Topic: ZeroCoin Whitepaper Discussion (is it the first truly innovative ALT coin????) - page 3. (Read 3589 times)

Also, I wanted to mention that as Bitcoin gets more and more popular, the more Governments are going to want to get involved. Let's face it the block chain is not completely anonymous. There is a paper trail- an account ledger for every address and transaction. Making cryptocoins more anonymous would help to avoid Government intrusion. Also, this will be backed by ASICs making the network really secure.

I'm guessing there are ways to merge mine with Stratum, and they probably already have thought about that- this is a rather new idea. I will learn more about it at the Bitcoin conference, where one of the guys that wrote the whitepaper is speaking about it.

Here's an article on Forbes: http://www.forbes.com/sites/andygreenberg/2013/04/12/zerocoin-add-on-for-bitcoin-could-make-it-truly-anonymous-and-untraceable/

From what I've noticed, and I could be wrong, but Stratum has made merged mining obsolete, because most of the merged minable coins, are still getwork...I noticed that with NMC on Slush's pool, anyways

Sounds awesome.

This is one of the most innovative merge mined / ALT coin ideas IMO, it's a shame there isn't a thread here on the ALT subforum about it.

It is an idea of a merge mined SHA-256 coin that truly adds anonymity to the Bitcoin network.

Quote:
"Abstract—Bitcoin is the first e-cash system to see widespread
adoption. While Bitcoin offers the potential for new types of
financial interaction, it has significant limitations regarding
privacy. Specifically, because the Bitcoin transaction log is
completely public, users’ privacy is protected only through the
use of pseudonyms. In this paper we propose Zerocoin,
a cryptographic extension to Bitcoin that augments the protocol
to allow for fully anonymous currency transactions. Our system uses
standard cryptographic assumptions and does not introduce
new trusted parties or otherwise change the security model of
Bitcoin. We detail Zerocoin’s cryptographic construction, its
integration into Bitcoin, and examine its performance both in
terms of computation and impact on the Bitcoin protocol."

Read more here: http://spar.isi.jhu.edu/~mgreen/ZerocoinOakland.pdf

I am going to go on record on saying that this is going to be the new best ALT currency, this is true innovation. They aren't just changing a couple parameters of existing coins. They are actually improving Bitcoin by making it more Anonymous, while creating a new coin at the same time. This has the possibility of blowing most other ALTs out of the water in terms of value. The silk road/bmr/etc. types are going to love this and also libertarians like myself.

I just found out about this today- I saw it on the schedule for the Bitcoin conference and I can't wait to hear more about it.

PS: I did not write the white paper and have no affiliation with this the guys that did- I just think it is really neat.