KMD is a verry technical coin. But its sad it got one big flaw in its current setup.
The Trusted Setup is a vital part of what makes KMD work. Kmd is a coin to use a implementation of a cryptographic proof called zk-SNARKs (SNARKS for short). These SNARKS are the engine that can quickly and efficiently verify a transaction and add it to the blockchain without revealing any details to the public. The tricky thing about these SNARKS is that (like many algorithms) they need to have a one time setup. And the reason that this setup is called the “Trusted Setup” is because you have to trust that whoever generated those keys destroyed them when they were done.
The Keys give "God powers" with the keys its possible to create free KMD for yourself. Because the SNARKS implementation also hide the supply. No one will notice if the keys are beying misused.
The Trusted Setup is a vital part of what makes KMD work. Kmd is a coin to use a implementation of a cryptographic proof called zk-SNARKs (SNARKS for short). These SNARKS are the engine that can quickly and efficiently verify a transaction and add it to the blockchain without revealing any details to the public. The tricky thing about these SNARKS is that (like many algorithms) they need to have a one time setup. And the reason that this setup is called the “Trusted Setup” is because you have to trust that whoever generated those keys destroyed them when they were done.
The Keys give "God powers" with the keys its possible to create free KMD for yourself. Because the SNARKS implementation also hide the supply. No one will notice if the keys are beying misused.
i get what your saying. the algo eqihash was used by zcash and they did the same thing. they had multiple trusted people that were given part of the keys. are you saying that kmd did not do this?
interested in this.
thanks
The equihash algorithm is a PoW algorithm and as such doesn't have anything to do with zk-SNARKS. The keys related to zk-SNARKS that KMD uses are the same as Zcash uses. zk-SNARKS are related to only the privacy aspects of KMD and doesn't define the Platform at all. There is dPOW that Einsteinium and Game-Credits projects have adopted to protect from 51% attacks. Then there is the Komodo Custom Consensus Framework that allows for contracts which is currently under development/testing. There are on-chain token generation, on-chain faucet, dice, and Rewards contracts that are already working. So if people can trust the Zcash privacy mechanism, then they can extend the same trust to Komodo's Privacy mechanism as they are exactly the same.
so sab is saying kmd used zk-snarks for the privacy mechanism and in order to do that, kmd had to generate private keys at the begining and kmd has those keys and can use the zk-snarks mechanism to basically generate tokens at will - is this correct?
There is no way to know. If they have or have not destroyed the keys properly. There is also no way to see directly if KMD are created out of thin air, this is not vissible because the supply is hidden.
You still don't get it do you? KMD did not create zk-snarks, read:
https://captainaltcoin.com/zk-snarks-privacy/
https://blockonomi.com/zk-snarks-privacy/
https://komodoplatform.com/privacy-zero-knowledge-proofs/
Show me the proof that the keys are destroyed? I bet you cant.
Perhaps this will help answer your question:
https://komodoplatform.com/faq/
https://www.youtube.com/watch?v=D6dY-3x3teM
"To create the Zcash parameters, the original Zcash developers had to create a series of keys that, when combined, created a master key that could unlock and lock the parameters. After using the master key to create the parameters, the team destroyed every individual key. The team conducted this endeavor in a public manner. We encourage interested readers to view the Zcash Ceremony explanation on YouTube, and to search for other viewpoints as well."
"To briefly summarize the security measures, the Zcash team used several layers of protection including: multi-party computation, air-gapped compute nodes, hard-copy evidence trails, a uniquely crafted distribution of the Linux operating system, and the physical destruction of each piece of hardware that held an individual key. The resulting layers of defense would be of the highest level of difficulty for an outsider to penetrate. Furthermore, the method of creation and destruction ensured that the internal security of the project was faultless, so long as at least one member of the entire Zcash team was honest.
By our observation, the team performed this endeavor with sufficient competence and due diligence. Furthermore, given the nature of the project, the longstanding reputation of the Zcash developers, and the modus operandi of their lives’ work, we believe they were properly motivated to perform the creation and destruction in a capable and honest manner.
Nevertheless, there are privacy advocates in the cryptocurrency industry who maintain a degree of suspicion over any project that requires an element of human trust. This suspicion extends to the Zcash parameters. These observers continually scrutinize the Zcash project, searching for more and more processes by which the creation ceremony could have failed. Yet, while various theories have been put forth, no actual failure in the Zcash parameters has been discovered.
In adopting the Zcash parameters, we receive frequent questions regarding how they affect the Komodo coin. The answer is that the privacy in the Komodo ecosystem is effectively permanent, regardless of any potential fault by the Zcash team. Furthermore, we can adopt any updates the Zcash team releases to the parameters.
In the unlikely event that someone was able to retain a complete copy of the master key, the only power the holder would have, would be the ability to create new private money in our system. This holder could then trade that for transparent, spendable money. This could negatively impact the Komodo coin, and we would be required to adapt our platform. If a fault in the Zcash parameters were to be discovered, the Komodo team has various contingency methods at our disposal to remove the Zcash parameters and replace them with a new set of parameters."
the reason that this setup is called the “Trusted Setup” is because you have to trust that whoever generated those keys destroyed them when they were done. Provide me the proof that the keys are destroyed. You cant. Thats why its called a "trusted setup".
Throughout the history of mankind there have been manny scams. From the gold smiths holding peoples gold and slowly changing into banks. Scamming people with factional reserve banking untill now. One of the goals in decentralised blockchain technology is to eliminate human trust
Prove to me that someone has the key
Its your Choice to invest in a project where human trust is needed. I can also put my money on a bank. Instead of investing in blockchain.
With btc there is no question or discussion if x person have keys to print free btc's. A 51% attack is needed for creating more btc's.
Its not possible for digital money to become global money if its not 100% trustless.
Why should the mayority choose trusted digital money if there are other better trustless solutions out there.
