The post Cardano Advances Blockchain Innovation with CIP25 Metadata Validation, Boosting NFTs and AMMs appeared on BitcoinEthereumNews.com.

L2 frameworks developer Paima Studios has announced a new way of accessing transaction metadata directly from Cardano’s smart contracts language Plutus. The new Aiken smart contract accesses the transaction hash, which contains the metadata, opening up new opportunities in NFT AMMs, on-chain gaming, interoperability, and more. As Cardano grows to incorporate a thriving decentralized ecosystem, one challenge that has plagued the network is the inability of the native smart contracts language, Plutus, to access transaction metadata, holding back NFTs, on-chain games, and more. Paima Studios, a Web3 application engine firm, has now solved this challenge. Paima co-founder Sebastien Guillemot announced the new update over the weekend. We managed to get a Cardano Plutus script to validate CIP25 metadata 🔥 Big implications, and enables many new use-cases:・NFT AMMs (not easily doable in EVM!)・New interop standards・Onchain games and we just open-sourced it🫡How did we achieve this? ↓🧵 pic.twitter.com/KUikGQtWzX — Sebastien Guillemot (@SebastienGllmt) July 6, 2024 Cardano NFTs—which have become increasingly popular—are issued under token standard CIP25. This standard, similar to Ethereum’s ERC-721, defines how NFT issuers define an NFT’s attributes, such as its image, name, URL, and more on its transaction metadata. So far, the challenge for Cardano developers has been that the network’s smart contract language Plutus is unable to access this metadata. This has hindered dApps built on Cardano from accessing this data and limited the extent to which NFTs on the network could be utilized. First, it’s worth noting that this is not just a Cardano problem. Ethereum, despite being much more advanced, also suffers similar failures. Ethereum developers overcome this challenge using oracles that link to off-chain data or by adding some complex mechanism. Cardano developers have attempted to solve this challenge as well. The most common solution is a new improvement proposal—CIP68. This standard forsakes the transaction…

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Filed under: News - @ July 8, 2024 7:14 pm