IOHK Launches Secure Smart Contracts Technology for Cardano blockchain

Plutus and Marlowe allow businesses to create smart contracts for Cardano blockchain

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IOHK is launching powerful tools will enable start-ups, the financial services and fintech industries, and academia to prepare blockchain contracts that will run on Cardano. – Plutus and Marlowe. The two were first launched in test format at the first PlutusFest conference in Edinburgh, Scotland, a public event including academics, business professionals and developers. Plutus provides a general purpose programming language and tools for Cardano.

IOHK CEO Charles Hoskinson said:

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“We’re really excited to release testbeds of Plutus and Marlowe so developers, finance professionals and academics can test how they can use smart contracts on Cardano. Both technologies are a major step forward for the blockchain industry. They have been rigorously designed by a team of leading experts in programming language design, with the aim of reducing the kinds of software bugs that have led to huge losses totalling hundreds of millions of dollars.”

Philip Wadler, the area leader for programming languages at IOHK, said:

“IOHK is unique among cryptocurrency firms for its insistence on basing its development on peer-reviewed research, and one of the few to support rapid and reliable development by using the functional language Haskell. Plutus continues these trends. Where programming Ethereum requires coding in two languages, Solidity for the on-chain code and Javascript for the off-chain parts, and other systems suffer a similar split, Plutus is the only system that provides an integrated language for both, based on Haskell”

“Its core language for on-chain code has been kept extremely simple to make it future-proof and so it supports verification. The core is taken directly from the work of the French logician Jean Yves Girard and the US computing researcher John C Reynolds, who independently invented the same system. We have a crack team of world-leading researchers and developers designing, implementing, and formalising Plutus.”

IOHK’s scientists and engineers have combined the discipline of the Haskell functional language with Cardano to create a platform for fintech developers to write secure and robust smart contracts. IOHK has provided an easy-to-use exploratory development and testing environment for Plutus contracts based on a novel blockchain emulator, called Plutus Playground. These contracts are ready to be deployed to the blockchain itself.

For non-programmers, Marlowe is a simple way to generate code and create software products. It is an easy-to-use tool that enables professionals in the finance industry who have no programming background to build automated financial contracts on the blockchain. Marlowe comes with its own web-based testbed, Meadow.

Potential benefits from applying blockchain technology are massive. Renewing and reviving the infrastructure of the global financial system will bring costs down and allow the emergence of new companies as digital disruptors in financial services and other industries. In financial trading alone, Goldman Sachs, the US investment bank, has estimated that blockchains could cut out errors in clearing and settling trades in cash equities, leading to savings of $11 billion a year.*

The International Swaps and Derivatives Association (Isda) – which sets standards for a market with notional amounts outstanding of almost $600 trillion – has recently published its Common Domain Model**. This common foundation will allow distributed ledger technology such as Plutus and Marlowe to be introduced to the industry.

Building on their experience from the launch of Ethereum, Charles Hoskinson and Jeremy Wood, the founders of IOHK, have created a groundbreaking strategy for the Cardano blockchain. This combines academic rigour with the formal discipline and correctness of Haskell in the hands of a world-class development team to bring an unparalleled level of reliability and security to Cardano and the ADA cryptocurrency.

This strategy, with its focus on mathematical probability for security and reliability, puts Plutus and Marlowe at its core for developing smart contracts to run on Cardano for real-world applications when the network is decentralized in 2019.

The first PlutusFest, which brings these innovations to prominence, will be hosted by the Edinburgh Blockchain Technology Laboratory at the University of Edinburgh in December 2018. This facility was established in February 2017 as the headquarters for IOHK’s network of global university partnerships. Edinburgh is the centre for Scotland’s financial services industry, the largest in the UK outside London.

For more information, please visit www.plutusfest.io

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

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