For some time now, the Cardano network has continued to garner a lot of attention because of more and more developers’ interest in the blockchain, which has led to it recording massive growth and becoming a major rival to the Ethereum blockchain.
• Cardano added 72 new smart contracts within the period of December 13th to January 13th to the network via the Plutus platform.
• The Cardano network continues to receive updates as many developers begin to make use of the network, making it a strong competitor to the Ethereum network.
• One of the benefits of Cardano smart contracts is that they are very fast and efficient and do not require the assistance of intermediaries to complete a transaction.
• Cardano smart contracts are usually created by their participants who then employ the help of a developer in programming them onto the Cardano blockchain.
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How Many Smart Contracts Does Cardano have?
Cardano has as many as 969 smart contracts on its network. Previously it was 897, but with the recent addition of 72 smart contracts via the Plutus platform, it rose to 969.
Cardano also has about 2,352 smart contracts introduced into its network, but for now, these contracts are inactive as they are locked into a time-lock contract.
The Cardano network might be constantly growing due to its rapid addition of new smart contracts on its network, but Ethereum remains at the top in this respect, and it would take Cardano quite some time to topple Ethereum from that position.
One major feature that drives developers towards embracing the Cardano network is its smart contracts.
These contracts are programs that are stored on a blockchain, waiting to carry out certain agreements between participants when the preexisting conditions have been met.
It acts automatically without the need for interference from an intermediary, thereby satisfying both participants concerning the agreement.
Cardano seems to be adding new contracts as days go by, as within the short time frame between December 31st and January 22nd, 2022, it has introduced 72 new smart contracts through Plutus, a Cardano-based smart contract platform.
The increasing number of contracts in a short period is a testament to the fact that the Cardano network is surely asserting its dominance in the blockchain industry.
As such, it is only a matter of time before it overthrows Ethereum as the number one blockchain for developers in the crypto market.
How Smart Contracts work
Smart contracts typically follow a line of code made up of conditional statements on a blockchain. When this contract has been put in place, computer networks are on standby ready to execute it once the conditions for its execution have taken place.
Hence, participants are responsible for setting up a smart contract, defining its terms, and giving the go-ahead through computer networks for its execution once those terms are satisfied.
The actions carried out by these networks could vary from disbursing funds to sending information signals, depending on the foundation behind the contract.
Once those actions have taken place and the transactions have been completed, the blockchain will be updated to reflect the new status.
When this happens, the transactions cannot be reversed, nor can they be undone, and only the allowed participants can see the result of the completed transaction.
Bear in mind that smart contracts vary significantly, and sometimes there could be a lot of stipulations bordering on the same conditional statements between participants on how the contract should be executed.
Before creating a smart contract, participants usually determine the rules that govern the blockchain, how they want their data to be represented, and the guidelines to be used for settling disputes.
After this, the smart contract is given to a developer for programming onto the blockchain with specific instructions from the participants on what they want the contract to look like, making it as simple as possible.
The Benefits of Smart Contracts
Smart contracts typically come with a lot of benefits. Below are some of the benefits that are provided by smart contracts:
Speed, efficiency, and accuracy
Speed, efficiency, and accuracy are key attributes of a smart contract because it processes transactions immediately with blitzing speed.
Also, it does not involve any manual processes such as the signing of documents or the like, which makes it very efficient and accurate.
Trust and transparency
Before a smart contract is executed, there is a laid-down agreement between participants as well as secure records of transactions being kept securely on the contract. There is no need for mistrust as everything can be easily accessed by the participants themselves.
Records stored on the blockchain are very difficult to compromise and, as such, would give hackers a very hard time unless they decide to hack the entire chain to compromise a record because the records are interconnected, but this in itself would be time-wasting and wouldn’t be worth the effort at the end of the day.
Smart contracts process all transactions and, as such, do not need the intervention of intermediaries who would only waste time and accompanying fees.
Frequently Asked Questions (FAQs)
How many projects are running on Cardano?
There are a lot of projects running on Cardano, and some of these projects include SundaeSwap, Meld, and ErgoDEX.
Can you build on Cardano?
Yes, you can build on Cardano. If you build on Cardano, you can get your project funded. Every 6 to 8 weeks, projects can be proposed, discussed, and voted on by the Cardano community.
The Cardano network is constantly improving and developing, especially with the ever-increasing number of contracts that are continuously added to the blockchain.
Right now, only the Ethereum network stands above it, and with the pace at which the Cardano network is growing, it may not be outright impossible to see it surpass the Ethereum network.
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