Cardano to Revolutionize the DeFi Industry with New Platform and Metadata for Transactions
Sarah Tran Oct 30, 2020 08:46
As Cardano’s rollout of its Goguen update is coming soon, IOHK has recently presented the latest developments of the network.
As Cardano’s rollout of its Goguen update is coming soon, Input Output HK (IOHK) has recently presented the latest developments of the network. IOHK, the blockchain engineering company behind the Cardano network, recently announced that one of the most important features is the implementation of metadata for transactions. Cardano founder and CEO of IOHK, Charles Hoskinson also made a video update regarding the latest developments of the rollout of Goguen.
What is Marlowe?
Charles Hoskinson recently released a video update regarding Cardano’s transformation into the Goguen era, explaining that one of the major developments is the Marlowe Project for the decentralized finance (DeFi) industry.
According to Hoskinson, the platform has incorporated the research and development of the last twenty years in a range of areas, and has marked an important milestone. Marlowe enables peer-to-peer loans, and contracts for difference (CFDs). The Marlowe project will be completed once the Goguen era is ready.
Marlowe marks a significant milestone for the protocol, as it is an entry point for millions of people and companies from different industries on how to build a Domain Specific Language (DSL).
As Cardano is in progress of transforming into a fully decentralized network, users on the Marlowe platform will be able to launch ready made templates of DeFi contracts and digital assets and transfer the terms of the contracts on the platform.
Metadata for transactions
The volume of financial cryptocurrency operations are steadily increasing, therefore the access to immutable data is crucial, especially when it comes to wealth management. Cardano’s blockchain enables the maintenance of permanent records of processed transactions, ensuring that the financial activity on the blockchain is transparent and auditable.
To enable more accountability and visibility of the financial processes on the blockchain, Cardano aims to add transaction metadata, to add additional information including sender and receiver details, conditions, and time of processing.
The supply chain industry has seen a lot of new development with the use of blockchain, and metadata can be applied for uses in the industry as well. IOHK’s latest blog read:
“One of the most prominent uses for metadata is in a supply chain. Supply chain involves parties such as factories, customers, suppliers, and delivery services. To enable efficient data tracking, participants must provide confirmation of services that are interlinked, and these must be accessible by everyone for verification. In this case, metadata can provide a complete picture of supply chain processes with fixed recorded data on the blockchain ledger. This grants transparency, immutability, and trust for all stakeholders.”
Metada refers to the context, content, and structure of records, to generate trust with permanent data attestation on the blockchain. For Cardano, a third-generation blockchain, Cardano’s transaction size is around 16KB, which is substantially higher than earlier blockchains that supported 40 to 80 bytes of metadata.
Image source: Shutterstock
