Cardano Hails First Smart Contract Milestone in Argentina: Details

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As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving market, I find myself increasingly optimistic about Cardano’s recent achievements. The legal enforcement of smart contracts on the Cardano network in Argentina is not just a technological milestone, but also a significant step towards mainstream adoption. This move signifies the potential for blockchain technology to reshape traditional financial systems and provide new opportunities for decentralized applications and services.

Cardano has made a notable stride, as it recently facilitated the first legally binding smart contract within Argentina’s jurisdiction.

Romain Pellerin, the Chief Technology Officer at Input Output Global, recently emphasized on Twitter that Cardano is leading the path towards legally binding smart contracts in Argentina.

Mauro Andreoli, an ambassador for Cardano, recently shared news with the Cardano community about the execution of the first contract on the Cardano network that is both legally binding and can be enforced by law, fully adhering to the legal system of Argentina.

Congratulations to MauroAndreoliA and team! Cardano is opening the path for legally binding smart contracts in Argentina 🇦🇷. Keep up the great work on the intersection of web3 and law on chain!

— Romain Pellerin (@rom1_pellerin) October 10, 2024

In simpler terms, Andreoli and Lucas Macchiain agreed on a loan of 10,000 ADA, where Lucas would repay the amount within four months. This loan included an annual interest rate of 10%. The details of this agreement were officially recorded and notarized with the Transaction ID for verification purposes.

Additionally, Andreoli and Macchia endorsed a legal agreement that specified crucial aspects of their smart contract loan, including the chosen blockchain platform, digital wallet, and the unique identification number for the transaction.

In other words, due to the established legal structure and procedures, any failure to meet contractual responsibilities can be addressed through court proceedings, as well as under the Americans with Disabilities Act (ADA).

Moving forward with our discussion, Andreoli pointed out in their response that “We’re virtually at the brink of creating a Legal Smart Contract. With some technical assistance and addressing minor details, our collective efforts put us just one step away from achieving this objective.

“Cardano isn’t dying”: Charles Hoskinson

As a dedicated researcher in the field, I stand firm in my conviction about Cardano’s vibrant future amidst mounting criticism. Far from faltering, Cardano is flourishing and expanding. It remains one of the few cryptocurrencies that still aspires to embody the essence of digital currency, rather than becoming a tool for Wall Street and financial giants like Blackrock, catering solely to number-driven preferences.

Recently, you might have observed a shift in the tone on Twitter about Cardano being more critical. However, this change doesn’t indicate that our project is faltering; instead, it’s an intended consequence of Voltaire’s influence.

Hoskinson pointed out a possible explanation for this: “For quite some time, there have been unresolved issues such as accumulated resentments, overlooked project plans, unfunded expansion strategies, and essential collaborations that haven’t been tackled because Cardano’s governance hasn’t grown fast enough to cater to the needs of the ecosystem.

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2024-10-10 17:10