This document discusses the vision and challenges of implementing smart grids with hierarchical DC-based microgrids. It describes a potential architecture with nanogrids and picogrids powered by a 380V DC main distribution bus. Key challenges discussed include the need for standardized DC voltage levels, reliable DC circuit breakers and buses, and distributed control schemes like droop control. Modeling and control of the complex nonlinear converter systems is also highlighted as an important area of further research.