"But in ZCash, the miners only get to keep ninety percent of those coins. The rest gets dumped into accounts controlled by the ZCash company"
This alone makes me extremely sceptical.
ZCash Will Be a Truly Anonymous Blockchain-Based Currency
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Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#32Anyone else finds naming important for adoption? Bitcoin sounds pretty elegant to the regular Joey IMO but „ZCash“...I mean...awful. Well lets hope for a rebrand later.
This is the rebrand. This project was initially ZeroCoin, then ZeroCash, and now the abbreviated ZCash
ZeroCoin and ZeroCash are probably the worst possible names for something like this.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#33The blockchain is slowly going to become a dominant pillar of our transactions. Whether it be information, money, etc., blockchain will probably be a part of it. If we want it to be secure anyway...
Is anyone working on/does it make sense to have blockchain based voting for elections?
There are several voting systems built on top of Ethereum.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#34The blockchain is slowly going to become a dominant pillar of our transactions. Whether it be information, money, etc., blockchain will probably be a part of it. If we want it to be secure anyway...
Is anyone working on/does it make sense to have blockchain based voting for elections?
Especially if done using a ZKP like ZCash supposedly does. That would be great.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#35Earlier quoted context omitted.
How does it defeat the $5 wrench?
Multisignature wallets mean that you can beat the credentials out of a person and still not be able to access the coins. You would have to figure out who else had keys and beat then too. Raising the difficulty a non-trivial level.
For the wallet to be useful, the person you are beating will either know who else needs to be beaten, can be compelled to withdraw their funds under duress, or in the case of a centralized counterparty, like a bank, can be trivially compelled by a government bearing a lawful order, to sign off on a money transfer.
If none of those means of getting you to pay work out, they can always leave you to enjoy your internet money in jail.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#36"But in ZCash, the miners only get to keep ninety percent of those coins. The rest gets dumped into accounts controlled by the ZCash company" This alone makes me extremely sceptical.
Unlike Bitcoin, where Satoshi probably mined 5% of all BTC before other people noticed? Or unlike Bitcoin, where developers get paid by layering centralized startups on top?
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#37Earlier quoted context omitted.
Given that the previous comment is referring to state actors, you have the courts to defeat the 5$ wrench. For more direct criminal elements, you can make it difficult enough that its not worth them going through the effort to use the 5$ wrench and wait while you have to fetch the key. Beyond that, you're no worse off than you were versus carrying cash. The only thing electronic cards might have advantage over this i…
Ok, so you're in court, and the courts just gonna be like, 'ok, we'll just ignore our orders to make you pay because it's crypto currency'? I don't think you understand what happens when you defy court orders... Also, mostly this will be used for tax issues, where guess what, the burden is on you to prove that your income was only X, so the more crypto shit you have the easier it is for the prosecution to say you hav…
The point seems to be that the court would actually have to order you to release the funds, as opposed to the current case where law enforcement can seize physical funds without a court order, putting the burden on you to get it back if the seizure wasn't justified.
The court reference you replied to is saying that the court system protects you from having a state actor use force to take your property before you've had your day in court.
ETA: That said, I don't think you need anonymity for this, so it would apply to any currency you can use as cash and secure with a password. I guess the anonymity just makes it more like physical cash in that nobody can track how much or where you spend/receive it. For tax purposes, it would be no different from cash in terms of ability to work under the table and be called on it or accused of it by the IRS.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#38Here's a question: I can see the value in an anonymized blockchain for use by individuals...
...but, is there a reason that anonymity would be good for use in a blockchain for use by businesses? Or, is it categorically better for a business-centric blockchain to have the most identity possible?
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#39Another altcoin. This one has a 10% pre-mining cut for the founders:
"Zcash's monetary base will be the same as Bitcoin's — 21 million Zcash currency units (ZEC, or ⓩ) will be mined over time. 10% of that reward will be distributed to the stakeholders in the Zcash Company — founders, investors, employees, and advisors. We call this the “Founders Reward”."
Here's a list of the other 709 altcoins.[1] 373 of them are still tradeable. 88 have a market cap in excess of $1M. 27 have a market cap in excess of $10M. 4 have a market cap in excess of $100M. PayCoin, which was last year's heavily promoted new cool coin with a "guaranteed floor" of $20, is now at position 415 with a value of $0.002606 and a market cap of $30,247.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#40I'm failing to see how this is superior to the hundreds of altcoins already available. What makes this better than Bitcoin, Dogecoin, or Kanyecoin? Why should I choose it over the competition?
As it says in the title, it's more anonymous. So ZCash and Monero are competing for the darknet payment market.
tl;dr transactions are encrypted so proof of funds work with zero-knowledge proofs