Ethereum (ETH) supports the creation of smart contracts much longer than Cardano ADA. In fact, it is known to be the pioneer of smart contracts in the cryptocurrency sector. Ethereum is described as a "decentralized platform that manages smart contracts: applications that work exactly as planned without any possibility of downtime, censorship, fraud or interference from third parties."
Cardano ADA, on the other hand, is known to be one of the most interesting cryptic projects in the industry. Like Ethereum, it is a platform for the development and hosting of smart contracts. Cardano is able to offer scalability and security thanks to its layered architecture. In addition, it issues a native token called ADA, which users can store, send, or receive digital funds. Cardano blockchain transactions are protected using cryptography. The network has many cases of use, but we'll talk about it soon.
Ether is the official digital token on the Ethereum network. Ether is used to pay commissions on the platform when it hosts decentralized applications, it is a medium of exchange and a store of value for users. The token is supported by the Ethereum blockchain.
Ethereum Smart Contracts
Smart contracts refer to programs used to control digital resources on the blockchain, in this case the Ethereum Blockchain. However, these programs are not unique to blockchain technology, but their utility increases the diversity of decentralized blockchain. The founder of Ethereum, Vitalik Buterin, explains the smart contracts with reference to a vending machine.
"Put money in and sweets come in. A vending machine is a physical device that executes the rules of the contract, but a vending machine can be broken." By digitizing the concept, cryptography makes these contracts much safer and more powerful, "he explains. Buterin.
The Ethereum platform was specifically created to support the creation of smart contracts. The Ethereum Virtual Machine (EVM) is the "World Computer" used by developers to create these programs. The smart contracts are then hosted / executed on the blockchain using the computing power coming from the Ethereum nodes.
Cardano Smart Contracts
Cardano ADA was born from an idea of principles of scientific and philosophical research. Charles Hoskinson, one of the founders of the Ethereum project, initiated the development of Cardano. Many experts and enthusiasts of cryptocurrency claim that Cardano is one of the most promising cryptocurrency projects ever developed in the industry. Furthermore, it is currently claiming as a possible rival for Ethereum ETH.
Recently, the network has launched another use case called Marlowe. It is a domain-specific language (DSL) that has been tailor-made for the execution of financial contracts. IOHK states that DSL resembles an algebraic form of Haskell but has been improved to understand the semant executable in small steps.
Marlowe's entry, especially in the financial services sector, threatens the dominance of Ethereum's smart contracts. It has the ability to replace common Escrow transactions and related services. Hoskinson hopes the new language will become a better alternative to smart contracts in the industry. Its adoption could eventually outperform and dethrone Ethereum as the main platform for smart contracts.