Input-Output Hong Kong (IOHK)</strong></a>, which is the development and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain research company behind Cardano. Marlowe is used for financial contracts such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-derivative/">derivatives, <strong>loans</strong>, and other agreements.</p>\n<p>Marlowe is a financial modeling tool that is both easy and powerful. Its syntax has been made as basic as possible so that it can be used by <strong>programmers</strong> as well as non-programmers. It operates in a sandbox environment, allowing any kind of developer to create a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a>.</p>\n<p>Marlowe is part of IOHK's attempts to <strong>bring formal methods to smart contract development</strong>, but it differs from earlier approaches in that it is specialized for financial applications. In order to do that, its creators looked into finance theory, particularly the work of Nobel Laureate Kenneth Arrow, who pioneered much of the <strong>mathematical thinking that underpins modern finance</strong>.</p>\n<p>This resulted in a set of built-in abstractions based on real-world financial notions like time and money, rather than the more generic concepts present in other programming languages like <strong>lists</strong>, functions, and variables.</p>\n<p>Marlowe is built on a theory of financial contracts that has been defined in the <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Isabelle_(proof_assistant)/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Isabelle theorem prover</strong></a>. Because of that, <strong>Marlowe has a few features</strong> that are different from other contract languages. These features include:</p>\n<ul>\n<li>The ability to formally verify properties of contracts.</li>\n<li>The ability to reason about contract value expectations.</li>\n</ul>\n<p>Besides, at the moment, Marlowe contracts can only be carried out on the Cardano blockchain. Users can <strong>test it out in real-time on Playground</strong>, which allows them to model and execute contracts without having any prior knowledge of blockchain or smart contracts.&nbsp;</p>\n<p>However, note that even though Marlowe will be currently running on Cardano, it&rsquo;s not only exclusive to it. It will be <strong>possible to use Marlowe</strong> to construct smart contracts on different blockchains in the future.</p>\n<p>There are various processes that Marlowe can be used for. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":881,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Mining as a Service (MaaS)?","slug":"what-is-mining-as-a-service-maas","section":"M","keyword":"Mining as a Service (MaaS)","status":"published","definition":"a service that provides users with the ability to mine cryptocurrencies without dealing with physical hardware.","content":"<p><strong>Mining as a Service (MaaS)</strong>, also known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cloud-mining/">cloud mining</strong></a>, provides users with the possibility of mining crypto without dealing with physical hardware. You would need to invest in powerful mining equipment and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-pool/">mining pools</strong></a> if you want to mine crypto. Cloud mining is one of the options if you <strong>don't want to make the investment but still want to be a part of such an exciting market</strong>.</p>\n<p>You can buy processing power used to mine cryptocurrencies like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-litecoin-ltc/">LiteCoin through cloud mining. The coins can then be exchanged for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat money</strong></a> or another <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency. This feature provides you with some cool benefits:</p>\n<ul>\n<li>You have <strong>complete control over how long you want to mine </strong>and can turn it off at any moment.</li>\n<li>Since it's a pay-as-you-go plan, you won't have to worry about large upfront fees because you'll be charged based on how much processing power you utilize.</li>\n<li>Since the service provider <strong>maintains all of the hardware and software required for mining</strong>, you won't have to worry about downtime.</li>\n</ul>\n<p>Some cloud mining businesses even provide contracts for the coins you've mined that will be delivered in the future. You can lock in an exchange rate this way ensuring your returns, without <strong>the risk of hardware or software failure</strong>.</p>\n<p>However, cloud mining also has some drawbacks:</p>\n<ul>\n<li>The first issue with cloud mining is that the expected profit fluctuates continuously because mining isn&rsquo;t stable. Cryptocurrencies are extremely <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatile, and their <strong>value</strong> can drop dramatically overnight. Even if you've been promised a certain amount of money every day, there's no assurance you'll get it in full or at all.</li>\n<li>Because of the nature of their business, cloud mining businesses must rely on outside sources <strong>for hardware and maintenance</strong>. The issue is that most cloud mining businesses do not disclose who their service providers are or other vital information whatsoever. This makes determining whether or not you can trust them pretty difficult.</li>\n<li>Cloud mining services have been known to <strong>go offline unexpectedly</strong>, leaving all of their customers without compensation or explanation. Many platforms claim to offer high-yield investing opportunities, but they might not be genuine.</li>\n<li>A cloud mining service <strong>doesn't have the greatest mining algorithm</strong> and the users aren't allowed to pick their own algorithm. This means that, regardless of your preferences, you are obligated to mine what the company chooses for you. Even if you do mine coins that you are interested in, there is no guarantee that you will ever see those coins in your <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">wallet because of the difficulty rate that is involved.</li>\n</ul>","level":"medium","meta_title":"What is Mining as a Service (MaaS)? Definition & Meaning | Crypto Wiki","meta_description":"Mining as a Service (MaaS) meaning: Mining as a Service (MaaS) - a service that provides users with the ability to mine cryptocurrencies without dealing with physical hardware.","meta_keywords":null,"language":"en","created_at":"2022-04-08T07:51:00.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mining-as-a-service-maas"},"prevSection":{"id":848,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Minimum Collateralization Ratio (MCR)?","slug":"what-is-minimum-collateralization-ratio-mcr","section":"M","keyword":"Minimum Collateralization Ratio (MCR)","status":"published","definition":"determines the lowest amount of collateral that’s required to be held for a loan.","content":"<p><strong>The Minimum Collateralization Ratio (MCR) is the minimum amount of cash or its equivalent pledged as security for returning a loan</strong>. The type of fund is the main element in determining the minimum collateralization ratio requirement.&nbsp;</p>\n<p>It&rsquo;s important to note that the <strong>MCR is a legal requirement</strong>. It was put in place to protect the integrity of the market.&nbsp;</p>\n<p>Furthermore, <strong>a minimum debt-to-collateral ratio allows lenders to set up a point of reference when making a decision in regards to giving out a loan</strong>. Additionally, setting a minimum debt-to-collateral ratio translates to lending only to those people that have a high chance of repaying the loans. Generally, these types of people have a minimum debt-to-collateral ratio of 2:1 or even lower.</p>\n<p>Lenders themselves establish a minimum debt-to-collateral ratio. Although, it&rsquo;s worth noting that some states inside the US require lenders to meet specific standards. For instance, the Federal Housing Finance Agency acts as a regulator for 11 Federal Home Loan Banks as well as Fannie Mae, also referred to as the Federal National Mortgage Association (FNMA), and Freddie Mac, also referred to as the Federal Home Loan Mortgage Corporation (FHLMC). In this case, it set the minimum debt-to-collateral ratio to 40% for Freddie Mac and 36% for Fannie Mae.</p>\n<p>Another <strong>key metric that lenders look into before giving out a loan is the collateralization ratio</strong>, also known as the collateral coverage ratio (CCR) or loan-to-collateral ratio (LCR). It allows the lender to understand the size of a loan that can be given to a borrower and assess risk levels.</p>\n<p>When they have the collateralization ratio, the lender is able to establish the measure of risk by calculating the loan-to-value (LVR) ratio. If the LVR is higher than 80%, then the loan is considered to be high-risk.</p>\n<p><strong>If a borrower fails to repay the loan, then the lender can collect the assets pledged as security</strong>. However, the loan will be less risky only if the proportion of the relative size of the loan and the collateral behind the loan is of a higher value.</p>\n<p>Essentially, there is no ratio that is applicable to every situation. It greatly depends on the type of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-collateral/">collateral and the industry you&rsquo;re in.</p>","level":"medium","meta_title":"What is Minimum Collateralization Ratio (MCR)? Definition & Meaning | Crypto Wiki","meta_description":"Minimum Collateralization Ratio (MCR) meaning: Minimum Collateralization Ratio (MCR) - determines the lowest amount of collateral that’s required to be held for a loan.","meta_keywords":null,"language":"en","created_at":"2022-04-05T13:22:23.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-minimum-collateralization-ratio-mcr"},"currentChapter":"M","currentSection":"what-is-marlowe","chapterTitle":"M","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-marlowe","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter M

What is Marlowe?

Marlowe MEANING:
Marlowe - a simple programming language that is used for financial contracts.
Medium
2 minutes

Let's find out Marlowe meaning, definition in crypto, what is Marlowe, and all other detailed facts.

Marlowe is an easy-to-use programming language developed by Input-Output Hong Kong (IOHK), which is the development and blockchain research company behind Cardano. Marlowe is used for financial contracts such as derivatives, loans, and other agreements.

Marlowe is a financial modeling tool that is both easy and powerful. Its syntax has been made as basic as possible so that it can be used by programmers as well as non-programmers. It operates in a sandbox environment, allowing any kind of developer to create a smart contract.

Marlowe is part of IOHK's attempts to bring formal methods to smart contract development, but it differs from earlier approaches in that it is specialized for financial applications. In order to do that, its creators looked into finance theory, particularly the work of Nobel Laureate Kenneth Arrow, who pioneered much of the mathematical thinking that underpins modern finance.

This resulted in a set of built-in abstractions based on real-world financial notions like time and money, rather than the more generic concepts present in other programming languages like lists, functions, and variables.

Marlowe is built on a theory of financial contracts that has been defined in the Isabelle theorem prover. Because of that, Marlowe has a few features that are different from other contract languages. These features include:

  • The ability to formally verify properties of contracts.
  • The ability to reason about contract value expectations.

Besides, at the moment, Marlowe contracts can only be carried out on the Cardano blockchain. Users can test it out in real-time on Playground, which allows them to model and execute contracts without having any prior knowledge of blockchain or smart contracts. 

However, note that even though Marlowe will be currently running on Cardano, it’s not only exclusive to it. It will be possible to use Marlowe to construct smart contracts on different blockchains in the future.

There are various processes that Marlowe can be used for. The following are the main ones:

  • Simulating business processes, that involve finance or insurance
  • Defining games and protocols for decision-making processes
  • Modeling financial markets
  • Building interactive financial contracts
  • Exploring ideas in game theory
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