Cardano will get smart contracts in 90 days | Charles Hoskinson and Lex Fridman

TL;DR

Cardano is on track to release the Alonzo update, which will enable smart contracts within the next 90 days.

Transcript

since we're talking about the future let me ask you the timeline question or even just like definitional what is alonso you mentioned uh some fun hello world experiments going on right uh and how and when will cardano get smart contracts yeah so alonzo church is a famous famous mathematician computer science guy and he was a contemporary of turing ... Read More

Key Insights

• 📱 Alonzo is the name given to Cardano's update that brings smart contracts, paying homage to mathematician Alonzo Church.
• 🥅 The update goes through different phases, starting with test nets and gradually involving more users and stakeholders.
• 🪡 Ensuring the security and reliability of smart contracts is a significant concern, with the need for standards and assurance mechanisms.
• 👤 The success of the update relies not only on the technology but also on coordination, ecosystem development, and fostering user trust and confidence.
• 📱 Cardano aims to establish standards for certifying smart contracts through initiatives like the Smart Contract Engineering Institute at the University of Wyoming.
• 👻 The phased approach allows for thorough testing, minimizing the risk of major failures during public release.
• 📱 The implementation of smart contracts will have a significant impact on the reputation and perception of Cardano as a platform.

Questions & Answers

Q: Who is Alonzo Church and why is the update named after him?

Alonzo Church was a renowned mathematician and computer scientist, known for his work in lambda calculus. The update was named after him to honor his contributions to computing and functional programming.

Q: When will Cardano implement smart contracts?

The Alonzo update is expected to bring smart contracts to Cardano within the next 90 days, after going through a phased process of testing and user participation.

Q: What is the testing procedure for the Alonzo update?

The update goes through various stages, starting with test nets (Alonzo blue) where transactions can be moved between different systems. It then progresses to involve stake pool operators and submission of smart contracts for testing before a public release.

Q: What are the concerns regarding the implementation of smart contracts?

One of the main concerns is the development and curation of an ecosystem where applications built on Cardano are secure and reliable. The lack of assurance and standards for smart contracts poses risks such as impersonations, protocol flaws, and inexperienced developers causing system vulnerabilities.

Summary & Key Takeaways

• Alonzo is the release name for the update that brings smart contracts to Cardano.

• The release of smart contracts will go through a phased process, starting with test nets and gradually increasing user participation.

• The success of the update depends not only on the technological aspect but also on coordination and ecosystem development.