre -> Stake pools
  • Search for our Stake pool ticker: ADAOZ
  • Select to delegate
Yoroi wallet

Delegate with the Nami Wallet

  • Download the Nami Wallet extension
  • Create/select your wallet
  • Send funds to your wallet
  • Click DELEGATE WITH NAMI Button on our website
Nami Wallet

Stay Up to Date

DISCLAIMER: The information on this site may contain errors or mistakes, please do your own research. Unofficial Cardano website.
Past performance is not indicative of future results. Any investment in blockchain assets involves the risk of loss of part or all of your investment. The value of the blockchain assets you exchange is subject to market and other investment risks.
Copyright © CardaNode Australian Cardano Stake Pool. - Designed & developed by PB Web Development
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram