Charles Hoskinson, founder of Cardano, has praised the upcoming Plutus V3 as a game-changer for the development landscape of the Cardano blockchain.
Plutus V3 is an upgrade to enhance Cardano’s smart contract capabilities, interoperability, and development landscape. It builds upon Plutus, the smart contract platform introduced in the Goguen era, which allowed developers to build and deploy secure and scalable smart contracts on the Cardano blockchain.
As per the blog, the Plutus V3 upgrade introduces advanced Plutus capabilities and additional tools for developers, simplifying the process of building decentralized applications on the Cardano blockchain. This upgrade is expected to significantly improve the Cardano blockchain, making it easier for developers to create and deploy smart contracts across blockchains, enabling a more robust and feature-rich decentralized ecosystem.
The blog further discussed the Sums of Products (SOPs) feature, a new addition in Plutus V3. This feature will allow various types of data to be represented directly, leading to smaller and more affordable scripts, which will, in turn, increase the speed of running programs by 30%.
Additionally, Plutus V3 introduces an updated script context, allowing users to view CIP-1694 governance-related entities. CIP-1694 proposes a decentralized on-chain governance mechanism for the Cardano Voltaire era. This improvement aims to enhance the overall governance experience within the Cardano ecosystem.
Commenting on the blog, Hoskinson celebrated Plutus V3, calling it a “massive upgrade” for Cardano.
“Plutus V3 is a massive upgrade coming with the Chang hard fork that brings so much to the table for Cardano DApps and blockchain interoperability,” he tweeted.
Hoskinson explained that the Chang hard fork is a crucial component of the strategic roadmap, initiating the bootstrapping period for Cardano’s decentralized governance model.
Notably, Cardano’s 2024 plans revolve around the Chang hard fork, which is expected in the year’s first half. The Chang hard fork will begin the Voltaire era, as outlined in the CIP-1694 proposal, emphasizing Cardano’s dedication to complete community governance in 2024.
That said, these advancements are expected to boost Cardano’s smart contract capabilities, interoperability, and overall development landscape, ultimately contributing to the expansion of the Cardano ecosystem.
The said upgrade also can potentially increase the demand for ADA, potentially increasing its price. Over the past few months, ADA has been trading sluggishly, underperforming compared to other cryptocurrencies such as Bitcoin, Ethereum, and Solana.
ADA was trading at $0.5528 at press time, following a 3.41% gain in the past 24 hours.
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