Promising scalable blockchain technology takes a big leap forward as O(1) Labs, the minds behind the 'compact blockchain for browsers' initiative, power on. Coda Protocol , have successfully completed a new $15 million USD funding round.
Coda, whose nimble ledger leverages zk-SNARK By harnessing cryptographic proofs to significantly reduce the chain's size, the Coda Protocol opens blockchain accessibility to the masses, offering users the ability to run full nodes directly in a browser — a stark departure from the hefty requirements of traditional blockchains.
Unveiling their first major project just last spring, O(1) Labs introduced the protocol, marking their entry into the field. Key crypto figures like Polychain Capital and Fred Ehrsam supported their debut funding effort, which raised $3.5 million.
In the present, this venture has amassed nearly fivefold of its initial round's sum, fuelled by investments from firms like Coinbase Ventures in its newly concluded fundraising endeavor. This capital enables Coda’s creators to fast-track and fine-tune the project's trajectory moving forward.
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Discussing the fresh funding news, Evan Shapiro, CEO of O(1) Labs, elaborated on Coda's vision — to create a unique blockchain offering unprecedented accessibility and adaptability, thanks to its sleek design and scalability:
\"[Coda] transforms the conventional blockchain into a tiny, portable cryptographic proof, akin to the size of several tweets. This allows anyone to achieve the robust security standard of a conventional blockchain with minimal resources. Full chain verification is feasible on any device, and joining the consensus is straightforward. Moreover, the constant size of the proof ensures that Coda remains inclusive and decentralized even as user numbers soar to millions, transactions rack up by the thousands every second, and the network’s history extends over decades.\"
Evan Shapiro also underscored the innovative applications that a streamlined blockchain could empower, highlighting its appeal to developers:
\"Developers can easily connect with users by embedding a simple tag into their frontend and adding a few lines of code, eliminating the need for users to install extensions or rely on third parties. Taking advantage of this simplicity, developers can innovate new web platforms and apps otherwise impossible today. A social network could validate respectful handling of your data and privacy. Unique games can be crafted by tapping into cryptocurrency potentials. Communities can self-organize and make decisions with fully verifiable elections.\"
<script>Definitely, zk-SNARKs are not just about privacy.
In the crypto realm, zk-SNARKs have mostly been recognized for their potential to enhance privacy, for example in
Yet, zk-SNARKs hold equally transformative potential for blockchain scaling, due to their capacity to compress data extensively. ZCash’s software .
last autumn, when a research post demonstrated how zk-SNARKs could propel Ethereum's transaction capacity up to 500 transactions per second, from the existing rate of 15 per second. Such a shift would enhance performance by an astonishing 3,200 percent.
Ethereum co-creator Vitalik Buterin noted as much According to Buterin, the transition would involve leveraging privacy and scaling tools to 'mass-validate transactions' through a staking arrangement comprising relayers and transactors.
In this light, adopting zk-SNARKs wouldn't magically solve
, but it could provide on-chain methods to revolutionize the project’s blockchain scaling, as the Ethereum community remains dedicated to developing second-layer scaling solutions like Plasma, Casper, and Ethereum At present, Coda Protocol has already adopted zk-SNARKs, setting a benchmark before Ethereum does. However, should Ethereum embrace this technology, it could trigger a domino effect, encouraging smaller projects to follow. sharding .
Meet William M. Peaster — an expert writer and editor immersed in the Ethereum, Dai, and Bitcoin facets of the crypto world. He’s contributed to outlets like Blockonomi, Binance Academy, Bitsonline, and more. He enjoys exploring smart contracts, DAOs, dApps, and the Lightning Network — and he’s even learning Solidity! Feel free to reach out to him on Telegram at @wmpeaster.
