Cardano Rust Project Cryptocurrency and Smart ContractsOctober 6, 2018
The Cardano team describes “a toolbox of Cardano’s cryptographic primitives for third-party developers written in the Rust programming language”
Cardano (ADA) has a market cap of $2.11 billion. “Can Cardano (ADA) emerge as the leading digital currency in the crypto space?” This is the quest of investors who are looking to diversify their investments in crypto.
Cardano Rust Project (ADA) provides with an architectural foundation layer in the smart contract protocol, which makes it a leader with respect to the safety and security of smart contracts. The network is divided into many layers. The security level is high, and the processes for security are carried out in independent layers.
M-Pesa is the top player on record in the current trend. Of note, M-Pesa is the leading mobile money service in the world. They have solved several issues faced by digital currency issuers in the market. While the blockchain technology of Cardano has a lot of potentials; however, the question is whether they will evolve to be the market leader.
Cardano Rust Project is expected to improve the reach of ADA. Charles Hoskinson explains how they are trying to be relevant to suit the current trend.
According to Haskinson, “Rust being the first kind of open source blockchain project is focusing on expanding the reach of the technology underlying Cardano.” This underlying technology is what they will be using to expand their base of third-party developers.
The community of Rust is very vast. They are looking to open their blockchain project to Rust developers with little or no coding ability at all.
Cardano during its first anniversary stated, “The foundation is looking to open up the blockchain project to a vast community who are least exposed to Haskell.” Haskell is a purely a functional programming language with strong static typing catering to high-level generalizable functions.” It is general purpose and has non-strict semantics.
The core objective of Cardano is to become the go place for those looking for a smart contracting platform. However, it’s still under the bootstrap stage. It is currently in the Byron phase. Before the real value proposition filters through the ADA, it will take a while.
The success of the Rust will help make the platform communal and independent. The CSL (Cardano Settlement Layer) is a proof of concept and Ouroboros is the core. Byron has been coded from scratch by making use of the Haskell programming. It is the first version of CSL.
The errors in logic and coding can be checked with formal verification. This will be done before deployment in smart contracts.