Cardano Plans To Develop eUTXO Model For Smart Contracts, Might Be The Middle Ground Between Bitcoin UTXO And EVM

• The CEO of Cardano believes that 2022 is a viable year for Cardano, a lot of development executions await this year.

• Charles Hoskinson explained that his primary focus is to develop an eUTXO model for smart contracts on Cardano and find a middle ground between Bitcoin’s UTXO and Ethereum Virtual Machine smart contracts.

• Cardano also became the most developed crypto project of 2021 with over 140,000 developments recorded on Github.

The introduction of smart contracts on Cardano via Alonzo hard fork made 2021 a great year for the network. Charles Hoskinson, the CEO of Cardano and founder of IOHK, thinks that this year might be of real importance to reinforce the dapp (decentralized application) framework. In a video about dapps and development, Hoskinson revealed an aspiring roadmap for Cardano, this year. He also mentioned that the upcoming months will only be centered on making the dapp ecosystem better.

Cardano plans to do so by presenting Improvement Proposals, a set of about 22 network enhancement proposals governed by the community, set to go live this year. Hoskinson explained that his primary focus is to develop an eUTXO (extended UTXO) model of smart contracts for Cardano. He also highlighted the difference between the EVM (Ethereum Virtual Machine) smart contracts and Bitcoin’s UTXO model that utilizes the functional programming language, Forth, to create smart contracts. He did so to bring attention to the fact that Cardano is working towards finding a center ground between the two by creating an eUTXO model which will abandon the unnecessary and unwanted features of the EVM and acquire the functionalities of Bitcoin’s UTXO model.

The eUTXO Development

The chief also stated that he expects the development of the eUTXO to be completed by October of this year and that he would not leave any stones unturned to achieve this goal. Moreover, Hoskinson discussed some other CIPs that are seeking deployment in a recent video, many of which are targeted at further preparing Cardano for its evolution into a complete dApp network. The Cardano dApp-Wallet Web Bridge (CIP-30) will establish a web page-based connection bridge that will allow dApps to communicate with Cardano wallets.

According to Hoskinson, a dozen Cardano projects are in the works to launch on the Cardano network during the first half of 2022. Following the introduction of its first DEX MueseliSwap, the network made its first appearance on DeFi TVL aggregator DeFiLlama. The network was subsequently establishing itself as a strong candidate in the DeFi realm.

Cardano – The Most Developed Project Of 2021

These advancements come after the network was chastised for its lack of noticeable development activities during the last few months. Cardano, as it turns out, has been the most developed network on Github in 2021, according to Santiment, with more than 140,000 development events occurring over that period.