Following a series of technological updates dedicated to user privacy and blockchain scalability, ZCash devs have opened a source code for Halo 2, a one-of-a-kind proof composition. It was prepared in coordination with Ethereum Foundation and supported by a special grant.
Light and fast transactions for ZCash (ZEC)
According to the official explanatory blog post published by the ECC team, Halo 2 is a Rust-written implementation of ZK-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) proof construction.
ECC is committed to fully productizing Halo 2, with the intent to eliminate trusted setup in #Zcash as early as 2021. This would also set the stage for future support of recursive proofs in support of layer 1 scalability.— Electric Coin Company (@ElectricCoinCo) September 1, 2020
Halo 2 is able to compress transactional history and effectively distribute computation via recursive proof composition. As a result, ZCash (ZEC) transactions will be confirmed much faster, and the capacities of blockchain will be used more naturally.
The full-fledged implementation of Halo 2 will be accomplished as early as 2021. With this system, ZCash (ZEC) will not need a trusted setup anymore. Despite the fact that the Halo 2 code is now open source, the project remains in the R&D stage:
Halo 2 improvements were done in coordination with, and made possible by a grant from, the@Ethereum Foundation. While still in the exploratory phase, both organizations believe there is value in standardizing Halo.
The grant sum for Halo research, provided by the Ethereum Foundation (EF) in July 2020, is $120,000.
Charles Hoskinson highly appreciates Halo project progress
CEO Charles Hoskinson of Input Output, the Hong Kong-based company tasked with the development of Cardano (ADA) solutions, has congratulated Electric Coin. He emphasized the unique nature of the developers' efforts:
Congratulations to the Electric Coin Company https://t.co/jt2uBd4DJt halo is one of the most exciting workstreams that I've seen in the industry— Charles Hoskinson (@IOHK_Charles) September 2, 2020
He claimed that this workstream is one of the most exciting for the entire cryptocurrencies realm.
As covered by CryptoComes previously, in July 2020, ZCash (ZEC) developers activated the Heartwood hardfork. It significantly advanced the privacy and speed of transactions.
Also, ZCash Executive Director Josh Cincinnati resigned from his position with on July 31.