The post Cardano Launches First Zero-Knowledge Smart Contract appeared on BitcoinEthereumNews.com.

Cardano has achieved a significant milestone by launching its inaugural zero-knowledge (ZK) smart contract on its primary network, utilizing the Halo 2 proof system. This pioneering step enhances scalability and privacy measures within the Cardano ecosystem, broadening the potential application of its technology. What Significant Updates Happened in November? The month of November was particularly fruitful for Cardano, featuring multiple announcements related to its developments and integrations. These updates contributed to a notable 5% surge in the price of ADA, which reached $1.01, marking a high not experienced since mid-2022. How Does Halo 2 Improve Cardano’s Technology? Halo 2, an advanced zk-SNARK system, enhances Cardano’s network by offering a non-interactive setup, scalable iterative proofs, and improved interoperability. This innovative technology addresses key challenges faced in blockchain operations. While more work lies ahead, the tests conducted by IO Research signify a crucial advancement in applying zero-knowledge proofs within Cardano, delivering a robust mix of scalability, efficiency, and security. Input Output HK underscored the value this advancement brings to Cardano’s ecosystem, acknowledging that additional development is essential to fully harness zero-knowledge technology’s capabilities. Furthermore, the adoption of Halo 2’s PLONK zk-SNARK framework elevates the efficiency of cryptographic processes, lowering operational costs and speeding up proof generation and verification. Cardano’s zero-knowledge smart contract boosts scalability and security. The Halo 2 system significantly enhances the network’s performance. ADA’s price increase indicates positive market sentiment. The implementation of zero-knowledge smart contracts marks a pivotal advancement in blockchain technology for Cardano, showcasing its commitment to enhancing scalability and security while responding positively in market valuations. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/cardano-launches-first-zero-knowledge-smart-contract-2

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Filed under: News - @ November 29, 2024 1:17 am