Cardano’s Input Output HK Unveils Plutus V3 Engine

• The statement states that SanchoNet is now ready for testing the new ledger language.
• Charles Hoskinson, hailed the updates as a major milestone.

With an eye toward improving performance on the Proof-of-Stake (PoS) network. Input Output HK, parent company of Cardano, has introduced the Plutus V3 engine.

The statement states that SanchoNet is now ready for testing the new ledger language. Worth noting is that this improvement has been considered by Cardano and many others for quite some time. It was widely believed that these enhancements would set the protocol on a different course than what it had been on before.

Major Milestone

It was being considered at the time that Cardano may release the Chang Hardfork with the Plutus V3 update. With their release anticipated for the first half of 2024, they would have marked a major turning point in Cardano’s development. The protocol’s founder, Charles Hoskinson, hailed the updates as a major milestone.

The compatibility of Cardano Plutus V3 with other blockchains is particularly important to the network’s Decentralized Applications (DApps) revolution, according to Hoskinson’s explanation on twitter. It is anticipated that Cardano’s smart contract would see an improvement in acceptance, support from governance, and interoperability with the introduction of the ledger language.

The new and improved cryptographic features of Cardano Plutus V3 are in line with the protocols used by the network. Sidechain bridging, optimum algorithm utilization, and Ethereum portability are a few of these features. Cardano Plutus V3 also comes with Sum of Products (SOPs) functionality.

Optimizing script size and speed is the goal of SOPs, an efficient data coding approach. As a result, Cardano’s smart contract execution speed would improve.

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