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Cardano Launches New Project to Boost Third-Party Smart Contract Development

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Tue, 01/18/2022 - 11:53
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Tomiwabold Olajide
Cardano unveils latest project to accelerate third-party smart contracts development
Cardano Launches New Project to Boost Third-Party Smart Contract Development
Cover image via stock.adobe.com

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Cardano Foundation has announced the launch of a new project to boost third-party smart contract development in collaboration with EMURGO, the commercial arm of the Cardano blockchain.

The collaboration between the two organizations will see efforts and resources united to create a tool stack that would support the Cardano ecosystem and accelerate decentralized application development, according to its official handle.

The project will be divided into two phases: MVP1 and MVP2. Five Binaries, an infrastructure development company, will build a modular tool stack for MVP1. The Cardano Foundation plans to reach out to other projects and collaborators from across the ecosystem in the second stage, MVP2, and openly invite them to contribute to the project.

Cardano sees developing a second application backend for its ecosystem as quite essential as it might help increase the diversity of options available for developers to build solutions on Cardano. This move may also allow third-party developers to create a variety of apps as well as satisfy industry standards for smart contract-based infrastructure.

Frederik Gregaard, CEO of the Cardano Foundation, a non-profit that oversees developments on the Cardano network, said, "The development of this tool stack, in partnership with EMURGO, will further enable a vibrant, inclusive ecosystem for third-party smart contract development on Cardano."

Cardano buzzing with recent developments

Recent advances in DeFi, NFTs and the Metaverse, as well as scaling progress, appear to be contributing to Cardano blockchain's optimism. Cardano recently saw the launch of its first Metaverse project, Pavia. SundaeSwap and the ISO will launch as a fully functional beta decentralized exchange (DEX) on the evening of Thursday, Jan. 20, according to the project.

The Hydra and Mithril solutions are among the 11 ways Cardano plans to scale in 2022, as reported by U.Today.

A restoration project using the Cardano blockchain achieved its first aim of planting over one million trees earlier in January.

To provide transparency and serve as public verification of land restoration initiatives, all trees planted were recorded on the Cardano blockchain.

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.