The Cardano blockchain seeks to expand and achieve scalability through the Hydra upgrade. However, according to Orbis, the team behind the first zero-knowledge rollup layer two solutions, Hydra will not solve all the scalability problems on Cardano (ADA/USD).
Through Orbis, Cardano will provide support to decentralized finance (DeFi) applications and boost the growth of its blockchain network.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
The official blog post from Orbis says that it will provide a high level of scalability and boost transaction speeds. It will also enable the Cardano network to evolve into a “global financial system.”
Once this protocol is implemented, transactions will run off-chain through Orbis layer 2. The transactions will then be integrated into a single ZK proof and later sent on-chain to Cardano layer 1 for verification. The ZK rollup will comprise two main components: The Prover and the Verifier. The Prover will build zkSNARK proofs to verify transactions, while the Verifier will settle transactions running on the Cardano rollup.
The announcement added,
Orbis provides an off-chain context in which smart contract validator code can run. Instead of being run to create transactions on the Cardano layer 1, in this context, a validator code is run to create transactions on the layer 2 rollup. Orbis will enable PlutusTX smart contracts to be easily ported over.
Cardano is believed to be an “Ethereum killer”, with some believing that it would surpass Ethereum (ETH/USD) in dominating the DeFi sector. However, to do this, Cardano needs to bolster scalability, and the Hydra upgrade was believed to be a solution to this. However, the Orbis team believes Hydra is not an all-around solution for Cardano.
The team argues that Orbis will be a better solution because it can preserve the principles of the Cardano network while achieving scalability. Therefore, the network will easily and securely host RealFi and DeFi applications.
The team further opined that Orbis also provides layer 3 solutions using Halo 2 recursive ZK proofs to support functions such as DeFi, non-fungible tokens (NFTs), supply chain and other functionalities. To launch Orbis on Cardano, the team seeks $1 million in funding.
67% of retail CFD accounts lose money
2018, Cryptoland Theme by Ninetheme