A new crypto ecosystem that claims to be the lightest blockchain in the world has grown rapidly to become one of the biggest layer one testnets by peer count in the industry. With Mainnet launch imminent, Coda Protocol has now got more than one thousand applications to its new Genesis token program.
Phase 3 of the testnet launch has attracted at least 400 users who have connected at least once. Another 300 users have signed up to stake while it also has 143 max concurrent users.
Coda launched Genesis alongside the release of Phase 3 of the testnet.
Genesis is a token program that prepares the participants to become the network’s first block producers and guarantees high decentralization upon the launch of mainnet. Coda token grants, for now, are being supplied to Genesis founding members. The distribution is being pulled from the group of participants that are engaging in testnet challenges designed to contribute to greater network resilience.
The Coda team confirmed that it got 1.3k applicants within weeks of their launch. All these applicants want to join Genesis and have 40 founding members admitted to cohort 1. The CEO and Co-Founder of O(1) Labs, Evan Shapiro, stated:
“The Genesis token program is designed to ensure block producers are operationally prepared for mainnet. We couldn’t be more pleased to have such an outpouring of interest from people hailing from 80 different countries, and we are using this momentum to continue strengthening the protocol and ensure a robust, highly decentralized network at mainnet.”
Low Bytes and Privacy
When compared with data that arises from block explorers for the other testnets, Coda alleges this peer count already puts it in a competitive position against other established testnets like Cardano, Solana, Celo, Polkadot, and Cosmos.
The Coda Protocol uses recursive zk-SNARKs, also known as zero-knowledge proofs, to enhance scalability. It operates as a ‘small, portable’ blockchain that can be downloaded on browsers and smartphones, infused into decentralized applications.
By description, zk-SNARKs are a cryptographic primitive. They can transmit any tractable piece of data between two parties over a public medium like blockchain. Thus, they enhance digital privacy for transactions using cryptos, as it is the case with the anonymity-focused altcoin Zcash (ZEC).
Yet, apart from their privacy potential, Coda’s developers insist that they are incredibly lightweight. Hence, they are ideally suited to lighten the overall data size of a given blockchain.
The Bitcoin blockchain currently has a blockchain size of about 260,900 MB, with nodes having to download the whole chain to authenticate that it is correct and reach the desired consensus.
The involvement of resource-intensive places more high barriers to entry for participant nodes. They also compromise decentralization and almost render the entire network more vulnerable to a 51% attack. While trying to address this problem, they say:
“What we’ve done with Coda is replace that whole transaction history with a lightweight, zero-knowledge proof (recursive zk-SNARKs), which is only about a kilobyte, or the size of a few tweets, so you only need to look at that small proof to know that the current state of the blockchain is correct.”
In this opinion, the lighter a blockchain is, the larger and more inclusive the pool of authenticating nodes can be. Coda block producers can quickly share proof of the correct blockchain state throughout the network by harnessing recursive zk-SNARKs. They can also easily update the proof with the occurrence of each new transaction.
The breakthrough application of zero-knowledge proofs is the characteristic that enables Coda to provide scalability to thousands of transactions each second. They have also successfully served millions of users and delivered years of transaction history without compromising on security.
Token Distribution For Community Incentivization
As mentioned above, Coda unveiled its Genesis token program alongside its testnet launch. Official reports indicate that it is distributing 6.6% of its entire tokens supply to the founding members. This distribution will enable the members to prepare to become block producers on the network.
Furthermore, the team has allegedly got 1,300 applicants who want to join Genesis and has also already onboarded up to 40 founding members to its cohort. Blockchain infrastructure provider and Libra Association founding member, Bison Trails, and Figment Network are among the members.
Figment Networks is a validator on the decentralized Ethereum-compatible network Skale. The Co-founder & Head of Product at Figment Networks, Andrew Cronk, said:
“We’re excited to be part of Coda by providing both infrastructures as a block producer and analytics with Hubble. We see Coda as a bold exploration of blockchain frontiers, and we look forward to participating in this groundbreaking new protocol.”
Despite all that is happening in the blockchain space currently, Coda Protocol seems to have a bright future.