Are you all contributing full-time to make this project a success? How will current miners benefit from being early coin holders? ALso does this coin need to be audited by a security team in the future, to say that it's the most secure crypto?
Yes, we have been working very hard and many long hours to make CredaCash a success. The current miners will benefit by learning about the software and technology, and they will acquire currency they can use to create fast, final and completely private transactions.
CredaCash is the world's most private cryptocurrency. We can say that because CredaCash is the only cryptocurrency that keeps all transaction information completely private for all transactions, runs entirely over the Tor network (for privacy and security), and supports advanced privacy features like completely private hierarchical M-of-N multi-secrets, completely private token lock times, completely private escrow transactions, completely private tokenized assets, completely private asset swaps and completely private cross-chain swaps.
Security has many aspects. An important aspect of security for a cryptocurrency is the security of the underlying cryptography. CredaCash is as conservative as possible when it comes to cryptography, and uses algorithms and code that are as established and proven as possible. We are, for example, not trying to invent a new zero knowledge proving system, but are instead using an algorithm that was substantially created in 2013 and has been studied and used extensively since then. We think this is a more secure approach than inventing new algorithms and implementing them in production code before they have been thoroughly tested and proven by time. Despite our conservative approach, our privacy, speed and features are better than any other privacy-oriented currency.
Another aspect of security is the code itself. That requires both careful, conservative coding and exhaustive testing. We've put CredaCash through many hours of testing, including burn-in testing, fuzz testing, race-condition testing, and testing with memory, stack and fault detection tools. Every effort was made to test every code path, condition, and combination of inputs. We've pushed it to extreme limits with thousands of transactions per second with simulated random delays and simulated random errors. If at any time during development the code showed unexpected or anomalous behavior, we've stopped and fixed it and tested it again, no matter how long it took, because security and reliability are the most important goals. CredaCash has been four years in development and was not rushed out or released before it was ready.
Ultimately, users care about the security of their information and assets. This goes beyond mathematics and code to how the software is used, and how it could be misused. The loss of data or assets has the same severity as theft, and is just as important to guard against. The CredaCash project has given these a great deal of thought and the software has a number of features to help users keep their assets secure. Some of these features have been implemented inside CredaCash's zero knowledge proof but are not yet implemented by the wallet:
- The interactive wallet displays informational and caution messages to guard against misuse.
- The wallet is based on a password-protected master secret that can be stored in a safe place and possibly used to recover funds if the wallet file is lost.
- A user will be able setup a wallet with receive-only secrets that cannot spend the funds received. The secrets required to spend the funds can be stored offline or in a better protected wallet.
- A user will be able to set a spend delay on all or some tokens, and monitor token spend attempts using a lower privileged monitor secret. If an unauthorized spend attempt is detected, the user can immediately freeze the tokens using the lower privileged secret, and later recover them using the higher privileged master secret that might be stored offline.
- A user will be able to create tokens with a second set of M-of-N multi-secrets, that could be split up and stored offline, or split between multiple heirs or administrators to recover funds if the owner is incapacitated or otherwise unable to act. These secrets would be lower privileged and could have a spend delay, and if the owner detects an authorized attempt to use them, the owner could override this attempt using the main spend secrets.
We have some additional ideas about how users might be able to protect their assets from loss, theft, kidnapping or extortion, and this is an area we will continue to focus on.
A security audit is one aspect of security and this may happen in time. This is far from a panacea however, as prominent projects have been found to have critical and sometimes catastrophic flaws even though they allegedly had security audits, code reviews, cryptography reviews, etc. Fundamentally careful, sound and conservative engineering are much more important, with a continuous and uncompromising focus on security, and that is what we have done with CredaCash.
Please give CredaCash a try and let us know if you run into any problems or have any additional questions. Thank you.
