The post First ZK Smart Contract Deployed on Cardano Mainnet, Paving the Way for New Applications appeared on BitcoinEthereumNews.com.

Cardano has officially launched its first ZK (zero-knowledge) smart contract, marking a significant milestone for the blockchain ecosystem. This deployment not only showcases Cardano’s commitment to innovation but also introduces new capabilities for privacy and scalability within its platform. According to Input Output, the transaction that deployed the ZK smart contract successfully verified the process using the Halo 2 technology, which enhances Cardano’s security. Cardano has deployed its first ZK smart contract, ushering in a new era of scalability and security for blockchain applications. Breakthrough in Zero-Knowledge Smart Contracts on Cardano The deployment of the first zero-knowledge smart contract on the Cardano mainnet is a revolutionary step for blockchain technology. This milestone was achieved through a transaction executed by Input Output, using Halo 2 for ZK verification. This achievement not only signifies Cardano’s evolving capabilities but also enhances the versatility and privacy features that are increasingly in demand in the crypto space. Understanding the Impact of Halo 2 on Cardano’s Scalability Halo 2 allows for creating and verifying cryptographic zk-SNARK proofs without requiring a trusted setup. This innovation is particularly important as it supports greater scalability and efficiency for decentralized applications. The recursive proofs of Halo 2 enable complex computations to be divided into smaller, manageable parts, fundamentally improving interoperability. Input Output emphasized the potential of zero-knowledge proofs to enable transactions that can confirm computation correctness without revealing sensitive information, reinforcing user privacy. This capability is becoming crucial as regulatory environments tighten globally and user protection becomes paramount. Transaction Insights: Low Fees and Future Developments The unlocking transaction processed after the deployment of the ZK smart contract incurred a modest fee of 2.03 ADA (approximately $1.9), which was described as “reasonably low” by Input Output. This cost-effectiveness is pivotal as it encourages more users and developers to adopt ZK features…

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Filed under: News - @ November 26, 2024 8:20 pm