Single most important success metric for Zcash: Amount of ZEC stored in shielded pool
Every other metric is secondary.
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How about the number of shielded transactions multiplied by the amount of zec in the shielded pool?
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Zcash value prop comes from private store of value (rather transaction speed or capacity - these are good to have). # of shielded transactions is a good metric but not the primary metric. More complex the metric, more possibility that it can be gamed.
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Money needs to spend, it loses its influence if it doesnât move - Iâd like to see shielded transactions included in a primary metric.
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Good point. Shielded pool size is expensive to game but shielded txs are cheap.
The number of genuine shielded txs is definitely important even if it can be gamed.
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How does money spending & shielded transactions relate to each other? There is no denial that shielded transactions is one of the topic metrics. In fact, I would argue % of shielded transactions in a block is a better metric. Absolute numbers matter & good to track!
Letâs say collectively, our (ECC, ZF, MGRC, community etc) efforts are optimizing for shielded pool metric â it will automatically, improve other metrics (like shielded transactions) but not vice-versa.
The reason wealthy investors are putting their money into BTC is because it is viewed as store of value (alternate asset). You can check greyscale report of Zcash (says the same thing) x.com. Zcash can be successful iff it is viewed as fully private store of value. Scalability is a plus & differentiating factor but ETH & other blockchains are already leading in that space (doesnât mean we shouldnât invest in it, will be table stakes in near future)
Example - in the depths of the Great Depression the same amount of money existed as before - but it didnât move, it wasnât spent because fear drove everyone to hoard what they had. When money doesnât move it loses its most important property, it becomes a buried gold brick & that doesnât work.
Shielded txns are pretty amazing, value moving privately, its why weâre all here. By all means scale the number of txns such that many have a small effect on your metric, but its an important factor IMHO.
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I agree shielded txns are amazing (who doesnât love it).
It is. Iâm not denying that.
The reason why I said âsize of shielded poolâ is primary metric is because it will have direct impact on growth of (% of ) shielded transactions. More z-addr hodlers mean more organic z2z transactions.
Letâs recall Goodhartâs Law: âWhen a measure becomes a target it ceases to be a good measure. Once something becomes a metric, it will be gamed.â
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Metric definitions slightly differ but numbers (z2z vs Monero transactions) remain the same. There is another way to think about it, we have 100x headroom to grow!!
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Would be interesting to see if we see similar growth in z-address or z-UTXOs cc @joshs (that means high retention too!)
Do you know what unit of measurement is on the chart?
ZEC? 700k out of 10M+ ZEC is in shielded pool
Itâs just that there is a dollar sign, so the question arose, 700 out of 10 million is good, but in the middle of 2018 there were about 300 thousand, and how much was mined in total at that time, like about 5 million, so the increase in protected zec in relation to the total mass no voosche in 2.5 years, the achievement is so-so. The ratio is about 1/14 throughout the entire period, if Iâm not mistaken, I donât understand what Josh is happy about, there is no rapid growth as for me. And what do you think?
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Here is meaning 700K ZEC
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You make a good point. May be we could have a graph showing timeline of % of ZEC in shielded pool? (@joshs)
Itâs one of the metric (50%) I wanted to see happen for Zcash.
I am afraid that you will not receive an answer, I do not think that it is possible to make such a graph that will show a decrease in the indicator of protected storage, because this is now presented as a success and there is no success in principle, the percentage in the protected storage was at the time of the coinâs release (April 2017) 11 and now around 7, fluctuated throughout the entire period, but declining slightly by 2020.
https://zcash.tokenview.com/en/chart/dailyMinedCoin
You need to select the entire period in order to understand the number of coins for the date.
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Hi @dontbeevil. Iâm most interested in the total number of ZEC being stored privately in zaddrs by Zcashers, even with increasing commercial taddr custody options. A lot of great tools came to market in 2020 that allow more people to store their Zcash in private addresses for the first time. We may be at an inflection point.
Iâm watching the growth curve (acceleration) as more shielded storage options become available, including what I believe will be new hardware options in 2021. I think that your target metric will happen but will take time for custody providers and exchanges (where I suspect a lot of ZEC is currently held) to fully implement shielded support. Iâm curious to see the impact of zaddr storage with the support of hardware wallets.
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Was just reading the ZF blog on Growing Adoption & had an idea⌠wouldnât it be nice if there was a guide or path to get a nice package of services (ie: encrypted mail, VPN, etc) using only ZEC and not giving up any privacy to do it.
There are ways but its all bits & pieces with âsome assembly requiredâ & beyond the ability of most muggles.
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