This implementation of the technology promises to remove the need for trusted setups. 

ECC, or the Electric Coin Co., is the entity responsible for the advancement of privacy coin Zcash (ZEC). It unveiled a new code for the blockchain and crypto community.

The organization opened its Halo 2 source code. It is an updated, more efficient version of ECC's recursive proof composition. It eliminates the need for a trusted setup in Zcash. This was revealed in a Sept. 1 blog post from the ECC. It may also advance a promising scalability solution for Zcash and other blockchains. The post noted that the Halo structure adds speed, among other things. 

In order to initiate a private network with Zcash utilizing Zero-Knowledge Succinct Non-Interactive The argument of Knowledge, or zk-SNARKs, a trusted setup is required. It essentially means specific. Parties must oversee the network in the beginning. The Halo 2 source code allows for process completion without trusted setups when using Zcash. 

The blog post said that the Ethereum Foundation helped in the development of Halo 2. The blog noted that trusted setups would be a thing of the past by next year if all goes according to the ECC's goals. It would also set the stage for future support of recursive proofs in support of layer one scalability. The Ethereum Foundation has also donated to the UNICEF through Bitcoins and Ethereum in the past.

The blog post also noted a few other things.  

In the coming months, the organization will be committing significant resources in R&D, engineering, business development, marketing, operations, and third-party support to ensure that Halo 2 will be productized safely and securely. Finally, it will be the Zcash community that decides whether Halo 2 becomes part of Zcash.

Zcash is among several other prominent anonymity-based digital assets in the crypto space. This is a concept gaining relevance in an era of rising digital surveillance. 

Disclaimer

The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.

Crypto Business World

CBW - External Analyst

INDIA