A Privacy Solution for the Blockchain Ecosystem – CryptoMode
Blockchain technology has experienced rapid growth in recent years due to its decentralized design and ability to secure transactions without relying on third-party trust. However, an important challenge facing blockchain systems is the need for improved privacy. The public nature of transactions on the blockchain leaves details such as sender and recipient addresses, transaction amounts and other data visible to everyone, which hinders the use of blockchain in applications where privacy is most important.
Ola: The programmable privacy platform revolutionizing Ethereum
The new solution, developed by Sin7y Labs in 2022, is a Layer 2, ZK-ZKVM-based programmable privacy platform designed to bring optional, controllable privacy to Ethereum.
Ola goal to tackle blockchain privacy issues by implementing a robust key management system, a UTXO-like account structure, and a constraint logic outside of proof of programmability. Ola’s privacy design concentrates on two crucial aspects of users’ privacy: Identity privacy and data protection.
A generic smart contract language based on Instruction Set Architecture (ISA) is among Ola’s main features, offering improved programmability. Ola achieves programmability through ZKVM, which allows for a higher level of language abstraction and programmability than DSL.
Using a register-based VM design, an algebraic RISC instruction set architecture, and other strategies, Ola aims to deliver the fastest ZKVM available.
The Ola team: Cryptography experts driving innovation
Ola’s team consists of most of the cryptography experts, many of whom have published technical reviews and industry insights on zk algorithms. This expertise enables Ola to remain at the forefront of blockchain innovation, ensuring that the platform remains up-to-date and secure.
Ola recently released its second whitepaper, which discussed the design and construction of its high-performance ZKVM and Ola-lang, a Zero-Knowledge friendly smart contract language.
The updated edition delves deeper into the platform’s flexible data sharing, ownership of user data, developer-friendly language and tool suites, and improved language scalability.
Privacy mechanisms: UTXO-like model, note-based account structure and restriction logic
Ola uses a UTXO-like model for privacy, using a one-time signature and one-time address to secure the sender’s address information.
The platform’s display key can be updated when exposed to maintain privacy. In addition, Ola uses a note-based account structure to hide transaction sender and recipient data.
Constraint logic ensures the computational integrity of commits, commitment efficiency, Note Nullifier computational integrity, signature validity, computational integrity of disposable addresses and generated notes. Ola relies on proof of programmability, including off-chain calculation and proof of public function (Account-based) and off-chain calculation and proof of private function (Note-based).
Ola’s ZK-ZKVM platform aims to provide programmable privacy, allowing developers to deploy public contracts, privacy and ordinary contracts. Users benefit from the freedom to choose transaction types for ordinary contracts and asset transfers between public and private accounts.
Upcoming Testnett and community engagement
The project plans to launch the programmable public privacy testnet in Q4 2023, inviting developers and users to contribute to the community. Ola’s emphasis on privacy positions it as a promising platform for various applications, including contract distribution and data control.
With the upcoming launch of Ola’s public testnet, the Ethereum ecosystem is ready to witness the impact and adoption of this innovative privacy solution.
To address the urgent need for improved privacy in blockchain technology, Ola has emerged as a cutting-edge platform that offers controllable, optional privacy for Ethereum.
Through its advanced features, such as General-Purpose Smart Contract Language, the fastest ZKVM, and a strong focus on identity privacy and data protection, Ola aims to overcome the privacy challenges that have hindered blockchain adoption in various sectors.
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