Coda is the first cryptocurrency protocol that remains decentralized at scale.
“Scalability” refers to Coda’s ability to handle throughput of thousands of transactions per second. “Decentralization” refers to the accessibility of verifying the chain state and synchronizing as a new user. Synchronizing the chain state with Coda requires receiving less than a megabyte of data, allowing devices like smartphones to securely perform transactions independent of how long the protocol has been running or how many transactions have been performed.
Transactions on Coda can also be verified independent of their complexity, allowing complex computations on its blockchain without burdening the network. Coda achieves these features without sacrificing either scaling or decentralization through the use of recursive composition of zk-SNARKs in a novel architecture that implements a decentralized ledger. The resulting consensus protocol is consistent and responsive as long as at most 1/2 of the mining power is malicious.