Coda, a blockchain that is focused on compressing its data, has announced that it has raised more than $15 million since its original announcement. The new funding comes from several high-profile investors, including Coinbase and Paradigm. And Coda hasn’t just raised new capital—it is also hinting that users will soon be able to get involved with the platform.
Coda’s 22 KB Blockchain
Coda has a unique mission: to offer a very small blockchain with nodes that can be run anywhere. By comparison, Bitcoin’s blockchain takes up more than 200 gigabytes of space. This isn’t important if you just want to spend crypto, but it puts heavy demands on users who want to make use of the blockchain’s full set of features.
Meanwhile, Coda’s blockchain takes up just 22 kilobytes of space. This is possible because of “tiny, portable cryptographic proofs” called zk-snarks. The end result is that even the simplest systems, such as websites and mobile phones, will be able to run a Coda node. This is important because as more users…