As a seasoned researcher who has closely followed the cryptocurrency landscape for the better part of the last decade, I must say that the recent development on Cardano is nothing short of intriguing. The live implementation of Halo2, the first Zero Knowledge (ZK) transaction, marks a significant step forward in their smart contract pursuit.
On the Cardano blockchain, which uses Layer-1 Proof-of-Stake (PoS), there’s been a significant development in its journey towards advanced smart contracts. According to Sebastian Guillemot, one of the protocol’s core developers, the first Zero Knowledge (ZK) transaction, known as Halo2, is now active on the mainnet.
The Cardano ZK Smart Contract Perks
Guillemot shared the transaction’s unique identifier, “71579b77ab7d974eb31ef1b50d58f14f2ceac2bcf540aac50f777f56a8f24bff,” for simple validation on blockchain explorers.
He revealed that the ZK smart contract transaction was powered by Plutus v3. With this inauguration push, this new innovation will make room for zkApps and partnerchains on the mainnet. As he pointed out, both protocol will gain advantage to to settle easily on the Cardano mainnet.
In another announcement, Input Output Global revealed that they successfully verified the Halo2 ZK Proof campaign, which aimed specifically at supporting Ad-hoc Threshold Multi-Signatures Schemes (ATMS). As a result, they were able to confirm all 50 signatures in the process.
As an analyst, I’ve observed that during our simulations of real-world smart contract protocol applications, IOHK reported relatively low transaction fees in the testnet. Particularly, the transaction fee for token locks was set at 0.16 ADA. Conversely, the total unlocking fee on Halo2 amounted to 2.03 ADA.
To compete favorably with other on-chain solutions, Halo2 offers an affordable choice that emphasizes transaction scaling as its primary objective.
Initially, a transaction called “Lock” secures the funds, while another one named “Verification” frees the funds once it confirms a Halo2 proof for signature number 50 out of 90. The Lock transaction requires a small fee of 0.16 ADA, whereas the Verification process (which includes the Halo2 confirmation) costs a slightly higher but still reasonable fee of 2.03 ADA.
— Input Output (@InputOutputHK) November 26, 2024
As an analyst, I’ve observed that the Halo2 innovation tests suggest that Cardano has the potential to match or even surpass Ethereum in terms of scalability. This engine, known for its security, speed, and practicality, could be a valuable addition to the Ethereum developers’ ongoing efforts to improve scalability.
The Square Pegs In The Square Holes
Prior to the recent achievements made by Cardano researchers, there were already plans in place to introduce a Zero-Knowledge (ZK) feature for Cardano. Given the competition among leading blockchain networks, this ZK implementation seems perfectly strategic and well-timed.
Over the last year, Cardano has been leading the way with continuous updates. According to Coingape, they recently unveiled a gaming-style test for their Hydra upgrade called “Hydra Doom Testing.” This testing aims to motivate users and surpass previous performance records set by Hydra.
During these significant achievements, the value of Cardano has dipped below the $1 mark, following a wider market downturn. Currently, it’s being traded at approximately $0.9220, representing a decrease of 7.37% over the past 24 hours.
It’s uncertain if the current pause in the price of ADA signifies the end of the impressive 220% surge it experienced during the last month.
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2024-11-26 21:30