Cardano Unveils Plutus V3, Hydra Layer-2, and Plans For The Largest DAO In Crypto History

During a keynote at Rare Evo 2024, Cardano founder Charles Hoskinson revealed a series of significant updates for the Cardano blockchain.

Cardano founder Charles Hoskinson unveiled a series of significant updates for the blockchain during a keynote at Rare Evo 2024.

Speaking to a diverse audience that included developers, stakeholders, and enthusiasts, Hoskinson outlined Cardano’s next steps in technology development, governance, and global outreach.

Cardano Roadmap For The Coming Months

Hoskinson introduced Plutus V3, the latest iteration of Cardano's smart contract platform, which is set to bring enhanced functionality and improved security features.

“Plutus V3 is coming in just a matter of weeks. We got Ouroboros Leios, the paper came out years and years and years of chasing how do we beat the blockchain trilemma. Well not only we Beat it, we kicked its ass and we’re working on it. We’re working on it together with Intersect with all of you prototyping in public with the people here. That’s the difference of Cardano,” Hoskinson said.

Hoskinson also delved into Hydra, Cardano's layer-2 scaling solution designed to increase the network's transaction throughput exponentially. He provided a detailed explanation of Hydra's mechanics, particularly its use of the extended UTXO model, which ensures that transactions are processed efficiently and securely.

“Hydra is amazing technology. We’re so excited about Hydra, we designed extended UTXO specifically for Hydra. […] This ability to move on and off the chain seamlessly. […] It just works, it’s secure it’s fast,” he noted.

A substantial portion of the keynote was dedicated to the evolution of governance within the Cardano ecosystem. Hoskinson announced the imminent formation of what he described as “the largest DAO in the history of cryptocurrency,” which will manage one of the largest digital treasuries.

He detailed the structure of this DAO, which incorporates a tri party system of governance combining a constitutional committee, stake pool operators (SPOs), and elements of liquid democracy.

“This new governance model is a revolutionary step towards fully decentralized and democratic management of a blockchain ecosystem,” Hoskinson said. He emphasized the potential of this system to empower the community and foster a more inclusive decision-making process.

Highlighting Cardano's international outreach, Hoskinson recounted recent engagements with governmental and academic institutions in Argentina, which underscored the global interest in blockchain's potential.

“It was so cool we met with the government. We met with the mayor of Buenos Aires, we met with so many other amazing people and they’re incredibly excited to receive us down at the University of Buenos Aires school of law for the Constitutional Convention. We’re going to have delegates from more than 50 countries all around to come and talk about what Cardano should be for the next 10 years,” he shared.

Looking ahead, Hoskinson excited the audience with previews of the upcoming Cardano Summit in October. He announced a unique challenge that would highlight Hydra's capabilities to manage one million transactions per second (TPS): a live, multiplayer Doom game session running on Hydra, where each frame of the game represents a transaction on the blockchain.

“I got something for you. You get 30,000 concurrent players, 35 frames per second, 35 transactions per second, that’s about a million TPS. […] We’re going to have a death match where people fight each other in Doom. We’ll find a win to make it happen whoever wins gets $100,000 in USDM […] That’s how we get to that 30,000 players. Why? Because we want to showcase the power of this,” Hoskinson revealed.

Hoskinson concluded his keynote by reinforcing his dedication to advancing blockchain technology through rigorous research and community-driven innovation. He highlighted the resilience and growing capabilities of the Cardano ecosystem, emphasizing, “Every single day, people in this room, people outside of this room, are united and asking the question, how do we make it simpler, faster, cheaper, easier, better? Why? Because we want crypto to take over the world.”

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