Bitcoin Forum

We are thinking about adding anonymous transactions to Terracoin and we were wondering about the pros and cons of the options.

I currently know of three coins with anonymous transactions, Monero, Shadawcash and Zcash.

We want to stick somewhat close to our current coin specs:

BTC Code 12.1 (We would like to upgrade to .13.2 when we add anonymous transactions)
SHA-256 Algorithm
42 Million coins
Reward Halving @ 1050000 blocks
20 TRC per block
Merged Mining
Dark Gravity Wave Difficult Recalculation
Each block is generated approximately every 2 minutes

Any feedback would be great.  Thanks!

what is youre thread
youre explain about total suply coin, halving and more
but youre threadn not write youre name youre coin
you can share youre annoucment thread youre coin

What about Dash?

https://en.wikipedia.org/wiki/Dash_(cryptocurrency)

Good point.  Here is our normal thread:  https://bitcointalk.org/index.php?topic=1364146.0

I didn't know Dash had a private send ability.  Thanks for the heads up!

There will be a lot of you already competing on such market like NAV and Cloak apart from what is mentioned. None of them somehow have their own marketplace where only their coin can be used, you will probably get demands if you include this marketplace in your roadmap. A marketplace where goods are being sold.

Yes Cloakers are waiting for new release, new wallet and many improvements in their anonymous transaction system called ENIGMA. Also you can earn if your wallet is open and if your coins are used by ENIGMA system. You can find out more on their topic. This system working very well and they have most chances to find themselves in company of Dash and Monero.

The thing is, you can get the most anonymous technology you want, but at the end of the day, if there is not a lot of people using the coin, you are not going to be as safe as using bitcoin + mixers. You need a lot of people to blend in with the masses, you also need as many nodes as possible. This is a problem with Monero, only 500 nodes now, and the blockchain has not even begun to grow yet...

That will change soon with the next update of the Monero GUI which will mine in the background. Default is on can be turned off of course but when that happens everyone who leaves their monerod on all the time will help decentralize the network.

Check out NAVcoin

http://navcoin.org/
https://bitcointalk.org/index.php?topic=679791.0

All good information.  Keep the info coming.  Thanks everyone!

Well you cannot add z-snarks to your existing blockchain so cross that off and SDC has taken the cryptonote based (which Monero is) ring sigs and put it in their bitcoin based code so really there is only one answer to your question. But there is much more to monero tech than just the ring sigs so you have alot of reading to do.

IOW, your asking the wrong question.

cloak ?

So what is the right question?

Here is a summary of what has been said on here.  Feel free to add your opinion,etc.

Coins with anonymous transactions
   Cloak (ENIGMA)
   Dash
   Monero
   NAVcoin
   Shadowcash
   Zcash
   

Draw backs for smaller coins are that they can’t actually be anonymous unless they have more then 500 nodes.

Zcash and SDC can’t be added to our current blockchain (Monero too?)

I need to ask the right question.

Thanks for the input so far everyone!

You can check new video how  CLOAK wallet working, and how enigma working in real situations.
https://www.youtube.com/watch?v=ILnAVo7ex4Y&feature=youtu.be
This fantastic team still working on many improvements and on other ideas. Community is also very strong and many of the working together in achieving their goals. Recently we had chance to see very successful twitter campaign.

The market cap of Monero indicates the market believes it is the best. Aeon has a core developer in common with Monero
Zcash seems interesting as an Academic exercise but there is no way of knowing whether millions of new coins could be minted without anyone knowing. It's too private.
Zcoin seems interesting as it uses zero-knowledge, but doesn't suffer from the problem I pointed to in Zcash.

I think Gulden has an interesting approach too but I have not looked closely enough at it

It looks like there are a lot of options.  I am still not sure which one would cause the least amount of trauma to the current TRC code?  Or does it not matter since it will cause a hard fork regardless?  Thanks everyone for posting!

Best anonymous transactions will very shortly become NO anonymous transactions.
At least if your project aims to become a commercial success, and not just a proof of concept.

Anonymous transactions will be banned from compliance with money laundering laws, by the CFTC/SEC very shortly.
Or at least would have to contain methods to enable law enforcement to de-anonymize transactions.
Laws for that are already in the making, Britain is pushing control of end-to-end encryption and will make it a felony to use software containing such features. If you want to be compliant and listed for trading on a noteworthy exchange, anonymous transactions will become a no-go, mark my words.

Very much like when RSA encryption fell under export control in the US, back in the days.

Monero.

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

Nothing that uses CryptoBloat (https://steemit.com/cryptonote/@macrochip/warning-every-cryptonote-monero-transaction-in-history-will-be-retroactively-exposed)

PrivateSend is future proof. Masternode blinding (planned with the full release of DAPI) will make it bullet-proof as well

Explanation how PrivateSend works (https://www.reddit.com/r/dashpay/comments/5p9voa/are_masternodes_potential_point_of_deanonymization/dcpk47v/)

Chances of running a successful timing attack on PrivateSend (https://www.reddit.com/r/dashpay/comments/5p9voa/are_masternodes_potential_point_of_deanonymization/dcpjrmg/)

Note that timing attacks will be completely useless with Masternode blinding.

Yes Dash hating loser: Masternode blinding is still going to be implemented. Only much better than you ding dongs ever thought.

Terracoin is positioning itself as a world-wide currency.

Therefor I think it makes little sense to speculate about specific laws that may or may not be introduced in some countries in the future. At times the future looks bleak for personal privacy, I admit. It is an ongoing fight and we should remain vigilant.

But if it happens, for example in the US or Britain, there has to be a new discussion. There are many options ranging between comply and resist. People and groups will have to choose which side they want to be on. The value of Terracoin could go either way. Some people in the US and Britain may not want to touch it, while others may want to jump on it.

What I am arguing is, that the best way to do anything is to do what you think is right in your own conscience and to not ask for permission to innovate. If we did, Bitcoin wouldn't have existed and we wouldn't be here in the first place.

Good idea want to add more tech to your project, but to be sinecre who is using this coin, project like Monero, Dash, Zcash and Shadow coins are all looking for adoption, I just don't see where this coin fits in

Am also not adding to the list but suggesting that monero is the heart ache of anonymity of FBI in the recent time. And if FBI can voice out, I think is taking the lead in anonymity.

Thanks for all the info everybody!

Why on earth would you want to compete with fiat on its own domain  ?   Fiat is unbeatable concerning compliance, rapidity, acceptance.   Crypto can never win from fiat if it wants to be compliant, fast, practical and generally accepted, because of the burden or decentralized consensus.  Fiat doesn't have this burden, and can use centralized authorities to be much more lean, swift, and compliant.


Then use fiat.  Why would you need a block chain and a decentralized consensus, if an authority is to dictate what should be the "consensus" ?

This is totally ridiculous.  The statement is essentially, that if ever the cryptography of, say, monero is broken, well, then it is broken and can be deanonymised.  Well, duh.  That's true with every cryptographic system: if it is broken, it doesn't work as expected.  If that is the "proof" that it WILL be broken, that's funny logic.

However, every coinjoin "anonymity", like the masternode mixing, is GIVING OUT the deanonymization information to the mixer owner.  Instead of being cryptographically protected, it is out in the clear for the mixer.  This is true for a bitcoin mixing service (the owner of the service has all the deanonymisation information and can decide to keep this record for ever), and is true for the master nodes in DASH, which are nothing else but smart contract mixing services.   With the master nodes, however, there are successive mxings, and so the master nodes have to COLLUDE for the deanonymisation of the whole chain.  With "4000 master nodes" that seems like an impossible task, to have them collude.  However, the failure of this scheme is that there are maybe a few tens of people owning the large majority of the master nodes.  A few tens of people colluding (by water hosing for instance, by bribing, by making offers that are hard to refuse) is much, much more probable than a cryptographic scheme grossly failing.

In fact, DASH's anonymity scheme is similar to using several bank accounts in different countries, to "mix fiat transactions".  The knowledge is in the banks, but the full path is only exposed when one has all the account transactions.  Which will take some time for a judge.   But the "anonymity" is only just as good as the quality of the banking secrets kept by banks.  The US government sometimes makes "offers (even Swiss) banks have difficulties refusing".

The Terracoin Foundation has decided to hold off on anonymous transactions for now.

We are instead concentrating on getting DASH's decentralized governance, masternodes and instant send implemented.

Since we are cloning over a bunch of DASH's capabilities it will be easy to add their anonymous transactions later.

We may also create our own version of anonymous transactions once we have a dedicated dev team working on TRC.

Thanks for everyone's input!

YOU SHOULD CREATE A SLACK CHANNEL SO YOU CAN START GROWING YOUR COMMUNITY.

I am not updated with Terra or TRC but why hold off the project? I think they are reviving the project now. But for now, I agree with DASH and hopefully this innovation will be finish and implemented soon.

Has anyone considered XSPEC? Spectreproject.io

Even breaks down most of these coins listed in this topic by comparison

are you copy other coin?
why not do a innovation by yourself

As far as huge potential returns, I don't think anything out there can match Deep Onion.

First of all: killer branding with the TOR angle.

It completely wipes your IP clean and gives you a code.

The team seems rock solid.

Super small market cap at the moment.

I can see this baby hitting 100 million in the next 12-24 months.