Cardano Introduces Zero-Knowledge Tech to Its Smart Contract Ecosystem
Cardano’s launch of its first ZK transaction on the mainnet, powered by Halo2, is a major step forward for privacy and scalability in its blockchain ecosystem. Halo2’s low transaction fees and scalability...
- Cardano’s launch of its first ZK transaction on the mainnet, powered by Halo2, is a major step forward for privacy and scalability in its blockchain ecosystem.
- Halo2’s low transaction fees and scalability make it a strong competitor to Ethereum, positioning Cardano for further growth in decentralized finance.
Cardano, a Layer-1 Proof-of-Stake blockchain, has launched its first Zero-Knowledge (ZK) transaction on the mainnet, powered by Halo2 technology. By sharing the transaction hash for verification, Core developer Sebastian Guillemot confirmed the milestone.
In line with a recent CNF update discussing whether Zero-Knowledge Tech is the Final Piece of the Puzzle for Enhanced Blockchain Privacy, this update, supported by Plutus v3, paves the way for zkApps and partner chains, enabling seamless settlement on the Cardano mainnet. As shared in a tweet by the InputOutput X platform.
The first tx locks the funds, the second unlocks the funds upon verification of a Halo2 proof for ATMS signature 50 out of 90. The locking tx costs 0.16 ADA fee, the unlocking tx (Halo2 verification) 2.03 ADA fee which is reasonably low.
— Input Output (@InputOutputHK) November 26, 2024
Cost-Effective and Scalable Solution
Halo2’s capabilities were tested through Input Output Global (IOG), which verified 50 signatures using Ad-hoc Threshold Multi-Signature Schemes (ATMS). With real-world simulations, Halo2’s low transaction fees were highlighted, with token locks costing 0.16 ADA and unlocking fees at 2.03 ADA.
These efficient costs make the technology a competitive option for scaling blockchain operations, rivaling Ethereum’s advancements in scalability.
Cardano’s Growth Amid Market Challenges
Cardano continues to innovate, recently completing gamified Hydra Doom testing to incentivize user engagement.
However, according to CoinMarketCap data, ADA’s price has dropped to $0.961, a 1.34% decline over 24 hours, with an increase of 23.93% in the past week, reflecting broader market pressures. Despite this setback, the platform remains focused on achieving dominance in the competitive blockchain ecosystem, with ZK technology serving as a crucial step forward.
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