Cardano Introduces Plutus V3 To Empower Developers

Input Output HK, the parent company of Cardano, has introduced the Plutus V3 engine aiming to improve performance on the Proof-of-Stake (PoS) network.

Cardano Plutus V3 Is Designed to Enhance Smart Contract Functionalities

According to the announcement, the new ledger language has been made available for testing on SanchoNet. Noteworthy, Cardano has been mulling the idea of this upgrade amongst many others for a very long time. It was strongly touted that these improvements would pivot the protocol to a new trajectory than it had previously experienced. 

At the time, Cardano was considering rolling out the Chang Hardfork together with the Plutus V3 upgrade. The plan was to unleash them by the first half of 2024 to herald significant advancements in Cardano’s infrastructure and capabilities. Charles Hoskinson, the founder of Cardano termed the upgrades as monumental steps for the protocol.

Based on the explanation offered on X by Hoskinson, Cardano Plutus V3 is crucial to the network’s Decentralized Applications (DApps) revolution, especially in terms of its interoperability with other blockchains. 

With the release of the ledger language finally here, Cardano’s smart contract is likely to see an upgrade in adoption, governance support, and ultimately, interoperability. 

More Features On Plutus V3

Cardano Plutus V3 comes with enhanced cryptographic capabilities that are in alignment with the network’s standards. Some of these capabilities are optimal algorithm usage, the ability to port from Ethereum, and sidechain bridging. Another feature that accompanies Cardano Plutus V3 is the Sum of Products (SOPs). 

SOPs are an efficient data coding method that optimizes script size and performance. It would contribute to the speed of smart contract execution on Cardano. Also, there are new built-in primitives to empower developers with BLS12-381, Blake2b-224, and Keccak-256. TBLS12-381, Blake2b-224, and Keccak-256. These primitives will go a long way in contributing to enhanced sidechain integration, signature validation, and cross-chain solutions. 

At the beginning of its conception, the Cardano Plutus V3 was anticipated to have the capacity to drive demand for ADA, Cardano’s native coin. In the last few weeks, the cryptocurrency has been experiencing some sluggish movements but there has been some form of recovery. On February 25, ADA signaled a bullish trend with a price gain of up to 24%. 

The coin is now trading at $0.623 with a 4.88% increase in the last 24 hours, a move that may have been prompted by the broader spot Bitcoin ETF hype and the sentiments surrounding Cardano Plutus V3.