New Block-Disappearing Coda Blockchain Raises $15 Million With Coinbase, Paradigm As Investors
New Block-Disappearing Blockchain Raises $15 Million With Coinbase And Paradigm As Major Investors
The Coda protocol was announced in May last year, acting as the first of many projects that the O(1) Labs startup aims to launch. Originally, a seed equity round involving MetaStable, Electric Capital, Polychain and co-founder of AngelList, Naval Ravikant brought in the backing that the company needed at the time. However, recent reports from CoinDesk indicates that an additional $15 million was contributed to the startup with other investors, which include Accomplice, Coinbase Ventures, Paradigm, and General Catalyst.
The blockchain that O(1) Labs has been working towards allows blocks to disappear and will ensure that every user can participate in consensus. Evan Shapiro, the CEO, wrote an email to CoinDesk, saying that the excitement over Coda has to do with the games and apps that are enabled with “a lightweight blockchain that is way easier to develop for and use.”
As the O(1) team writes, Coda is considered a succinct blockchain, which the whitepaper defines as having “verification complexity essentially independent of chain length.” The Coda blockchain only needs 22kb for the storage of a copy, which Shapiro says will never change, based on the zk-SNARKs protocol that will remain in place. With this protocol, when the proof is created, it is easy to validate the proof and store a copy on even a smartphone.
There is no timeline that Shapiro has released for when Coda tokens will be available, though the CEO indicated that more details will be available “in the coming months.” The company has already open-sourced the protocol on GitHub, and the testnet of Coda has been live for about seven months.
At this point, there are very few details available to the public, but developers are expected to only need to use a “script” tag to build Coda on the applications they develop, which is much easier than what Ethereum users deal with right now. Users can get involved by joining an app program, running nodes, or other ways.