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January 3, 2022

Cardano Starting The Year Off With Plans of Upgrading dApps

According to Charles Hoskinson, CEO of the blockchain development arm, Input-Output Global (IOG), Cardano would spend the next six to nine months of 2022 perfecting its decentralized apps (DApps) ecosystem.

Hoskinson revealed this in his first instructional podcast of the year, a Whiteboard video on DApps and Development, which he released in January. The goal of the podcast was to illustrate the benefits of Cardano’s DApp development approach over competing platforms like Ethereum.

The architectural considerations that went into creating Cardano’s extended UTXO (eUTXO) model, as opposed to Bitcoin’s UTXO model and Ethereum’s accounts-based architecture, were a major focus of the podcast.

The main distinction between these models, according to Hoskinson, was their expressiveness, which is a computer science phrase that describes the range of ideas that can be represented and communicated in a programming language. In the field, the more expensive a language is, the more concepts it may represent in terms of variety and quantity.

The expressiveness of programming languages in the blockchain business, according to Hoskinson, can be thought of as a spectrum. With its highly secure but very restrictive UTXO architecture that uses a functional approach to building smart contracts, Bitcoin, the industry’s foundational paradigm, is at the bottom end of this scale.

The Java Virtual Machine (JVM) is on the higher end of the spectrum, allowing nearly any type of programming to be done on it, but it is also extremely vulnerable to attack.

In his comparison, Hoskinson goes on to say that Ethereum’s EVM sits somewhere around the 80% mark of this spectrum because it has certain security limitations, but not enough to prevent assaults. Cardano, on the other hand, was designed to fall somewhere in the middle of this spectrum, or what Hoskinson calls to as the “sweet spot,” where transactions on both the Bitcoin and Ethereum blockchains may be carried out without being overly restrictive or compromising security.

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“One of the first parts of the research agenda when we were looking at taking the UTXO model, because we really liked this functionality idea…, we said well let’s make it a bit more extensible and so we wrote the extended UTXO model. And really, we think that for a large class of applications, the sweet spot will be somewhere in the middle.”

Hoskinson’s study comes at a time when decentralized applications (DApps) are all the rage in the Cardano community. The community has been anticipating the release of several DApps that are in development since the announcement of the Alonzo hard fork, which added smart contract capabilities to the world’s largest proof-of-stake blockchain network, Cardano.

As we enter January, there is a lot of excitement because several DApps are set to launch in the next weeks. However, the price of ADA, the network’s native token, has not reflected the excitement. ADA is currently trading at $1.36, down 10.9 percent this week.