Connect with us

Blockchain

This blockchain only needs 22 KB of data to be verified

Published

on



Mina aspires to be the world’s tiniest blockchain, with claims that its protocol maintains a constant size of around 22 kilobytes. This is ostensibly achieved by using recursive zk-SNARKs — the same technology that is used by the privacy-centric cryptocurrency Zcash (ZEC). However, whereas the latter utilizes this technology to provide greater privacy to its users, the former employs it for scalability. 

A zk-SNARK, which stands for zero-knowledge succinct noninteractive argument of knowledge, allows a party to prove that they have possession of certain information without revealing what that information is. It is similar to how a smartphone can recognize its owner without storing the person’s actual identity data.

There has been much discussion about using zk-SNARKs to scale various protocols including Bitcoin, though there are currently few practical applications of the technology. Evan Shapiro, CEO of O(1) Labs, the company behind the Mina blockchain, said that though it’s a beautiful idea, his team has had to solve many technological challenges to bring this concept to life:

“It’s a very clean and beautiful idea at a high level. But then when you get into actually implementing it, there’s a lot of complexity that you have to be aware of and manage to make this actually happen.”

When it comes to the project’s nodes, their size will depend on the network’s needs. A “normal” node will require just a few kilobytes, whereas a node that participates in consensus may require around a gigabyte:

“If you’re a normal node which just needs trustless, permissionless access to a few accounts, that’s in the range of kilobytes because you just need the proof and the actual accounts. If you like performing consensus, then you need all the accounts. So there’s let’s say a million accounts. Each one is a hundred bytes, probably a little more, like kilobytes, so you need a gigabyte to store that.”

Originally, the project was envisioned with a proof-of-work consensus, but the team decided to adopt Cardano’s Ouroboros consensus earlier this year. Even so, substantial work went into adapting this system to the zero-knowledge cryptography that Mina employs. Unlike Zcash, which is merely a cryptocurrency, Mina has a smart contract layer and its own version of decentralized applications, or DApps, which are called Snapps.

Shapiro said that Mina’s other distinction is that it will be able to consume outside data securely, without the need for oracles. This combination of outside data and zero-knowledge proof cryptography could open up a number of use cases. For instance, Mina could allow users to provide decentralized finance apps with the parameters of their credit history without having to reveal what that information actually is. This, in turn, could lead to lower inherent risks and reduced interest rates for borrowers. Users could potentially leverage Know Your Customer information verified by one exchange to bypass the verification requirements of another crypto service provider.

Mina recently changed its name from “Coda” due to a lawsuit from the R3 Consortium, which believed the name was too close to its own “Corda.” Mina’s mainnet is now expected to launch within the next few months.



Source link

Blockchain

Enjin joins Crypto Climate Accord, goes carbon negative

Published

on

By



Enjin, a blockchain gaming and nonfungible token platform, has stepped up to decarbonize its footprint by joining the Crypto Climate Accord, a move that adds further credibility to the industry’s growing environmental mandate. 

The Crypto Climate Accord is backed by 20 firms from the blockchain, fin-tech and greentech industries. Inspired by the 195-signatory Paris Climate Agreement, the Accord was established in April to address the “large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use.”

Enjin claims that its JumpNet blockchain has already achieved carbon-negative status nine years ahead of schedule. In March, the company said it planned to enable carbon-neutral NFTs by 2030.

“The creation of new forms of technology should never come at the cost of destroying our environment,” said Enjin CEO Maxim Blagov. “Carbon neutrality for JumpNet is an important step toward our vision of a sustainable NFT ecosystem for Enjin and our partners.”

In addition to decarbonizing newly created tokens, Enjin’s environmental sustainability plan includes supporting the tokenization of the physical economy and decarbonizing existing digital assets. Other measures include upgrading to carbon-neutral nodes and incentivizing carbon reduction technologies.

Environmental concerns have virtually hijacked Bitcoin’s narrative this year, with the likes of Elon Musk casting shade over carbon-intensive mining. The Tesla CEO briefly embraced Bitcoin earlier this year before deciding that BTC payments are no longer acceptable due to environmental risks. Now, he states that his firm is willing to accept payments of the virtual currency, provided there’s more evidence for sustainable mining.

Related: Elon Musk lays out when Tesla will begin accepting Bitcoin payments

Other environmental sustainability efforts within crypto are also underway. As Cointelegraph reported, Tyler and Cameron Winklevoss’ Gemini exchange has purchased carbon credits to reduce Bitcoin’s carbon footprint. Separately, U.S. miner Stronghold Digital Miner recently announced that it raised $105 million to divert waste coal to cryptocurrency mining.