What is the Ola Crypto Project?

Ola is a zero-knowledge (ZK) powered infrastructure that improves privacy and scalability on the Ethereum blockchain. It provides developers and users with a powerful tool for creating and using decentralized applications (dApps) while keeping data private.

The real power of Ola comes from the smooth integration of its main components. The ZK virtual machine (ZKVM) provides a foundation for privacy protection within applications built on the network.

The Ola-Lang and the Ola-Compiler components give developers the tools to create sophisticated, privacy-focused smart contracts. The performance improvement features work together to ensure these contracts run efficiently and at scale.

Together, these elements create a high-performance, privacy-focused Layer 2 solution that addresses the many privacy challenges current blockchain platforms face. Ola empowers developers to build privacy-focused applications, opening up new use cases that require transparency and confidentiality.

History of the Ola Crypto Project

The Ola project was created, incubated, and developed by Sin7y Labs. It was initially launched in 2022 as OlaVM and later renamed Ola. Sin7y Labs was established in 2021 and is dedicated to research in ZK-cryptography and ZK algorithms, among other things.

Its R&D department comprises more than ten cryptography engineering researchers who graduated from prestigious universities. It has produced over fifty research articles in both Chinese and English.

On July 3, 2023, Ola raised $3 million in a seed round led by Web3.com Ventures and Foresight Ventures. The funding round involved participation from Token Metrics Ventures, J17 Capital, Skyland Ventures, LD Capital, CatcherVC, and several other prominent investors.

In March 2023, it initiated a community loyalty program called OVP (OlaVM Points) to incentivize and reward active participants. The aim was to build a high-performance hybrid rollup Layer 2 infrastructure (ZK-ZKVM) that integrates optional privacy and programmability.

Core Components: Proof of Work (PoW), Zero-Knowledge Virtual Machine (ZKVM), Ola-Lang, Ola-Compiler, etc.

Proof of Work (PoW) Consensus Mechanism

The Ola project runs a PoW consensus mechanism to ensure fair participation. PoW is a consensus algorithm where miners compete to solve complex mathematical puzzles. The first miner to find a valid solution gets to add a new block to the blockchain.

Like other PoW projects, miners in the Ola ecosystem participate by dedicating computational power to solve ZK computations. This design is the pioneer decentralized design that ensures no user or entity takes control over the network.

It also provides a dynamic security mechanism since a successful attack would require the attacker to control more than 50% of the network. Such an attack is prohibitively expensive and highly unlikely.

Zero-Knowledge Virtual Machine (ZKVM)

The Zero-Knowledge Virtual Machine (ZKVM) is designed to fully leverage zero-knowledge, privacy-protecting proofs. It uses advanced mathematical proofs to group multiple transactions into a single proof, dramatically reducing the computation power needed on the blockchain.

One of the main benefits of the ZKVM is its ability to solve privacy issues found in regular virtual machines. This technology allows users to perform transactions on the public Ethereum blockchain while keeping their sensitive information secure and private.

As the core of the Ola project, it allows developers to build privacy-focused applications and smart contracts. The ZKVMs are capable of generating multiple proofs using parallel processing.

This approach significantly reduces delays and increases the platform’s capacity, allowing faster transaction processing and improved user experience.

Ola Language (Ola-Lang)

The Ola language is a Turing-complete high-level programming language. It allows developers to build OlaVM smart contracts, which the OlaVM back-end proof system can validate to ensure accurate computations.

The language is designed to be developer-friendly and ZK-friendly. Its syntax is similar to popular programming languages like Rust and Solidity, making it familiar and easy to grasp.

Most existing programming languages are difficult to execute and verify with zero knowledge-proof infrastructures. The language is ZK-friendly and supported by the Ola compiler and OlaVM.

Ola-Compiler

The Ola compiler works with the Ola-Lang high-level code, compiling it into Assembly code that the OlaVM can process. The Ola compiler consists of the component’s frontend and backend sections.

The frontend accepts the high-level contract program as input and compiles it into an LLVM Intermediate Representation (IR). An LLVM is a compiling toolkit that allows the frontend of applications to transmit instructions to the backend of its infrastructure.

The Ola project’s backend accepts the LLVM generated by the front end and converts it to Ola assembly code for the OlaVM.

Simplified Instruction Sets

Ola uses simplified instruction sets that reduce computational overhead when running contracts to improve performance. These concise instructions allow for faster transaction processing and more efficient use of computational resources.

By simplifying the instruction set, Ola achieves reduced complexity in contract execution, lower computational requirements, faster transaction processing, and improved platform scalability.

Hardware Speed-Ups

To further boost efficiency, Ola explores hardware-based improvements. Ola can use specialized hardware such as GPUs to speed up cryptographic operations, leading to faster proof creation and verification times.

This hardware acceleration benefits the computationally intensive tasks involved in privacy proofs.

Features of the Ola Ecosystem: OlaVM and OlaOS

OlaVM

The OlaVM is the virtual machine that executes the smart contracts deployed on the Ola network. It is a ZKVM-based, privacy-focused, high-performance Layer 2 infrastructure that allows the project to provide programmable privacy and scalability.

The OlaVM testnet is projected to have a capacity of more than 2,500 transactions per second (TPS).

It is designed to be developer-friendly, utilizing a smart contract language similar to Solidity. It is also explicitly designed for ZKVMs. It simplifies application deployment and operations, allowing developers to create privacy-focused smart contracts.

Developers can deploy DeFi protocols, NFT marketplaces, or social applications capable of handling large-scale transactions.

OlaOS

The OlaOS is similar to the operating system of the Ola network, which allows developers and users to interact with the blockchain.

OlaOS processes transactions submitted through the JSON-RPC interface and stores them in a database within the infrastructure. These transactions are subsequently channeled to the mempool, a staging area for pending processes.

The OlaVM then processes these transactions, bundling them into blocks integrated into the blockchain. To safeguard the blockchain’s integrity, the OlaOS rigorously validates each new block before its inclusion.

This ensures the consistency and security of the blockchain across the network’s nodes.

What is the Ola Token?

The Ola token will be the native token of the Ola project. It will be used for staking, governance, and transaction fees. The project is currently undergoing its testnet phase, with ongoing plans to launch its native token.

Notably, on August 1st, 2024, the Ola team announced via Twitter (now X) that a snapshot for token distribution in the second season of its mobile Zero-Knowledge Proof (ZKP) verification network, Massive, will be taken on August 8th at 8 pm. The points earned during the second season will be recorded and serve as the foundation for determining eligibility and allocation of Ola tokens.

Risk Analysis

Advantages

Ola allows developers to implement optional privacy features within their applications, allowing for a flexible approach to data protection. This is particularly beneficial for applications that balance transparency and user privacy.

Ola’s ZK-ZKVM architecture ensures high throughput and low transaction latency, making it suitable for large-scale applications. Ola’s programming language, Ola-Lang, is designed to be accessible to developers familiar with Solidity and Rust. This lowers the barrier to entry for building on the platform, potentially attracting a larger developer community and fostering innovation.

Disadvantages

While the programmability aspect is advantageous, it may also introduce complexity for developers who need to become more familiar with zero-knowledge technology.

Challenges

As a privacy-focused platform, Ola must navigate the evolving regulations surrounding data privacy and cryptocurrency. It must also ensure robust security measures to protect user data and maintain trust in the platform.

Competitive Analysis

Ola and zkSync are both Layer 2 solutions that aim to enhance scalability and privacy for blockchain applications.

Ola focuses on its high-performance ZK-ZKVM architecture, which supports rapid transaction processing. zkSync is an established zero-knowledge roll-up technology widely adopted in the Ethereum ecosystem. It focuses on fostering a user-friendly experience with seamless integrations for existing Ethereum applications.

The Ola Project utilizes a hybrid ZK-Rollup architecture with a focus on programmability, while zkSync employs a proven zero-knowledge roll-up technology that prioritizes security and user experience.

How Can You Own Ola?

When the project launches its token, users will be able to acquire Ola tokens on Gate.io and join the Ola ecosystem. To do this, users will set up a wallet and utilize the token.

Setup a Wallet

One way to own Ola tokens when they launch is to purchase them through an exchange. To do this, the user must create a Gate.io account, complete the KYC process, and add funds to the account to buy the token.

Utilize the Ola Tokens

Once users have acquired Ola tokens, they can explore the Ola ecosystem and participate in various DeFi-related activities.

Useful References

For the latest updates about the Ola ecosystem, visit:

• Official Website
• Twitter
• Telegram