On the 7th of December 2022, Genius Yield organized a twitter space to discuss the EUTXO model on Cardano, where Charles Hoskinson commented on Cardano and Plutus’s design.
— Genius Yield official (@GeniusyieldO) December 7, 2022
Genius Yields, a noncustodial automated market maker and Smart Liquidity Management project built on Cardano, organized a Twitter space to discuss the upgrades on Cardano and Plutus. Genius Yield was built with Plutus, which is basically a library compilation for Haskell, a purely functional language.
“If you actually look at the user experience improvements from when we launched Alonzo to now. On things like SundaeSwap or Minswap, usually any of the DeFis on Cardano, we got from, like, hey, it might take a few hours or even a day to settle to its basically instant. That’s what we have achieved in about a year of tuning and optimization, and it’s just really the beginning.” – Charles Hoskinson, CEO of Cardano.
With the popularity of Ethereum’s smart contract and solidity, the path of less resistance for most developers is developing on EVMs. this has led to less adoption of Cardano or building on its blockchain. Since Cardano also uses the extended UTXO model (EUTXO), which is similar to Bitcoin’s mode of operation, it’s been difficult to achieve interoperability.
To address the above problems of adoption, the IELE is being built. IELE is a virtual machine that executes smart contracts like the EVM and provides a human-readable language. It is aimed at mass adoption by blockchain developers.
IELE was designed to address the security and propriety concerns inherent in Solidity smart contracts. Thus paving the way to high security, scalability, and programmability levels. This would lead to the explosion of dApps whiles ensuring better security measures and reduced hack attacks.
Cardano’s aim to make Plutus and, by extension, Haskell easier to develop is met with mixed feelings. Some fully support the developments and updates while looking forward to the full deployment of IELE.
Others believe that its difficulty is a pro, not a con. With fewer developers, more security difficulties, with more thought and effort put into each project, there might be fewer projects, but they would be safer and properly executed.
From their point of view, the limited knowledge and developers would ensure Cardano does not turn out like Ethereum, with thousands of developers and ill-thought-out smart contracts being exploited daily, leading to significant losses in value and dependability.
Seeing as these programs deal with the financial value of assets, the need for adequate technical stacks and significantly functioning codes is a requirement, not a feature. Plutus and Haskell would not guarantee a bug-free program, but they would limit the number of bad actors and developers aiming to take advantage.