- Cardano’s launch of the first ZK transaction on mainnet using Halo2 is a major step forward for privacy and scalability in the blockchain ecosystem.
- Halo2's low transaction fees and scalability make it a strong competitor to Ethereum and position Cardano for further growth in decentralized finance.
Cardano, a layer 1 proof-of-stake blockchain, leverages Halo2 technology to launch the first zero-knowledge (ZK) transaction on mainnet. Core developer Sebastian Guillemot confirmed the milestone by sharing the transaction hash for verification.
In line with the recent CNF update that discusses whether zero-knowledge technology is the final piece of the puzzle for blockchain privacy enhancement, this update, supported by Plutus v3, paves the way for zkApps and partner chains. Open and enable seamless payments on Cardano mainnet. InputOutput X Shared in Tweet by platform.
The first tx will lock the funds and the second tx will unlock the funds upon 50/90 verification of the ATMS signature Halo2 proof. Lock tx costs 0.16 ADA fee and unlock tx (Halo2 verification) costs 2.03 ADA fee, which is quite low.
— Input Output (@InputOutputHK) November 26, 2024
Cost-effective and scalable solution
Halo2 functionality was tested through Input Output Global (IOG) and 50 signatures were verified using Ad-hoc Threshold Multi-Signature Schemes (ATMS). The actual simulation highlighted Halo2's low transaction fees, with the cost of token locking being 0.16 ADA and the unlocking fee being 2.03 ADA.
These efficient costs make this technology a competitive option for scaling blockchain operations, rivaling Ethereum's advances in scalability.
Cardano’s growth amid market challenges
Cardano continues to innovate and recently completed a gamified Hydra Doom test to encourage user engagement.
However, according to data from CoinMarketCap, the price of ADA is $0.961, 1.34% Decrease and increase over 24 hours 23.93% Despite this setback over the past week, reflecting broader market pressures, platforms remain focused on achieving an advantage in the competitive blockchain ecosystem, and ZK Technology has It acts as a step forward.
