Paima Studios Enables Plutus to Access Transaction Metadata, Unlocking New Possibilities for the Cardano Ecosystem

As Cardano continues to expand its decentralized ecosystem, a significant challenge has been the native smart contract language, Plutus, and its inability to access transaction metadata. This limitation has impacted the functionality of NFTs, on-chain games, and other decentralized applications. Paima Studios, a Web3 application engine firm, has now addressed this issue, providing a breakthrough for Cardano developers.

Cardano has been expanding its decentralized ecosystem, and one of the key challenges has been the inability of the native smart contract language, Plutus, to access transaction metadata. This limitation has impacted the functionality of NFTs, on-chain games, and other dApps on the Cardano network.

Now, a Web3 application engine firm, Paima Studios, has addressed this issue, providing a significant breakthrough for Cardano developers.

Sebastien Guillemot, co-founder of Paima, revealed the new update in a recent tweet. As Cardano NFTs are issued under the token standard CIP25, which is similar to Ethereum’s ERC-721, CIP25 defines an NFT’s attributes, such as image, name, and URL, within its transaction metadata.

However, the Plutus language's inability to access this metadata has hindered the development and utilization of dApps on the Cardano network.

This problem is not unique to Cardano, even Ethereum, which is more advanced, has faced similar issues, and developers often use oracles to link to off-chain data or implement complex mechanisms to work around this limitation. Cardano developers have also sought solutions, most notably through the CIP68 standard.

CIP68 introduces a new on-chain data system, called datums, to bypass transaction metadata. While effective, this solution creates additional challenges, such as higher costs and compatibility issues with existing tools that still support CIP25.

Guillemot and his team at Paima Studios have proposed a novel approach to accessing metadata directly through Plutus, regardless of the token standard. This method involves using Plutus to access the transaction hash, which contains the metadata.

A Plutus smart contract is equipped with the final transaction hash and performs all necessary fields and checks to ensure the hash matches.

Guillemot further explained the mechanics of this solution, stating that they built an Aiken smart contract that can reconstruct the transaction binary data in Aiken and verify its match with the hash. This approach addresses two critical questions: feasibility and cost-efficiency.

The team found that this method significantly reduces costs compared to the CIP68 standard, as it lowers the number of UTXOs required, cutting expenses in half.

This development by Paima Studios represents a significant advancement for the Cardano ecosystem. By enabling Plutus to access transaction metadata directly, the new approach removes a major obstacle for developers, allowing for greater innovation and utilization of NFTs and other dApps on the Cardano network. The reduction in costs also makes the Cardano network more attractive to developers and users alike.

Furthermore, this solution demonstrates the ongoing evolution of blockchain technology and the potential for continuous improvement. By addressing one of the key limitations of the Cardano network, Paima Studios has paved the way for a more robust and versatile ecosystem.

As Cardano developers begin to implement this new approach, it is likely to spur a wave of new applications and use cases, enhancing the overall functionality and appeal of the network. The ability to efficiently access and utilize transaction metadata will open up new possibilities for NFTs, on-chain games, and other decentralized applications.

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