Izaak Meckler and Evan Shapiro, cofounders of Coda, join Zack to discuss accessible blockchain verification.
In most blockchains there is a real tradeoff between scaling and decentralization.
Coda is a new cryptocurrency protocol that reduces the size of the blockchain.
The Coda network uses zk-SNARKs to compress the entire blockchain into a tiny snapshot and then sends that snapshot instead. No matter how big the blockchain gets, Coda remains accessible to everyone.
Full show notes at http://wing.vc/
What if you could verify the entire blockchain from your smartphone?
Izaak Meckler and Evan Shapiro are cofounders of Coda, a new cryptocurrency protocol that reduces the size of the blockchain from gigabytes down to the size of a few tweets.
Izaak and Evan explain how cryptocurrency can be more accessible to everyone:
The Tradeoff Between Scaling and Decentralization
Today, if you want to verify a transaction on a cryptocurrency, you need to first download a full copy of the blockchain.
Izaak points out that this works fine in the early days of a network, but quickly becomes impractical over time as the blockchain becomes longer and grows in size to hundreds of gigabytes.
A Succinct Blockchain
Coda is a new cryptocurrency protocol that solves this problem by compressing the entire blockchain.
Using the recursive composition of zk-SNARKs, Coda eliminates the need to store or download transaction history in order to verify the blockchain.
Because this ‘succinct blockchain’ is more efficient than others, Izaak explains how this impacts the future of cryptocurrency and blockchain technology.
Accessible to Everyone
As Izaak describes it, a SNARK is a tiny certificate verifying that a computation was run correctly. You can think of it as a stamp of approval, which is guaranteed by cryptography to be unforgeable.
This technology will enable nearly any internet-connected device to verify balances and transactions.
Blockchains are more than just tools for creating new monetary systems. Listen to hear how Izaak and Evan believe the potential use cases for widespread verifiable computation go beyond the realm of cryptocurrency.
- In most blockchains there is a real tradeoff between scaling and decentralization.
- Coda is a new cryptocurrency protocol that reduces the size of the blockchain from gigabytes down to the size of just a few tweets.
- The Coda network uses zk-SNARKs to compress the entire blockchain into a tiny snapshot and then sends around that snapshot instead. This means that no matter how big the blockchain gets, or how many transactions are performed, the cost to verify transactions and data remains constant and inexpensive, making Coda accessible to everyone.
About the Show
Join Zach DeWitt as we highlight the best emerging projects in crypto through unbiased and exclusive interviews with blockchain technology founders. Token Talks intends to make the cryptocurrency ecosystem more accessible by connecting thought leaders and entrepreneurs with mainstream companies, consumers, and investors. This podcast is produced by Wing Venture Capital (aka “Wing”), a Silicon Valley-based venture capital firm. Multiple episodes are released every month and discussions include ICOs, altcoins, decentralization, token economics and the future of digital currency in tech. Visit www.wing.vc for more details.
Token Talks – Interviews with the Best Projects in Crypto
By Zach DeWitt
Coda: Accessible Blockchain Verification
Aug 28, 2018