Goguen Phase Definition
The Goguen phase refers to a crucial stage in the development of the Cardano blockchain, which involves the introduction of smart contract functionality on the platform. This phase signifies Cardano’s evolution from a system transfer and alter of ADA cryptocurrency to becoming a fully-fledged platform enabling developers to create and execute smart contracts.
Goguen Phase Key Points
- Goguen phase introduces smart contract functionality into the Cardano blockchain.
- It is a significant step towards the creation of a fully decentralized platform.
- The Goguen update allows developers to create decentralized applications (dApps) on Cardano.
- This phase is named after Joseph Goguen, an American computer scientist.
What is the Goguen Phase?
The Goguen phase is a major, transformative update in the roadmap of Cardano, a third-generation blockchain platform known for its research-first driven approach. This phase marks the arrival of smart contract capability in the network, enabling developers to build their own dApps by embedding conditional business logic into their transactions.
Who is behind the Goguen Phase?
The Goguen phase is part of Cardano’s development roadmap which is overseen by IOHK (Input Output Hong Kong), a technology company dedicated to blockchain research and development co-founded by Charles Hoskinson. The phase is named after Joseph Goguen, an American professor of computer science, in recognition of his contributions to theoretical computer science.
Where is the Goguen Phase used?
The Goguen phase applies to Cardano’s blockchain platform, extending its potential applications beyond simple transfers of value. With this update, developers and enterprises around the world can use Cardano’s blockchain to build their applications in a secure, scalable and decentralized environment.
When was the Goguen Phase implemented?
The implementation of the Goguen phase in Cardano’s development has been progressively rolled out starting from 2020, following the completion of the previous phase, Shelley, that introduced decentralization to the network.
Why is the Goguen Phase important?
The Goguen phase plays a pivotal role in enhancing Cardano’s functionalities. It broadens the scope of possibilities within the Cardano ecosystem by introducing the ability to code smart contracts and create dApps. This upgrades Cardano’s utility from a cryptocurrency to a developmental platform fostering innovation in various industries such as finance, logistics, and voting systems.
How does the Goguen Phase work?
The Goguen phase works by integrating a smart contract functionality in Cardano’s platform. It involves the development of Plutus, a purpose-built smart contract development language and execution platform using the Haskell programming language. Goguen also incorporates Marlowe, a high-level, domain-specific language for financial contracts, thus making it possible for both professional and non-professional developers to create and execute smart contracts on the Cardano network.
