Marlowe – a domain specific language or DSL has been unveiled with details by Cardano [blockchain token name ADA]. It is designed to commence financial contracts likewise Peyton Jones. Based on the information released by IOHK foundation [with Charles Hoskinson as CEO], Marlowe is planned as a Haskell algebraic type.
The moment when the language is completed by the team behind the 9th largest coin by market capitalization it will be able to execute smart contracts on the platform. The language will give Cardano a strong representation in the finance industry, especially in areas where escrow is needed. The language will disrupt the finance industry.
Under these circumstances, financial institutions and that-kind service offering entities will be able to run contracts on the network with ease while performing obligations relating to escrow without hurdle.
From the released papers, it is recommended that the user should have full knowledge and the data on how the contracts will act once deployed:
“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 behaviour o-chain, interactively stepping through the evaluation of a contract in a browser.”
The CEO of the network, Mr. Hoskinson has unveiled some projects that the team was working on behind the curtains. While unveiling the secret project, he mentioned Icarus, and what he added to it was Yoroi, which Cardano foundation said has been updated on Cardano’s roadmap.
Many have been wondering what Icarus is. Cardano’s blog referred Icarus as a chrome extension and “a reference implementation for a lightweight wallet developed by the IOHK”.
“Icarus is a fully open source code base that will be the first step in a range of open source initiatives to provide developers with a suite of tools for Cardano.”