founder of cardano Carlos Hoskinson revealed the next big update coming to the Cardano network in a recent tweet.
founder of cardano Carlos Hoskinson revealed the next big update coming to the Cardano network in a recent tweet.
Hoskinson highlights Plutus V3, a massive update coming alongside the Chang hard fork, as one that brings a lot to the table for Cardano dApps and blockchain interoperability.
Plutus Core is a programming language used on the Cardano blockchain. The September 2022 Vasil update spawned the current version of Plutus Core, Plutus V2.
According to an official Input Output Global (IOG) report blog article, the Plutus V3 update will improve the cryptographic capabilities of Plutus Core, allowing Cardano to comply with the latest industry standards. It is worth remembering that the Valentine update from a year ago added support for SECP elliptic curves (ECDSA and Schnorr).
The addition of new cryptographic primitives to V3 will help developers comply with industry best practices, port smart contracts from Ethereum, and create sidechain bridges.
Aside from cryptographic primitives, Plutus V3 is planned to improve performance by adding a “sums of products” (SOP) feature to allow direct encryption of various data types. Additionally, V3 would provide an updated script context that allows users to view entities related to CIP-1694 governance.
Plutus V3 would also add advanced Plutus primitives, providing more tools for developers and expanding the possibilities for writing smart contracts.
Overall, Plutus V3 is expected to improve the developer experience by increasing the adoption of smart contracts, providing support for governance and voting functions, and promoting blockchain interoperability.
Plutus V3, which launched with Cardano node v.8.8.0-pre, is now available on SanchoNet, introducing the Cardano community to CIP-1694 governance features in a controlled testnet environment.
