Quote from: ABISprotocol on January 22, 2016, 08:12:16 AM

Quote from: entertheabyss on January 20, 2016, 06:47:18 PM

Quote from: tomothy on January 20, 2016, 05:39:23 PM

http://www.wired.com/2016/01/zcash-an-untraceable-bitcoin-alternative-launches-in-alpha/

Sounds like vaporware but we'll see.

Quote

For its first four years online, a portion of every mined Zcash coin will go directly to Wilcoxs Zcash company and a smaller portion to a non-profit hes creating to oversee the Zcash code and community longterm. Wilcox says that he plans for 1 percent of Zcashs currency to ultimately go towards that non-profit, and 10 percent to be paid to the for-profit startup.

sounds like the typical instiminted story, nothing more than a money making scheme imo, i have great respect for some of the people involved but have they removed the backdoor ?

with ZeroCash, the people than create it can exploit the initial parameters and sign bogus transactions to give themselves unlimited free coins, it looks like instead of finding a solution for this, they have embraces it as a means of making themselves rich Sad

Hi,

I don't think that is really the case here. On the one hand, the fact that there is a portion of mined Zcash diverted to the company (with 10 percent going to the for-profit startup, apparently with the bulk of that 10 percent to pay back investors who have already coughed up over 700k), could be seen as a criticism - do that for too long, the community isn't going to look kindly upon it, and some people simply aren't going to like the fact that it's done at all. On the other hand, apart from the criticism it invites, it also can be seen as a potential net positive - no matter what, Zcash will have paid off its investors and have a tidy development fund to utilize.

In addition, there's nothing requiring anyone to use Zcash... the team has already produced Zerocoin (its initial release) and later, developed Zerocash, before its current release of Zcash (alpha, testnet). (ANC development schedule shows some development work done with Zerocoin - for details see https://wiki.anoncoin.net/Development_schedule - though there were hiccups from back in fall of 2014 with heavy proofs and other issues, which apparently have taken a while to work out). So, it's an open source world... people can use what they will. I am guessing that if people want to use Zcash they will, for example, and if they want to use Zerocoin they will... each project that is evaluating using those will have their rationale for the direction they want to go.

Also taking 10% of the whole coin supply is way too much to believe they are confident their project can do as well as they are claiming it will do. 5% would be enough if they were just greedy and 2% or less would be enough if it was just about paying for development et al.