As a seasoned blockchain analyst with a decade of experience under my belt, I find this development on Cardano to be nothing short of exhilarating. Having witnessed the rise and fall of numerous blockchain projects, it’s always refreshing to see one making strides towards innovation.
As reported by Sebastien Guillemot, a co-founder of dcSpark, it is now live that the initial zero-knowledge (ZK) smart contract was successfully deployed on the Cardano primary network.
This marks the start of the era of ZK applications on the popular blockchain network.
The mainnet’s blockchain verification process was handled by Input Output, the Cardano developer, utilizing Halo 2 technology.
According to Input Output’s explanation, the initial transaction aimed at securing the funds. Subsequently, the second transaction, which relied on the confirmation of a ZK proof generated by Halo2, served the purpose of releasing or unlocking the secured funds.
According to Input Output, the transaction that enabled unlocking carried a fee of approximately $1.9 (or 2.03 ADA), which they consider as being reasonably affordable.
The Halo 2 zkSNARK verification system, developed by the Electric Coin Company (the creators of Zcash), enables the generation and confirmation of zero-knowledge zk-SNARK proofs without relying on a trusted setup process.
As a crypto investor, I recently came across an enlightening social media discussion where Input Output outlined the perks of the Halo 2 cryptographic method. This technique allows one to validate that a computation was executed accurately without disclosing its specifics. Among the impressive aspects mentioned by the Cardano developer, recursive proofs stood out as one of the most significant features of Halo 2. These proofs enable scalability and interoperability improvements by dividing complex computations into smaller, manageable chunks.
Input Output stated that there is still much work ahead, but the test conducted by IO Research marks a substantial advancement in applying zero-knowledge proofs to Cardano. This development offers an impressive blend of scalability, efficiency, and heightened security.
Read More
- EUR ARS PREDICTION
- EUR CAD PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- SAFE PREDICTION. SAFE cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- EUR MYR PREDICTION
- LDO PREDICTION. LDO cryptocurrency
- USD BRL PREDICTION
- ULTIMA PREDICTION. ULTIMA cryptocurrency
2024-11-26 20:46