The Electric Coin Company (ECC) behind the development of the ZCash cryptocurrency has entered into an agreement with Protocol Labs, the Filecoin Foundation and the Ethereum Foundation. Partners will explore the use of Halo technology to improve ecosystem scalability and privacy.
Electric Coin Co. has entered into an agreement with @protocollabs, the @FilFoundation, and the @Ethereum Foundation to explore Halo 2 R&D, including how the technology might be used in their respective ecosystems.https://t.co/KWrnsDhT5h#eth #filecoin #zcash
— Electric Coin Company 🛡️ (@ElectricCoinCo) September 20, 2021
ECC intends to implement the technology in ZCash in January 2022 with the launch of the Halo Arc update. The upgrade was originally planned for October 1st.
Protocol Labs and the Filecoin Foundation are developing Filecoin, a protocol, trading platform and cryptocurrency for cloud storage. The Ethereum Foundation supports the development of technologies and solutions for the network of the second largest cryptocurrency by capitalization.
“The partnership could result in the use of Halo 2 for Filecoin scalability. These are the ideas that we will be working on. In addition, the technology can improve the interoperability between Filecoin, Zcash and Ethereum, and this could open up opportunities for greater privacy in projects, ”said Josh Swihart, vice president of development at ESS.
Under the terms of the agreement, ECC’s parent non-profit Bootstrap will receive $ 2 million. The Filecoin Foundation, Protocol Labs and the Ethereum Foundation will join joint research and development on the use of recursive verification systems in the Zcash protocol.
The group will collectively explore the following projects:
- implementation of recursion in the Halo 2 proof system. The solution will become the basis for scaling Zcash, and also potentially allow the use of zero knowledge confirmation technologies for the Ethereum virtual machine (EVM);
- integration of Halo 2 into the Filecoin proof system. Presumably, this will help scale the network by reducing the amount of confirmed data;
- Halo 2 implementation for the Verifiable Delay Function (VDF) under development. This basic software element offers many use cases, including for smart contract applications as a source of randomness, and for choosing a leader in Proof-of-Stake consensus protocols.
The partners will work with SupraNational, a cryptographic acceleration hardware provider. This will help in the area of potential design GPU and ASICas well as in VDF development.
The industry has entered the multi-chain era, and cross-chain proof testing “opens up a number of interesting opportunities,” according to Stephen Smith, vice president of engineering at ESS.
“Imagine a scenario where people write smart contracts on Ethereum using Filecoin for storage and secured with ZCash for payment. We are at an early stage, but this partnership is about opportunities, ”added Swihart.
The Filecoin mainnet launch took place in October 2020. In the same month, Protocol Labs partnered with ConsenSys to integrate Ethereum products.
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I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.