In a recent tweet, Cardano founder Charles Hoskinson disclosed the next significant update that would be implemented on the Cardano network.
Hoskinson emphasises how Plutus V3, a significant update that coincides with the Chang hard fork, offers enormous benefits for Cardano decentralised applications and blockchain compatibility.
https://x.com/IOHK_Charles/status/1757137652199870695?s=20
The Cardano blockchain uses a programming language called Plutus Core. With the Vasil update in September 2022, Plutus V2, the present version of Plutus Core, was created.
The Plutus V3 update will enhance Plutus Core’s cryptographic capabilities, enabling Cardano to comply with the most recent industry standards, according to an official Input Output Global (IOG) blog post. Note that SECP elliptic curves (ECDSA and Schnorr) were supported by the Valentine update from a year ago.
New cryptographic primitives added to V3 will let developers create sidechain bridges, transfer smart contracts from Ethereum, and comply with industry best practices.
Plutus V3 is intended to enhance performance in addition to cryptographic primitives by incorporating a “sums of products” (SOPs) feature that will allow for the direct encoding of different kinds of data. Furthermore, V3 would include an enhanced script context that would enable users to inspect entities connected to CIP-1694 governance.
Advanced Plutus primitives, which provide developers more tools and increase the possibilities for creating smart contracts, would also be added to Plutus V3.
Plutus V3 is anticipated to enhance the developer experience overall by fostering blockchain interoperability, supporting governance and voting capabilities, and boosting the use of smart contracts.
Now accessible on SanchoNet, Plutus V3, which debuted alongside Cardano node v.8.8.0-pre, introduces the Cardano community to CIP-1694 governance capabilities inside a supervised testnet setting.
