CIPs coming with June’s HF:
CIPs (Cardano Improvement Proposals) present new features to the cardano network that are key to bettering our blockchain
The upcoming HF introduces:
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CIP-31: Reference Inputs
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CIP-32: Inline Datums
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CIP-33: Reference Scripts
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CIP-40: Collateral Outputs
Reference inputs allow you to read datums from outputs without consuming and recreating them.
Multiple DApps will therefore be able to read from the same datum at the same time, improving concurrency.
Inline datums allow you to store the data on-chain as opposed to just storing a hash of it on-chain as Cardano currently does.
This provides a more convenient architecture where devs don’t have to include the data when interacting with the script.
Reference scripts reduce your transaction costs.
Currently, new scripts need to be included in each transaction.
With reference scripts, you can interact with the script through a reference, pushing it onto the chain.
Interaction with a smart contract becomes minimal.
We’re making Plutus faster and more functional than it already is.
Block validation is quick & efficient
Block propagation time is decreased
Apps are executed quickly
Script size is 20% smaller
Redeemers are 40% faster
Non-evaluation processing runs 80% faster
Collateral outputs improve the transaction validation experience.
Currently, if a transaction fails validation, you would lose the collateral reserved for such situations.
With collateral outputs, just enough collateral will be included in your transaction for it to go through.
Even if you include more collateral & your transaction fails, you don’t lose any of your valuable ada.
This thread is part of a series on understanding plutus and the upcoming June HF improvements.
To recap what we’ve discussed so far, read our initial thread here
And if you’d like to watch John Alan Woods’ full Plutus explainer video, watch it here: