Topic: Beyond Satoshi's Vision: The Unexplored Possibilities of the Blockchain (Read 169 times)

We are far away from the DAO acceptance just because “we think” anonymity of the crypto has been compromised with the current infra. Now all these thoughts of going beyond Satoshi vision seems to be impossible. What we have achieved up until now through all the crypto regulations, bans, acceptance and let’s not to forget the criminal activities that followed along the way.

There are continuous developments. New projects are focusing more on the security features, higher uplinks, project such as mixing services are also focusing on giving almost 100% anonymous nature to the transaction that we make.

Isn’t thats enough for us to believe in what Satoshi gave us?

I believe we are talking about different animals here.

We offer a Decentralised Applications that facilitates anonymous peer to peer interactions in an anonymous and safe ecosystem. And bypassing current exchange options (as crypto currency world gates) is only a part of the solution.

Imagine that you want to order a table with clearly known specifications, and you and the seller is do not know each other. Yet you will be able to put your order, receive the good as agreed and pay the price with crypto. there is also a Decentralised dispute mechanism in place to make sure that the table will be in the same quality and speciation as ordered. Is it currently possible that you would do such interaction with crypto currency?! If you can get the example then we are on the same page...

Besides, there is nothing we can do about the privacy of transactions, which we believe is already good enough to mask sender/receiver's identity. Yet making any changes in any crypto currency's function would be on each Coin/Token's core development teams.

We have to put some emphasis on the fact that we do not encourage tax evasion. We believe that people should be convinced to cooperate with their respective governments, not by being threated by law force.
People who are convinced to fully cooperate withe their governments still have the choice to use our services and declare their transactions by choice

Thank you for taking the time to read our article and for sharing your thoughts on the subject. What you have outlined is a subject that we believe should be openly discussed and debated.

First of all, we have to clarify that we do not encourage tax evasion. Yet, we believe that it should ultimately be the user's decision to cooperate with their government based on the clarity of the government's use of tax and national resources.

To ensure the cleanliness of our ecosystem and the adherence to regional rules, we have an innovative solution that involves enlisting the help of bounty hunter users. More information on this can be found in our white paper and FAQ, which will be published on our website.

In terms of the risks and challenges within working with blockchain based service, we believe that the most crucial aspect is clarity. Although there are many complex and unknown features of blockchain technology, the workings of a DAO are straightforward and can be easily demonstrated.

DAOs are essentially using smart contracts deployed on blockchain networks that cannot be edited once they are implemented. This means if they are initially safe, they will remain safe for good. Any DAO can make their contract code open-source or use third-party assessments to demonstrate that there is no room for abuse or fraud. An assessed and trusted DAO can handle billions of dollars of daily transactions, making it an attractive target for hackers who may attempt to exploit any vulnerabilities in the code.

This concern is especially valid in our case, where a mobile application on clients' phones directly connects to the smart contract and uses it as the back-end. A simple hack involves deploying the contract code on the same network and creating a convincing phishing tool by releasing a fake update with a similar UI to our DApp. Therefore, it is essential to ensure that the smart contract's code is secure, and there are no potential exploits that could be used to undermine the system.

At this stage, we believe that users can test our DApps with smaller transactions and over time, the system will prove its credibility. The dilemma is whether we should rely on complete transparency or user experience and feedback to approve the system.

What do you think should be prioritized: the security of our clients or gaining their trust?

As a user, how do you suggest we handle this situation?

(Emphasis added is mine) I agree 100%.
I for one can think of no legal reason for folks trying to keep their crypto tx's hidden. The days of having private and secret holdings have been over for centuries with ALL governments being highly interested in them. These days the closest we can come is the proverbial "bank account in the Cayman Islands". People need to accept that fact and as you end with, "It's high time the crypto community joins forces with regulators and policymakers to cook up responsible, lasting solutions that appease every stakeholder."

Spot on.

Oh, @OP: It is considered rather bad form to do sequential posts because it is viewed as 'cheating' just to build post count. If you have more to add before someone replies - edit your last post to include it.

Anonymity in the crypto realm? It's a bona fide enigma wrapped in a mystery, with no straightforward solutions. Sure, blockchain tech makes it tough to separate anonymity from Bitcoin-esque transactions, but governments and regulators worldwide ain't too keen on it, fearing tax evasion and financial turbulence.

As a crypto aficionado and trader, I'm all about striking that sweet balance between privacy, security, transparency, and accountability. Now, Decentralized Autonomous Organizations (DAOs) offer a tantalizing prospect for a no-KYC gateway to Crypto Land, but don't forget the risks and challenges lurking in the shadows.

For-profit DAOs might serve as anonymity guarantors in crypto dealings, but there's that nagging concern about abuse and shady dealings. It's high time the crypto community joins forces with regulators and policymakers to cook up responsible, lasting solutions that appease every stakeholder.

Regarding the topic of replies, we believe that keeping the discussion on topic is important for creating a constructive conversation. We encourage readers to stay on topic so that we can all benefit from a meaningful and insightful exchange of ideas.
We do not believe that we are violating any spam policies on this forum. We are here to share our ideas and engage in thoughtful conversation, and we are committed to doing so in a respectful and professional manner.

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Thank you for your comment. You are absolutely correct about the function of Bitcoin transactions in keeping senders and receivers completely anonymous. Wallet addresses can still be traced.
The Bitcoin white paper suggests that by not revealing private keys and creating a new key pair for each transaction, we can still keep the anonymity of the users. This means that no one can relate a transaction to anyone in this case.
There are now wallets that offer such functions, such as the blockchain.com wallet. These wallets guarantee the anonymity to the level of your concerns. But that is not the privacy we are trying to address.

Using Monero and other privacy coins still does not solve the problem entirely, because someone who needs to exchange their Monero into fiat money or want to buy something from Amazon for example with it, will eventually have to reveal their identity by going through KYC procedures. This is the privacy issue we have stepped in to solve.

Jeez, four replies in a row? what happened to you making all your replies in a single post? wait! does that mean if ou had more engagement in this post let's say you had 30 repiles in this your thread then you would have to create 30 different replies to answer them? I think its better you wait for sometime and then collate all your response into a single post, that will also make your thread look better. And I'm sure if you continue with the habit of making multiple post consecutively moderators will be forced to take down your thread since it's now looking more like a spam and it's also against the forum's rule, so you better look for a way to merge everything together.


I'm not sure how many chapters/parts you plan to release but I think you sould heed to the advise of those suggesting you do everything  in a single thread as thaat will make it more easier to read through.

We decided to create a sequel for our first article for a few reasons. Firstly, the topic is broad and would have made the original thread quite lengthy. Secondly, each thread tackles different issues under the main subject. Lastly, we believe publishing in this manner encourages more engagement and makes it easier for readers to participate in the discussions that interest them the most.

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I believe what you are referring to as "DAO scams" mostly reffer to rug pulls in 2021, that pulled just less than $3B that year (https://www.coindesk.com/markets/2021/12/17/defi-rug-pull-scams-pulled-in-28b-this-year-chainalysis/). Those projects are founded on, as we call it, the lame idea of "Liquidity Pools", which are the foundation of almost all existing DeFi projects as well. Liquidity pools are essentially smart contracts that operate like a seesaw, causing token prices to rise when funds are swapped for tokens and fall when tokens are swapped for funds. Unfortunately, these pools often do not function well in normal market conditions, which can lead to issues such as rug pulls, or another problem that they called it "Impermanent Loss". (https://cointelegraph.com/explained/what-is-impermanent-loss-and-how-to-avoid-it)

We have dedicated an entire section of our white paper to this topic and will soon be publishing an article that goes into more detail. In short, we believe that liquidity pools are not simulating a healthy market condition, and this is one of the reasons for the problems we are witnessing. To illustrate this, let's use the example of a supermarket. In a normal market, the price of a product does not increase or decrease based on how many units are purchased or added to inventory. However, in a liquiditypool-based swap, the price increases with each purchase or suddenly plummets if a large amount of inventory is added. And this is exactly what happens in most of the "rug pulls".

We are sorry for those who have lost money in these schemes and, for that and many other technical reasons, have developed a new mechanism to replace the current liquidity pools. Our mechanism removes the possibility of such losses while still allowing for a decentralized, no KYC swapping platform, and that is still the subject of our initial project.

The fact that Satoshi Nakamuto has done an amazing job does not indicate that there is nothing left to do in this field. In fact, we are still in beginning of this path. We believe that anyone with the right talent, consistency, and courage can make a difference. Finally, we define DAO as a true Decentralized Autonomous Organization, not the Defi projects that have been experienced before.

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Man, the controlling mechanism is already implemented and that is the KYC. When officials know that you have exchanged 1 Bitcoin to 30,000 USDT and then Bought 100BNB with it, the anonymity is already gone.


No, he won't. But users will have an option to bypass KYC gates into crypto currency world and guarantee their anonymity in a few months.


As humans, we are capable of arriving at conclusions without possessing complete knowledge of the facts and the history of similar ideas and actions on a given subject. Additionally, we do not profess to be experts in the field of Bitcoin theory. Rather, we are a team of inquisitive and purpose-driven individuals seeking to expand our understanding of the topic.


Our goal is to create Decentralized Applications (DApps) that simplify entry and exit from the cryptocurrency world without the need for KYC or imposing high commissions on users. The first two DApps will enable users to convert their assets into cryptocurrency and vice versa while addressing the issue of Liquidity Pools. Furthermore, they will serve as a new launchpad for crypto startups looking to launch tokens without creating a liquidity pool. Our upcoming projects will focus on addressing other user needs besides financial ones.

Our posts function as market validation surveys, allowing us to receive feedback from the cryptocurrency community and engage in direct conversations about the reasoning behind our solutions before entering the marketing phase.

The major reasons for the introduction of the kyc was actually for the government to control  money laundering and other illegal crypto activities.  But the decentralized systems of cryptocurrency has made it a little bit impossible for the government to accomplish this goal.  And I don't think that they will be able to create any technology soon that can control Bitcoin or cryptocurrency.


Satoshi Nakomoto has hid himself for a reason of which no one has been able to tell. And I don't think that he would just pop out of no where now just to guarantee the anonymity of cryptocurrency transaction.

And from your previous post you said you didn't know about the cypherpunk who had the vision but Satoshi Nakomoto brought it to life. If you so claim to be an elite in Bitcoins theory how come you never heard of the cypherpunk? And I dont get the idea of your article what are you trying to tell use? Just summarize it all in one thread so we would understand.instead of creating new thread and getting everyone confused.

The simple answer to your question is no. It's really risky to trust those Dao projects  as most of them have emptied the balance of thousands of investors. I know that the centralized exchanges ask for KYC and without that they won't be able to survive but there are many decentralized exchanges that do not require any KYC, and have been operating without any issues.

The Dao projects attracted the attention of investors in previous bull run, and most of them run away with the money. I feel bad about those unlucky investors as most of them lost millions of dollars in such scam projects. Anyone who falls into trap of DAO's will be responsible for his/her losses.

No one else can be Satoshi Nakamoto, he was the true freedom lover and he created something really useful that's still known and working in the form of Bitcoin. Those DAO's and their makers aren't Satoshi, and trusting those organizations is not going to be a good decision for anyone.

The first topic is only two days old, and with little or no engagement on the topic. You could have edited the first thread to add any new information you may have found on the topic. Why do you want to make it a sequel?

Introduction:

Bitcoin, the first-ever cryptocurrency, introduced by Satoshi Nakamoto in 2008, brought a revolutionary concept to the world of finance - anonymous, secure, and irreversible transactions through a blockchain confirmation mechanism. However, many potential aspects of this contraption remain unseen by the public, and its initial idea of unknown transactions got deviated by enterprises and governments. The brilliant minds of the industry, Vitalik Buterin and Gavin Wood, were inspired by Satoshi's original idea and developed the Ethereum blockchain, which allowed for the emergence of smart contracts. These self-executing agreements opened up new possibilities for automated transactions, making blockchain technology even more valuable. This article aims to discuss the unused potentials in Bitcoin's white paper, as well as the potentials that the advances in blockchain technology have presented to the society. It is the beginning of a series of articles that will be published by EdEE Ecosystem, leading to the introduction of blockchain-based solutions that will unlock Blockchain features beyond Satoshi Nakamoto's vision. We invite you to engage in this discussion and share your thoughts and opinions in the comments section, as EdEE Ecosystem prepares to launch its public presentation at the end of these series of articles.

The Future of Anonymity in Cryptocurrency: The Inevitable End or a New Beginning?

While anonymity of users was not explicitly mentioned as an advantage in the Bitcoin White Paper, yet it quickly became one of the currency's attractive features for early adopters. The anonymity of Bitcoin and other cryptocurrencies has raised concerns among government regulators, who fear its potential use in tax invasion. However, the inherent nature of blockchain technology makes it impossible to separate anonymity from crypto transactions, leading governments to put controlling mechanisms on cryptocurrency gates, exchanges. Strict KYC policies have been enforced on centralized exchanges, ultimately removing the anonymity from crypto transactions. Both centralized and decentralized exchanges have had to cooperate with regulators to avoid legal consequences. However, the emergence of Decentralized Autonomous Organizations (DAOs) presents a new opportunity for a no KYC gate to open toward the crypto world without considering legal consequences.
Can a for-profit DAO act as that gate?
Would Satoshi Nakamuto open up such gate and guarantee the anonymity in Cryptocurrency transactions?

The Hidden Risk of Blockchain Payments: Protecting Buyers in the Age of Cryptocurrency

Shifting gears, Satoshi Nakamoto's concept brought a secure transaction system for payments, but it only works for one-way transactions, where one party intends to send value to another. In the real world, transactions are often reciprocal, and one party pays with the expectation of receiving something of equal worth. Currently, there is no blockchain-based mechanism to guarantee that the buyer will receive purchased goods or services as agreed. To fully utilize blockchain and cryptocurrency as a secure payment system, it's crucial to implement escrow mechanisms that protect both buyers and sellers from fraud. While some may argue that it is not blockchain's responsibility to protect buyers, there is potential for innovative solutions that can ensure trust and security for all parties involved in every day transaction.

Blockchain beyond Crypto Currency

Unfortunately, for a considerable majority of individuals, blockchain technology has been viewed as an Eldorado full of ×1000 opportunities, leading to a never-ending search for the next token with the most hype potential. However, it is crucial to acknowledge that such profits are often nothing but collecting other people's funds, as participating in a head-down pyramid Ponzi scheme. It is imperative to use conscience and simple math when assessing the value and potential of these opportunities. A wiser investment would be the evolved form of crypto currencies, such as utility coins/tokens, that offer more than just transferring value; they can be used to unlock useful features provided by blockchain services.
The opportunities that blockchain technology offers are way beyond crypto currency in its raw sense of currency, with the capability of bypassing centralized power towards a horizontal democracy. This is not achievable in the short term nor without the public's involvement. But, if such a move starts, are we ready to join in?