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This is a very interesting topic. If a solution was found, a much better, easier, more convenient implementation of Bitcoin would be possible.
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It's hard to think of how to apply zero-knowledge-proofs in this case.
Bitcoin would soon inspire cryptographic research advances to solve that problem.
ZCASH is a fucking trusted setup
Gone with Halo2. Zcash’s Orchard shielded value pool, activated on mainnet in May 2022, has
no trusted setup!
That is one of several major reasons why I declare the technology “mature”: No more trusted setup. I put up with the trusted setup in Zcash myself, from its beginning until 2022; but I disliked it. The Zcash team also disliked it—actually, they hated it! Therefore, they spent years working on new cryptography to get rid of it forever.
RIP trusted setup—you will not be missed.
dev tax abomination. As usual the "leaders" in crypto are fucktards.
Irrelevant and off-topic. I am not promoting Zcash here. I am promoting zero-knowledge proof privacy for
Bitcoin. A Bitcoin with zero-knowledge proof privacy would not have the “dev tax”, and would not have the same leadership as Zcash. It would be
Bitcoin. A Bitcoin with the very best privacy technology that has yet been invented.
Satoshi wished for zero-knowledge proofs: See the above Satoshi quote, and click through to that thread from 2010. Zerocash was invented for Bitcoin in 2013, but it was impractical.
Now, technological advances have changed the situation: We can do today what could not be done in 2010, or in 2013; and the technology is now mature.
But I would be willing to bet QUITE A BIT that the Winklevoss assholes are financially incentivized to support the ZCASH garbage THANKS TO THE dev tax.
That’s an accusation. Have any evidence?
I know that the “crypto” industry is corrupt as hell, and many if not most Twitter “crypto influencers” are taking payola under the table. But I really do not think that Tyler Winklevoss needs shitcoin-shill payola to make tweets. In case you didn’t notice, he has more BTC than you do—and BTC is a pretty good investment.
Maybe he actually believes in privacy as a matter of principle. Do you consider that? (What’s next? Will you accuse Snowden of taking payola for his opinions, after the man risked his life and fled halfway around the world to fight for privacy? Snowden loves Zcash.)
Moreover,
I omitted the current-events context of the @Tyler’s tweet in January 2021: Zcash had just been delisted by some idiotic third-rate exchange amidst a media FUDstorm about “ooh, untraceable money”. Tyler Winklevoss stood up on Twitter and declare his and Gemini’s support for Zcash, to defy all of the anti-privacy nonsense. Click through and read the Twitter thread, where this is mentioned by others. I think it was also at that time that Gemini started supporting Zcash shielding withdrawals, to defy the FUD—though I’m not sure; I do not use Gemini, or any other KYC exchange.
This is why I will avoid an account at Gemini until there is no other option.
I do not, and would not use Gemini myself, even if I potentially could (not saying where I live): They are a very strictly ultra-KYC exchange. I refuse all KYC.
I think you entirely missed my point, or perhaps are determined not to see it.
Privacy on BITCOIN layer 2 will CRUSH Zcash in the end. (I will save what I think crushes that even more for another thread...)
Privacy on Layer 2 does not and cannot fix a lack of privacy on Layer 1.