Cardano Launches ZK-Rollups Scaling Solution Orbis

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Today’s Cryptocurrency Headline

Cardano (ADA) launches the first ZK-Rollup Layer 2 solution, Orbis, which aims to support DeFi applications and blockchain ecosystems by improving scalability and transaction throughput. Transactions occur off-chain on the Orbis layer 2 and are bundled together into a single ZK (zero-knowledge) proof which is submitted on-chain to the Cardano layer 1 and verified. Orbis has two main components: Provider and Verifier, the former is an off-chain system and its purpose is to construct zkSNARK proofs verifying the occurrence of transactions. The latter is an on-chain smart contract that accepts on-chain asset inputs, locking them up in the contract so they can be used on the rollup without the risk that they will be double-spent.

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According to CoinMarketCap data, the global cryptocurrency market cap has now rebounded above $1.86 trillion, with an increase of more than 5% in the past 24 hours. As Russia agreed to negotiate with Ukrainian officials, the cryptocurrency market rose along with the stock market on Friday. The S&P 500 stock index rose over 2% and BTC rebounded to $39,000. Immediate resistance for BTC is seen at $40,000 and if buyers push the price above this level, the BTC/USDT pair could rally toward the overhead resistance at $46,000.

 

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