Topic: Zcash!? - page 2. (Read 2216 times)

"ZCash is a cryptocurrency project that originated from the Zerocoin/Zerocash idea, proposed back in 2013. Almost every “old time” bitcoiner knows about it. It was proposed to be integrated in the bitcoin codebase so that you would have the option to send a zerocoin-transaction using the bitcoin blockchain. You would need to “pour” your bitcoins in the Zerocoin mixer and from that point onwards, you could transact anonymously using the Zerocoin-protocol. When it became clear that Zerocoin wouldn’t be implemented in the bitcoin codebase any time soon, they worked for a while on implementing it as a sidechain.

But at some point the Zerocoin-team pivoted and decided to launch the altcoin ZCash. There is nothing wrong with trying to launch an altcoin, but, in my opinion, an altcoin can only survive long term if it actually offers something that is unique and probably can’t be adopted by bitcoin. The fact that it’s possible to add ZCash as a sidechain to bitcoin, should already raise some red flags.

The ZCash team decided to launch ZCash as an altcoin so they were able to fund the development: ZCash has a US-based company behind it and will tax 20% of the mining revenue during the first 4 years to pay off private investors. If ZCash were to succeed, the private investors will benefit greatly from the launch of this cryptocurrency. Although I don’t like ICO’s, a public coinsale (a form of crowdfunding) would have been a more fair and open way to fund development than seeking money from private investors.
This is in great contrast with the launch of Bitcoin and Monero, which were fairly launched, without “premine”, “mining tax” or some kind of company behind it. In my opinion, a successful large cryptocoin will probably be grass-roots, but it’s possible I’m mistaken here. Maybe some people actually prefer a corporate coin like ZCash. Time will tell.

But let’s dive into the tech a bit to compare its features with Bitcoin and Monero. The first thing that strikes me is the fact that ZCash allows transparent transactions: mined coins are bitcoin-like transparent “base coins”. When you want to spend them, you have the option to do an anonymous “pour” to enter them into the ZCash mixer. It’s basically the same idea as using Zerocoin as a sidechain."

"You only need to trust the math" worked as a tagline in 2011, now it's obvious you need to trust whoever develops each particular coin, they are at the helm with the ability to sail you into the sunset or leave you completely high and dry.

Whether it is instamine, 70 founders or trusted setup it doesn't matter to 99% here as long as they can make a dollar or two.

@c789. Can you please explain the trusted set up even further? I get the general idea but why is there a need to do this and how exactly are they going to start the "trusted set up"? Is it as simple as typing down a few option in the console and then signing it with the golden key?  Also what happens with the golden key? Can it be used to secretly change things in the protocol again?

Not sure what you're trying to say, but Zcash isn't a good choice if you're looking for a private coin. It requires a Trusted Setup among other things. And the people you have to trust have banking and govt ties (https://z.cash/team.html). In crypto, the only thing you should have to trust is math. When you throw people into the mix, it's a no-go from the start.

More on why Zcash is not good for privacy:

http://weuse.cash/2016/06/09/btc-xmr-zcash/

https://blog.okturtles.com/2016/03/the-zcash-catch/

https://moneroforcash.com/monero-vs-dash-vs-zcash-vs-bitcoinmixers.php

you guys fined your rent mining ?
i get 3 offers but dont know wich one to take..
anybody here have good offers?