‘Financial contracts’ is a common term in the world of business and the individuals looking forward to “encode their contract onto the blockchain”, can reach out to Marlowe. Marlowe is a project that has been designed and financially backed by IOHK, a technology company established by Cardano founder Charles Hoskinson. Primarily built for Cardano blockchain, Marlowe is working to be “blockchain-independent framework for writing financial smart contracts by simply visually composing known building blocks”.
The utility of Marlowe in Cardano
The news surfaced through a post of EMURGO, a company that helps businesses with hassle-free integration on the Cardano Eco System. According to the post, Marlowe will address issues related to codes and “high engineering cost” spent on simple contracts. Acting upon these issues, the company is working on smart contracts that “can be written without knowing how to code highly secure programs” and are easy to comprehend by all the clients.
Charles Hoskinson, the founder and CEO of Cardano, also posted the news for the Cardano community and his followers, stating:
Why Marlowe: https://t.co/fwzj5teSwq
— Charles Hoskinson (@IOHK_Charles) September 4, 2018
The post further explained: “The contracts make progress through concrete actions such as users depositing / withdrawing money. Every concrete action makes the state of the program irreversibly advance towards a final state (final state is defined as an empty contract). This is useful because we want to guarantee that financial contracts always eventually terminate (contract was fulfilled, expired, etc).”