The Ethereum Foundation is keen on learning more about the Halo 2 protocol developed by the Electric Coin Firm (ECC), the corporation behind the ZCash (ZEC) coin.
The Ethereum Foundation, a non-profit corporation devoted to the advancement of the Ethereum network and similar innovations. The ECC have inked a partnership agreement. The goal is to look into Halo 2 research and development with the prospect of incorporating it into your network.
The Protocol Labs research laboratory and the Filecoin Foundation have also signed on to the agreement. Both are collaborating on the advancement of their cloud data storage platform and cryptocurrency.
As per a message from the Electric Coin Company issued yesterday, September 20. The collaborative work could “increase interoperability between Filecoin, Zcash, and ETH. It provides pathways for improved confidentiality in all of these initiatives.”
Bootstrap, ECC’s non-profit parent organization, will collect $2.2 million. It is as part of the deal for Filecoin, Protocol Labs, and the Ethereum Foundation. To undertake the investigation and joint projects of the ZCash protocol transaction confirmation tools.
Halo Arc for ZCash
Even though it was originally for October of this year, the Halo 2 protocol, will incorporate into ZCash in January 2022. This has piqued the curiosity of ETH and Filecoin designers
The update, dubbed Halo Arc for ZCash, comes with a number of features. The most noticeable feature is the option to make your transactions even more confidential. This is because Halo 2, which is a technology that runs without using zero-knowledge checks, removes the necessity for a trusted setup. It has been one of the most common concerns about privacy in Zcash. This consists of a series of initial parameters that will discard later. The reason is to prohibit them from being employed to fabricate transactions.
The zero-knowledge protocol, also known as zk-SNARKS, is a technology employed in this network. It function is to validate transactions and join them to the blockchain without disclosing any information to the public.
The quantity of testing data kept on the Filecoin platform might be greatly decreased by harnessing the capacity of Halo 2. According to the ECC note, it also has the possibility of helping with scalability by easing interoperability with other blockchains.
ECC, Filecoin, and Ethereum Collaboration Effects
The collaboration between ECC, Filecoin, and ETH, however, will make it easier to continue developing Halo 2 with the goal of strengthening the verifiable latency function. It is a VDF. “A VDF is a cryptographic fundamental with a variety of applications,” ECC notes. ” This includes, employment in smart contract applications and the selection of a leader in Proof-of-Stake consensus protocols.” This approach “would enable unique technologies, including your virtual machine having zero knowledge,” according to the announcement. Therefore, adds privacy to Ethereum.
As per a January report from CryptoNews, deploying Halo 2 on the ZCash network will remove trusted setup (also termed as trusted configuration), boost scalability, and make the network more appealing to developers to build on. At the same time, by removing the trusted configuration, the risk of an attack minimizes, providing more assurance of the integrity of the ZEC supply.
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