O(1) Labs, developers behind the cutting-edge 'tiny blockchain in your browser', have been given a fresh impetus with their recent financial achievement. Coda Protocol , have successfully completed a new $15 million USD funding round.
Coda, whose nimble ledger leverages zk-SNARK By employing cryptographic proofs to shrink the blockchain's footprint, Coda aims to democratize blockchain technology by enabling full-node operations directly in the browser—a considerable shift from the resource-heavy approach of traditional blockchains.
The spring launch of the Coda Protocol marked O(1) Labs' first venture, with prominent figures in the crypto world like Polychain Capital and Fred Ehrsam participating in their initial funding wave, raising $3.5 million.
Fast forward to the present, and the startup has amassed nearly quintuple that figure in their latest funding efforts spearheaded by various investment companies. Coinbase With a robust financial reserve now at their disposal, Coda Protocol is set to enhance and expedite its project's roadmap well into the future.
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Reacting to the breakthrough, Evan Shapiro, CEO of O(1) Labs, emphasized Coda's mission to innovate an adaptable and user-friendly blockchain experience that's optimized for widespread accessibility and scale:
The Coda blockchain replaces conventional blockchain bulk with a compact proof, small enough to fit inside a few tweets. This ensures that users enjoy the security standard of a traditional blockchain, while greatly reducing computational demands. Any device can fully verify the chain, and the consensus process is remarkably approachable. Furthermore, the proof's consistent size maintains Coda's inclusivity and decentralized nature, even when handling millions of users and high transaction volumes, enduring through decades.
CEO Shapiro further elaborated on how lightweight blockchains could pioneer novel applications, emphasizing the platform's potential to appeal to developers:
“Developers can effortlessly engage users by incorporating just a small snippet of code in their frontend, bypassing the need for additional downloads or third-party services. This empowers developers to create novel online platforms and applications that were previously unattainable. An emerging social network can assure users of privacy and data protection. Innovative games can harness cryptocurrency capabilities, and communities can implement fully transparent decision-making processes through authenticated voting systems.”
<script>zk-SNARKs, beyond their privacy attributes, hold great promise in the cryptoverse
Traditionally lauded for enhancing privacy, zk-SNARKs are now being recognized for their role in optimizing blockchain scalability by vastly reducing data size.
Last fall, a study showed how zk-SNARKs could elevate Ethereum's transaction capacity to 500 operations per second, skyrocketing its efficiency over 3,200% from its current 15 per second benchmark. ZCash’s software .
According to Vitalik Buterin, this strategy would harness the scalability tech's dual purpose, using a 'mass-validation' model through relayers and transactors for efficiency.
Ethereum co-creator Vitalik Buterin noted as much Should Ethereum integrate zk-SNARKs, it wouldn't single-handedly solve all scalability issues but could substantially bolster on-chain capability, complementing existing second-layer solutions such as Plasma and Casper.
Meanwhile, Coda Protocol has already embraced zk-SNARKs, positioning itself ahead of Ethereum in this technological endeavor. But should Ethereum adopt it, expect a wave of smaller projects to follow in rapid succession.
William M. Peaster is an esteemed writer and editor with deep expertise in Ethereum, Dai, and Bitcoin markets. His work graces platforms like Blockonomi, Binance Academy, and Bitsonline among others. He follows smart contract developments closely and is delving into Solidity programming. Connect with him on Telegram at @wmpeaster. Ethereum In recent developments, the founder of OnlyFans alongside the HBAR Foundation has submitted a late proposal to acquire TikTok. sharding .
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