Analysis Of ICO Projects By Tokenbox
Viktor Shpakovsky | Nov 01, 2018 06:37AM ET
1. CodaProtocol (USA)
Coda Protocol is the first cryptocurrency protocol that uses blockchains of constant size.
This is yet another, but rather good, application for creating a scalable and decentralized blockchain.
The main idea of Coda is to minimize the centralization of networks by introducing a constant cost of validation. In Coda, the network does not pay the user, on the contrary, they pay the network to be able to confirm transactions.
The project developers are trying to solve the following problems of existing cryptocurrencies:
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the ever-increasing blockchain volume leads to a decrease in the number of full nodes and centralization. Thousands of transactions per second generate terabytes of historical data weekly.
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blockchains may face the problem of the Red Queen hypothesis (the blockchain volume will grow faster than our ability to check it).
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users of light clients delegate the security of their own transactions to third-party sites.
To solve these problems, the Coda project uses the technology zk-SNARK (zero disclosure proof). All previous transaction history is iteratively converted into a certificate, which confirms that all previous calculations were performed correctly. Thus, the entire blockchain can be converted into a package smaller than 1kb in size.
The processing speed is 10 ms, calculations can be performed and tested on a device of any capacity, including a smartphone. At the moment PoW is used as a test consensus, but the developers are planning to switch to PoS. The first version of the protocol will work only as a currency and will not support smart contracts. However, in the future, the developers do not exclude the possibility of adding this functionality.
The Coda project team is represented by CEO Evan Shapiro; he graduated from Carnegie Mellon University and received a bachelor's degree in Computer Science. He then received his research degree while working at the CMU Personal Robotics Laboratory, where he was engaged in research for the HERB robotics platform.
His colleague Izaak Meckler is the CTO; a mathematician and computer scientist, he worked as a software engineer at the Jane Street trading company and participated in numerous open source projects, including the Elm compiler.
In addition to the founders, the team currently has 7 developers, recruitment continues. Of the project advisors: Jill Carlson can be noted, who worked with the IMF and is a consultant for cryptocurrency and blockchain companies. She conducted research on cryptocurrency at Oxford University, began her career as a Goldman Sachs (NYSE:GS) credit trader.
The summary of the Coda project evaluation from Tokenbox:
Perhaps this is one of the most interesting upcoming projects. A unique and simple idea that solves many of the current problems of modern blockchains, great potential. Of the minuses, one can note the reluctance of developers to patent the idea, which can lead to a large number of forks based on the technology. At this stage, there is no indication of tokenometrics. Project evaluation - 6/10.
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