genzcash

Sci-fi money

[genzcash @genzcash]

Nothing more American.

[genzcash @genzcash]

FT @zkDragon @JuhyukB @alexlimasia @Steve_4P

Source: @face_east_

[genzcash @genzcash]

Dev explains why Zcash is like encrypted Bitcoin and how it aims to fulfill Bitcoin's original vision of digital cash

“I think the easiest explanation is encrypted Bitcoin”

“The dream is kind of do what Bitcoin promised, make this digital cash. The title of Bitcoin's paper is peer-to-peer electronic cash”

“Bitcoin basically gave up on being electronic cash and now you'll only find people talking about it as digital gold”

“Bitcoin started with the dream of digital cash, settled for gold. Zcash is doing it in reverse”

“What do you need to be the best store of value like a digital gold and then how do you transition to digital cash?”

“The big difference is just UX of spending and scale”

[genzcash @genzcash]

FT @JuhyukB @alexlimasia @Steve_4P @zkDragon

Source: @face_east_

[genzcash @genzcash]

Dev explains the biggest misconceptions about Zcash and why privacy, AI and quantum security are so important

“I think first is, this privacy stuff is an important component of like individual liberty and freedom”

“The state of the world for our 10,000 years of history worked with the same properties of cash and it's just silently changed underneath you in the last 20 years”

“The second is that, hey, AI stuff makes that privacy loss incredibly bad. We need the world to start caring about privacy”

“Then after that, I think the next misconception with Zcash is people see a lot of scary news about crypto… oh what if quantum comes in etc”

“The answer to that is not don't use crypto, this thing is over. It's instead, okay, no, you should be ensuring that for the next two years, the projects you store funds in are able to update because updating is kind of one of the most important properties”

“When you go back to that Naval Zcash is insurance against Bitcoin, there's kind of two parts to that”

“One is the kind of key privacy side but that's the huge missing link because Satoshi himself couldn't spend his Bitcoin”

“The second missing link is that, hey, Bitcoin has always fears around quantum or AI security. Okay, you need a protocol that has a mentality of upgrading to handle that”

[Apollo @MindsFiction]

Zcash is building the end state of money.

Bitcoin but encrypted, post-quantum and planetary scale.

ZEC $250k

[Connaugh 🛡️🎥 @zkMarketer]

how zcash scales
straight from the maestros

truly peer to peer electronic cash.

[genzcash @genzcash]

FT @zkDragon @ebfull @TrustlessState

Source: @Bankless

[genzcash @genzcash]

Dev says Ethereum and the rest of the crypto industry have followed Zcash's technical decisions and explains how its success is making more people care about privacy

“Every time Zcash made a technical decision, the rest of the industry copied it. Even though when they're copying, if you're alert of what's going on, you'd obviously do something different”

“So it's like okay Zcash sets the way. This is namely Ethereum”

“When Ethereum was doing its first pairing stuff, Zcash had switched from one curve to another one called 12381”

“When Ethereum was going to go do stuff they should have obviously done 12377 and they didn't just cause Zcash did it. Oh, it's kind of inspiring”

“Then you suddenly see a bunch of people start saying they care about privacy who I was on calls with six months ago pitching stuff for like, well we're doing it like no one cares, this will never matter”

“Zcash succeeding is also inspiring for the rest of the world to care about privacy in a way that other things aren't”

[genzcash @genzcash]

FT @zkDragon @ebfull @TrustlessState

Source: @Bankless

[genzcash @genzcash]

Dev explains how Zcash plans to make private wallets scalable using new cryptography and technology developed for AI

“Tachyon changes the cryptography side to make the scaling equation as far as the blockchain's concerned. Hey, every transaction's 2 kilobytes. Okay, you want 50,000 transactions per second. Go build me a blockchain with 100 megabytes of throughput”

“Then you have a second part of the equation which is unique to privacy which is how do you build a private wallet that can discover when it gets paid without downloading all data on the blockchain”

“The hard problem is how do you figure out you got paid? An anonymous payment is one where no one knows who it's from, who it's to or how much is in it”

“The solution that's been done in Zcash up until very recently is you're going to go download every single transaction history and test was this a transaction a payment to me? Yes. No”

“But that can't scale. If the blockchain's doing 100 megs a second, you'd have to go download 100 megs a second. Then that doesn't work”

“There's this really cool new line of cryptography called private information retrieval”

“Instead of a phone going to download, let’s call it a terabyte of data, instead go do a query to a server. The server will operate over a terabyte of data and give you back an answer but the server won't learn anything”

“It turns out for this precise use case there were breakthroughs and tricks that make it very fast to do on a server”

“Our friends in the AI world have made big matrix vector multiplications very cheap and usable for us”

“The cryptography side invented this and AI land has really optimized GPUs to make this a viable world and so that's where we're going with the wallet side to make that scale”

[genzcash @genzcash]

FT @ebfull @zkDragon @TrustlessState

Source: @Bankless

[genzcash @genzcash]

Zcash cofounder Sean reveals he originally wanted to fix Bitcoin’s privacy flaws but realised it would never happen and ended up working on Zcash

“I was like a huge Bitcoin guy in my teenage years and I always knew that Bitcoin had major privacy flaws that were going to be eventually fixed with cryptography”

“I wanted to make that a reality in Bitcoin and then gradually saw that that was never going to happen in Bitcoin”

“Then when a lot of interesting new cryptography papers came out, which actually made it possible for this to happen in blockchains in general, I was really excited about it”

“I accidentally got a job working on Zcash. So I was really lucky”

“In the beginning my obsession was with the cryptography and I also have like a philosophical attachment to privacy like a moral attachment to it”

“For many years it was the only real project in the entire blockchain world that was actually trying to do privacy and doing it at great personal risk for some of our developers”

“There’s always this crushing threat of regulatory escalation and everything else. The fact that we kind of persevered through that and now we’re doing really well, that’s also really exciting”

[genzcash @genzcash]

@PelicanInvasion lol zDino

[PelicanInvasion @PelicanInvasion]

Zcash timeline cleanse - come to our booth at SiGMA Rome for free Zcash

[Arjun Khemani @arjunkhemani]

Communism insurance looking pretty appealing right now

[genzcash @genzcash]

FT @zkDragon @ebfull @TrustlessState

Source: @Bankless

[genzcash @genzcash]

Dev explains how Zcash's Tachyon upgrade could make the network over 5x more scalable while eliminating long-term state bloat

“Tachyon on its own is a scale upgrade. It changes the equation if you're a full node. Today, let's say you want to process a million transactions in a block. You have to go and verify a million ZKPs”

“With Tachyon your job as a full node now will be to verify one ZKP”

“Second, a million transactions will cause a million units of state forever. The state bloat is now gone with Tachyon”

“If people are familiar with a lot of the 2017, 2020 discussions of stateless blockchains, Zcash has achieved what they're all talking about, the stateless blockchain”

“You've got some state for the last month or so in the live full node. Then everything else is like this historic state that you can trustlessly query if you need to go use but it's not in the full node itself”

“So Tachyon brings both of these and the first one is already like a 5x plus scale improvement on day one”

[genzcash @genzcash]

FT @ebfull @zkDragon @TrustlessState

Source: Bankless

[genzcash @genzcash]

Zcash cofounder Sean explains why Zcash will never compromise on privacy or introduce backdoors for regulators

“Definitely the one philosophy that I think is ingrained throughout Zcash if you want to pick one is kind of a maximalism on privacy”

“In our shielded pools we go as far as possible when it comes to privacy”

“We also don't want to add any sort of concept of like a backdoor or any kind of viewing capability for a regulator or any kind of anything like that”

“We don't want to bend the knee on the privacy stuff. We don't need to. It would compromise our values and so we don't even entertain it”

[genzcash @genzcash]

FT @zkDragon @ebfull @TrustlessState

Source: @Bankless

[genzcash @genzcash]

Dev explains why he believes the greatest threat to Zcash is stasis and slow decision making by committees

Dev: “I think the greatest problem is stasis. How do you inject stasis? You make a bunch of committees and you know the whole NSA playbook”

David Hoffman: “Okay, so you attack the governance layer?”

Dev: “Yes and so you have a bunch of committees. You can only proceed if the slowest member succeeds”

“At the current stage, the greatest threat is take down by slow committee”

Zcash cofounder Sean: “I totally agree”