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Author Topic: Why the Anonymous Blockchain Project Spent $250k on a Trial  (Read 500 times)
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September 09, 2016, 08:26:41 PM
 #1

Inside the Zcash Audit: Why the Anonymous Blockchain Project Spent $250k on a Trial By Fire

A venture-backed cryptocurrency with the promise to provide truly anonymous transactions is scheduled to launch in beta today, a move that will mark the latest in a detailed and expensive process to help ensure as many bugs as possible are removed before its blockchain supports real transactions.....

http://www.coindesk.com/auditing-zcash-anonymous-blockchain-spent-250k-trial-fire/



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September 10, 2016, 09:53:07 AM
 #2

They should find a way to go around the trusted set up "problem". There will always be questions and FUD if they go on with it. The broke one of the sacred rules of cryptocurrencies and that is the need to trust a 3rd party. What would satoshi think?

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September 10, 2016, 03:26:35 PM
 #3

"venture backed cryptocurrency" ? Doesn't that mean completely centralized blockchain based coin, and promising to provide more anonymity than bitcoin Huh LOL  Grin

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September 10, 2016, 03:40:01 PM
 #4

"venture backed cryptocurrency" ? Doesn't that mean completely centralized blockchain based coin, and promising to provide more anonymity than bitcoin Huh LOL  Grin

it kinda looks like that. but that never stopped anyone having a huge pump and declaring bitcoin was in its sights. i really don't think enough people care about lack of centralization for this to be considered a problem by many.

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September 11, 2016, 12:43:54 AM
 #5

Agree with the previous posters. Zcash is fundamentally flawed in that it requires a trusted setup. Having to trust people you don't know is bad enough, but then when you consider that some of them are from the banking industry and govt (https://z.cash/team.html) ...why would anyone trust them? In crypto, you should only have to trust math.

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

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

EDIT: OP, please consider putting "Zcash" in the thread title. Many people don't know that this thread is related to Zcash.




Comparison of Privacy-Centric Coins: https://moneroforcash.com/monero-vs-dash-vs-zcash-vs-bitcoinmixers.php also includes Verge and Pivx
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September 11, 2016, 12:00:27 PM
 #6

This Zcash thing is going to burn people with their pre-mine scheme strategy

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