IOHK, the company behind the Cardano blockchain development, has announced the launch of a suite of products that will ensure that the network is suitable for the growing DeFi ecosystem.

The Marlowe upgrade is explicitly designed to facilitate peer-to-peer financial agreements, enabling the development of Cardano smart contracts once this functionality is implemented on the blockchain.

Marlowe started its alpha stage last year (2020), According to For Shruti Appiah, Product Manager at IOHK, the team is now ready to launch the range along with the Goguen upgrade.

But first, Cardano’s development team must ensure the release of the Alonzo update.

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This update will allow for the first time to implement smart contracts on the Cardano blockchain.

What awaits ADA Cardano next month?

According to the recent IOHK announcement, everything is now ready for the Alonzo upgrade test release, i.e. in early Alpha condition.

The upgrade will be rolled out in phases, which will be carried out periodically every month, starting next month in June until its full release on the mainnet scheduled for September 2021.

The Cardano development team was working on this upgrade even while they were developing the Shelly phase.

Shelly’s promotion was an important milestone for Cardano.

It specified the switch to the Proof of Stake consensus algorithm and its official launch.

According for the roadmapSmart contract implementation will be Cardano’s most significant development to date:

With the integration of smart contracts, the Goguen era represents an important step forward and the increased capacity of the Cardano network.

While the Chile era decentralized the core of the system, Goguen added the ability to build decentralized applications (DApps).

Every major upgrade and update in the Cardano project is called the Era, named after mathematicians and algorithms…

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What is “Marlowe”?

“Marlowe” is a set of tools that will enable the implementation of smart contracts on the Cardano blockchain.

This update will allow the implementation of DeFi protocols and all kinds of new products such as games, NFT marketplaces, identity tracking systems, transaction adaptation, etc.

As the image above shows, Marlowe serves three different fronts: developers, end users, and organizations

Developers will have three different products:

• Marlowe Building: Which will allow the development of smart contracts.
• Marlowe play: Which will allow the tests in safe conditions.
• Marlowe Library: Which will allow updates to be released into an open library of smart contracts to facilitate the development of new applications.

End users will have a “Marlowe Run,” which will automatically develop smart contracts with an extensive library of templates.

Finally, IOHK has also developed a product for institutional use, focused on the use of standardized standards for financial algorithmic contract types.

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Will the price of the ADA digital currency be affected?

The ADA cryptocurrency is currently ranked fifth in terms of total market capitalization at $1.57 and a total value of $48.8 billion.

The update referred to in the article presentation, which will start beta next month, to be officially activated in September 2021, will affect and increase the uses of the digital currency ADA, as is the case now with ETH in Ethereum.

The demand for the currency increases when you want to run smart contracts, participate in decentralized applications, or use one of the decentralized financing protocols, not to mention paying fees in the same currency.

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