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ZCash Will Be a Truly Anonymous Blockchain-Based Currency

spectrum.ieee.org

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Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#71

Post by problems »

earlz wrote: post #63
problems wrote: post #44

Earlier quoted context omitted.

Yup, it's a clever idea, but wait for someone to be the Litecoin to their Tenebrix.

Given how complicated the technology is that they will be working with (as someone who has attempted to read the zcash whitepaper), I find this extremely unlikely. Sure there will be clones, but no altcoin "developer" will be able to properly maintain this, so bugs won't get fixed, or it'll always be lagging behind Zcash, or worse, they introduce unintentional bugs and completely wreck their blockchain and lose the m…

I wouldn't be so sure of that, there already exist some alternatives which seem better in some ways like Monero. I have very low trust for scam developers like the ZCash ones, I'm sure someone quite capable could take it up.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#72

Post by lukasLansky »

earlz wrote: post #63
problems wrote: post #44

Earlier quoted context omitted.

Yup, it's a clever idea, but wait for someone to be the Litecoin to their Tenebrix.

Given how complicated the technology is that they will be working with (as someone who has attempted to read the zcash whitepaper), I find this extremely unlikely. Sure there will be clones, but no altcoin "developer" will be able to properly maintain this, so bugs won't get fixed, or it'll always be lagging behind Zcash, or worse, they introduce unintentional bugs and completely wreck their blockchain and lose the m…

a/ It's naive to assume market won't work in this one case and people will happily pass ten percent of their money to support staff just because their work is important. What can be competed away will be competed away.

b/ Open source works well for very complicated pieces of software.

c/ As we saw in the case of Ethereum, assuming you can buy due diligence with money alone is a mistake.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#73

Post by 235337 »

nickff wrote: post #9
bogomipz wrote: post #8

Earlier quoted context omitted.

"ZCash looks like a promising tool to prevent civil forfeiture and legalized theft." How does it prevent civil forfeiture specifically? Can you elaborate?

If you carried your money electronically, the police would have nothing physical to seize. The most common form of civil forfeiture is when the police seize money or other items of value from someone transporting or holding them. More significantly, if you have an anonymous ZCash account, the state has very little idea of how much money you have, where it is, or how you've used it; this means they don't know whether…

Isn't that beside the point? If you have all this money and they only suspect you have it, give you some court order for the money, then even if they can't get hands on the money neither can you. All they have to do is watch you, as a person, and your interaction with systems. That sort of thing is only getting more easy.

Furthermore with the push for "Online identity" they could just seize all your data storage and your various account information sets. Maybe your Ident never touched any of your personal hardware, or maybe you opened access to your hardware and pumped so many Idents through your confident they wont be able to figure out which is yours. But they can still out wait you.

I mean MAYBE with smart contracts will get us out of that.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#74

Post by peeters »

akanter wrote: post #51
RangerScience wrote: post #38

Here'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?

They touch on that in the link. "“There are regulatory and commercial and moral reasons for privacy from all sectors,” he says. To give a commercial example: Apple wouldn’t want Samsung to be able to track its transactions and gain valuable competitive intelligence." I agree with this sentiment.

Couldn't you tweak that a bit?

"Apple wouldn’t want the government to be able to track its transactions and gain valuable tax revenue."

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#75

Post by runako »

nathcd wrote: post #65
mootothemax wrote: post #31

"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.

It's worth reading the Zcash perspective: > At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders. > Every four years, the rate of ZEC being created will halve (again, just like in Bitcoin). After the first four years the ZEC created per ten minutes will drop to 25ⓩ, but after the first four years, 100% of it goes to the miners. > The end r…

> the founders are incentivized to support Zcash for the long haul (at least for four years)

Four years is not the long haul when talking about a new currency.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#76

Post by jandrese »

wmf wrote: post #30
jandrese wrote: post #24

I'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.

But it can't really be truly anonymous, not if you want people to actually use it. At the end of the day you need at least some assurance that you're sending the money to the right person in exchange for their good or service. They also need to be able to verify that they have been paid for their work and by whom.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#77

Post by omouse »

colanderman wrote: post #64
Animats wrote: post #39

Another 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 st…

Alt-coin founders are still into the whole deflationary thing I see.

What's the problem with that? It seems to be working so far.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#79

Post by [deleted] »

Animats wrote: post #39

Another 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 st…

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