New Cardano Plutus Script Unlocks Advanced NFT Capabilities

2024-7-9 16:55

Cardano has reached a milestone in its blockchain development by implementing a Plutus script to validate CIP25 metadata. Sebastien Guillemot, co-founder of Paima Studios, announced this breakthrough, which looks to be a key advancement for the Cardano ecosystem.

CIP25 is a standard that outlines how NFT information, such as names, images, and URLs, should be defined within transaction metadata on the Cardano blockchain. However, a longstanding issue has been the inaccessibility of transaction metadata from Plutus, which has limited the functionality of decentralized applications (DApps) that rely on stateful NFTs, such as gaming and Automated Market Makers (AMMs).

Details of the New Plutus Script

The new Plutus script resolves this issue by enabling direct validation of CIP25 metadata. Developers achieved this development by using a clever approach that allows Plutus to access transaction metadata by referencing the transaction hash.

Source Paima Studios

The solution was open-sourced, allowing developers to leverage and integrate into their projects. The script reconstructs the full transaction body on-chain by providing every necessary field and verifying the matching hash.

This method bypasses the need for oracles or trusted sources, ensuring a decentralized and reliable solution. Additionally, using asset names in Cardano to encode script data hash proves to be a crucial element in overcoming the metadata accessibility challenge.

Benefits and Potential Use Cases

This advancement unlocks a range of new use cases for Cardano NFTs, including dynamic NFTs that can evolve based on user actions. It can be traded with improved liquidity through AMMs. The validation of CIP25 metadata also promotes new interoperability standards and enhances the development of on-chain games.

Cardano’s solution stands out compared to similar challenges faced by Ethereum Virtual Machines (EVMs), where accessing metadata from contracts requires additional complexity or reliance on oracles. Cardano’s approach, however, maintains a decentralized framework without these dependencies.

Additional Cardano Upgrades

This milestone is part of a series of recent upgrades to the Cardano network. Integrating the Inter-Blockchain Communication Protocol (IBC) enhances scalability, data privacy, and interoperability. Additionally, the Chang Hard Fork and Electra upgrade further bolsters the Cardano blockchain’s capabilities.

The validation of CIP25 metadata with Cardano’s Plutus script represents a significant leap forward for the ecosystem. It enhances the functionality and interoperability of NFTs and sets the stage for future innovations. As Cardano continues to evolve, these advancements will likely profoundly impact the blockchain industry.

The post New Cardano Plutus Script Unlocks Advanced NFT Capabilities appeared first on NFT News Today.

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