As the realm of scalable blockchain technology evolves, O(1) Labs, creators of the innovative 'tiny blockchain in your browser' project, marks a significant leap forward. Coda Protocol , have successfully completed a new $15 million USD funding round.
Coda, whose nimble ledger leverages zk-SNARK By harnessing compact cryptographic proofs, the Coda Protocol drastically reduces chain size and empowers users to run full nodes directly within a browser — a revolutionary shift from the cumbersome downloads required for traditional blockchains.
O(1) Labs introduced this groundbreaking protocol last spring as their debut venture. During that initial funding wave, industry giants like Polychain Capital and Fred Ehrsam played a pivotal role, contributing to a successful $3.5 million raise.
The enterprise now garners nearly quintuple the initial amount, thanks to contributions from influential firms. Coinbase The newly acquired financial resources are set to propel Coda's developers toward accelerating and fine-tuning their ambitious project plans for the foreseeable future.
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Evan Shapiro, the CEO of O(1) Labs, recently detailed how Coda is set to redefine blockchain with its accessibility and adaptability, thanks to its streamlined and scalable nature:
“Coda chooses a tiny, portable cryptographic proof over traditional blockchain heft, likened to the brevity of a few tweets. This innovation grants everyone access to the security level of conventional blockchains with minimal requirements. Devices can easily verify the chain, and consensus participation is more inclusive, keeping decentralization intact even with millions of users, a torrent of transactions per second, and years of historical data.”
Furthermore, Shapiro emphasized the potential for novel applications powered by a slim blockchain, highlighting the developer-friendly system as a catalyst for innovation:
“By simply embedding a tag into their frontend and writing concise code snippets, developers can engage users without necessitating downloads or third-party trust. This paves the way for pioneering websites and applications unimaginable today. Social platforms can assure users of their data privacy. Revolutionary games can emerge, harnessing cryptocurrency's potential. Communities can undertake fully verified decision-making through transparent elections.”
<script>Truly, zk-SNARKs Go Beyond Privacy
In the blockchain domain, zk-SNARKs originally garnered attention for their potential to safeguard privacy.
Yet, their sheer ability to shrink data makes zk-SNARKs critical for scaling blockchain networks. ZCash’s software .
Back in fall, when he authored a pivotal research paper, illustrated how zk-SNARKs could supercharge Ethereum's on-chain transaction capabilities up to 500 transactions per second, a monumental leap from the current cap of 15 transactions — an exponential performance rise exceeding 3,200 percent.
Ethereum co-creator Vitalik Buterin noted as much Buterin expounded on utilizing this privacy and scaling technology to 'mass-validate transactions' via a system of relayers and transactors.
Adopting zk-SNARKs in this vein wouldn’t be a panacea for
but the potential transition offers a tangible on-chain method to significantly expand Ethereum's blockchain, all while the community explores second-layer scaling concepts like Plasma, Casper, and Ethereum Meanwhile, Coda Protocol has taken the lead, eagerly embracing zk-SNARKs before Ethereum could. Should Ethereum adopt this tech, expect a cascading effect as smaller projects quickly follow suit. sharding .
William M. Peaster, an accomplished writer and editor, focuses his expertise on Ethereum, Dai, and Bitcoin within the cryptoeconomy. Featured in publications like Blockonomi, Binance Academy, Bitsonline, and more, he thrives on exploring smart contracts, DAOs, dApps, and the Lightning Network. Now, he's diving into Solidity! Connect on Telegram via @wmpeaster
