Plutus’ first simple smart contract was successfully executed this week on the AlonzoBlue Cardano testnet. Representatives from the Input Output HK team, behind the development of Cardano’s (ADA) blockchain solutions, are celebrating this ambitious milestone.
This information was released through the company’s Twitter account. The announcement takes into account the latest mid-June development update from IOHK’s Chief Marketing Officer Tim Harrison, Head of Delivery Nigel Hemsley, and Lead of Delivery Dimitris Poulopoulos.
Smart contracts on Plutus
Smart contracts are written in Plutus, a Cardano-specific programming language. Now, the testing of the contracts will go through the AlonzoBlue phase, the first stage of the Alonzo testnet. AlonzoBlue transactions are validated by a limited group of stakeholder group operators and early Cardano (ADA) enthusiasts (‘pioneers’).
The experiments are supported by various external teams. For the next phase of testing, AlonzoWhite is expected to start in July with 500 testers on board. However, all the details of the development of Cardano projects can be reviewed in its “Roadmap”.
What are the first use cases for ADA smart contracts?
The developers also revealed what Cardano’s first smart contract use cases (ADA) are suited for. Even in its early stages, Cardano’s programmatic environment (ADA) addresses a variety of decentralized financial segments.
Namely, they work with decentralized data oracles, decentralized digital asset exchanges (DEX), liquidity and equity funds, lending tools, and stablecoins backed by crypto technology.
As if that were not enough, Cardano (ADA) contracts can host non-fungible tokens (NFT). That gives them an important element, as the popularity of NFTs has only increased in recent times.