Anyone have any thoughts about the survival of privacy coins once crypto's like Coval/Emblem, Cardano, etc perfect the side chain transfers? Seems like they are very close. If you can transfer funds, files, etc and all the info is burnt ounce accepted, why would you need Verge, Monero, etc?
First I need to emphasize one more time, real world business is not possible without private transactions. You can prove it easily by taking a glance to the banks, merchants, etc and how they work in details. Today, virtually all the money transfers in the real world are private. Of course, you can easily discuss the Quality of that privacy and find it very poor. But you can't contradict the notion of the privacy itself being used in real world money transfers:
- When you pay by the paper bank notes or metal coins for a Big Mac in McDonalds, your transfer is private because nobody asks your citizen ID.
- When you pay by credit card for a car in Mercedes store, your transfer is private for all the world except store workers and bank workers that must keep your transaction the secret, unless special defined law conditions will be violated.
- Even huge merchants like Amazon don't upload their detailed transaction history to a public domain, they just need to generate reports to the narrow social institutes like tax department, club of shareholders, etc. Note Donald Trump hasn't declared his tax payments at all and he become the US president easily.
- And so on.
OPPOSITE TO THE REAL MONEY WORLD, MOST CRYPTOCURRENCY BLOCKCHAIN TECHNOLOGIES ARE NOT PRIVATE, BUT RATHER COMPLETELY TRANSPARENT! COMPLETELY!
How do you think, could most blockchain technologies be applied to transfer money in the real world?! Of course, No! They could be used for thousands of things, EXCEPT the money transfers! There are more and more people begin to undersand that real business aspect, for example:
https://themarketmogul.com/monero-cryptocurrency/Monero, from the other hand, is THE ONLY cryptocurrency among large ones, that has [Suspicious link removed]PLETELY PRIVATE WITHOUT A BIT OF TRANSPARENCY. Other 'privacy' coins are just compromises that built around notion of privacy.
Even ZCash & zk-snark algorithm that relies on initial trust to generate genesis blockchain parameters that hide the rest of blockchain, it is the compromise. In other words, in ZCash you must trust the developers whether they generated initial parameters secretly, didn't say them to the side person, and burnt them out forever. Also ZCash is not private by default like Monero, and if you transfer money between ZCash's stealth and public addresses, you lost the anonymity quickly. That vulnerabilities of ZCash were discussed on the Internet widely and you'll google them easily. I don't even speak about other Monero "competitors" like Dash, because Dash is nothing more than a children sandbox, in terms of strict privacy. They just have famous PR team.
So you can see, Monero is the only transfer system that offers perfect privacy without you need to trust to anybody.
"...If you can transfer funds, files, etc and all the info is burnt ounce accepted..."
- I answer: side chains, lightning networks, etc. NEED YOU MUST TRUST to the side agents, so the quality of the privacy achieved is not greater than quality of bank workers that say they keep you money secrets.
Furthermore, in terms of side chains, assets trade, smart contracts, etc., Monero introduces Tari:
https://www.reddit.com/r/Monero/comments/8lgvw4/introducing_tari_a_decentralised_assets_protocol/I hope, you, read my post, will see the transparent blockchains in the very, very different light that ever before.
Thanx for the reply, and sorry to be so late replying myself. Was out of town for a few weeks with spotty reception.
You seem very educated with this coin. Makes sense. I didn't know how deep this went. PM sent.
