I even go further and suggest that at a certain point in time the user should have the option to exchange their old Zcash for new ones, for a fee of course. At that moment the old coin and its transaction history would end with a notice like “End of Life”
The user could then mint a new one with a new transaction history. There would then be no direct connection or conclusion between the old and new coins. Only the notice that the old one was buried and a new one was born.
Of course, the total would never exceed 21 million. Perhaps in the future one address type would be enough and the user can decide for themselves at any time whether someone can see their transaction history or not by using the “old for new” feature.
In addition, the miners would be provided with lifelong work and this would in addition secure the future existence and uniqueness of zcash.
There is absolutely no need for this because all ZECs in Zcash have no history and are interchangeable. You just need to keep them in a shielded bullet. There’s a great video on the ZecHub channel about this. So there is a bit of irony in the fact that you think their work is useless.
There is no transaction history. It dies with your wallet and that no longer exists for anyone. I will no longer respond to you as your tone is not appropriate for a member of the community. Just educate yourself.
Also to anyone reading this, I recommend saving all transaction histories to external source if you really intend to burn your wallet. Luckily Zashi already has this feature. Also, upload your purchase history from exchanges you interact with from time to time. You may need this at a time when Zcash will be one of the top assets on the planet and you will certainly be asked where your this assets came from.
My advice won’t be useful to everyone because most “investors” will get out very early. And investors therefore keep everything on transparent addresses.
Listen, the fact that you’re asking me that just shows me that you’re not reading or understanding what I wrote but are only responding to recommendations -
Thanks Shawn, I know all that. But all of that would no longer be necessary according to my suggestion.
I don’t know if it wasn’t obvious or if I expressed it in a confusing way. According to my suggestion, all pools would no longer be necessary and there would only be one address that you can use as you want without having to send coins to any pool. You also don’t have to destroy anything like wallets. You just have to say I want to bury my coin and bring them to life at another address. In this process there is only the reference. Buried and reborn but there is no reference from the old address to the new one.
For your information I also own ycash in shielded pool.
I want to use zcash as the situation requires and not as someone else wants it.
If zcash is to participate in social life to the fullest extent, it is wishful thinking to think that zcash must be exclusively private and used as such.
That is not the case. Zcash is supposed to be a replacement for cash and cash has two sides. Transparency and confidentiality. With zcash it is about making this option as easy as possible
and I think that this switch can and should be simplified.
targeting the cash use case doesnt make sense at all… ZEC cant be cash because ZEC is finite supply which creates major volatility… and also it takes like 3 minutes to do anything with ZEC which is about 2 minutes and 48 seconds longer than normal everyday cash users are willing to tolerate… imagine how horrible a starbucks experience would be if 5 people in line all paid with ZEC for a coffee. each coffee would take 20 seconds to prepare then the other couple minutes would be wasted watching blocks get confirmed on Zcash blockchain. cash must be instant and cant be volatile… two features where ZEC is pretty much opposite
What the OP suggests is a nice hedge against your seed phrase ever leaking. I rotate to new seed phrases, sending all funds to the new address, regularly across privacy chains for two reasons:
I don’t like a transaction history sitting around forever, for the threat model of the seed phrase leaking or being stolen.
Using a fresh seed with a new wallet birthday speeds up sync times across devices.
It’s unusual “power user thinking” but I do recommend that people with elevated threat profiles rotate to new seeds regularly for these reasons, across all privacy blockchains.
Yes, that’s the only way it can work if the wallet can be “destroyed”.
But the seedphrase and the corresponding privkeys are not destroyed but simply made inaccessible. The transaction history, at least for transparent addresses, does not disappear because of this. By the way, if i am right in my assumption, i consider this type of function to be a security risk because what do you do if an attacker gets access to this function in your wallet?
You could implement this kind of function “transfer old seedphrase to a new one” additionally but best when you exchange a new coin for an old one.
What clearly bothers me about this is the fact that as soon as I have replaced the old seed phrase with a new one, I also have to back up the new one somewhere.
Due to the nature of a decentralized blockchain, there is no way that I am aware of to ensure that data is deleted. Manage seed phrases / private keys carefully, with a hardware wallet if possible. To “delete,” someone could empty their wallet of all funds, then reset their hardware wallet upon making complete sure that the balance is zero, and that the act of destroying the private key is legal in their position and jurisdiction.
Yes, exactly, you can’t delete an entry (technically that would be possible, but so far that wasn’t the point of it all), but you can give up your own access, which I wouldn’t recommend.
Because the private key or seedphrase can be recovered at any time by bruteforce even if it would be pure luck at the moment but who knows how long it will take. The only thing you do when you replace the old seedphrase with a new one is to give up your own access to it but only for yourself and not for other and this is not really necessary, especially when it comes to a new transaction history/coin. As I described above
Bury/Rebirth
New coin, new transaction history. No direct connection from old to new, No more pools necessary, No other address formats anymore.
Simply choose whether the old one should continue to be used or a new one. When exchanging, the new coin is sent to a new address/private key, the seed phrase remains the same.
In principle and in my opinion, it should also be legitimate to be able to delete or change a transaction history or the entries in the blockchain - It’s just about not being able to copy data or double spend. But if someone sends me their coins, they transfer the right to them to me. So I must also have the right to delete or overwrite my data.
This would be especially interesting if you send messages and want to get rid of them again.
No, I didn’t, but if anything I mentioned here is there, then everyone should know about it because it should be advertised and no one should have to search for it.
I don’t want my transactions to be visible to everyone, so if I use Zcash for transaction purposes, I use a shielded pool.
However, I am already familiar with the new standards of exchanges like gemini or coinbase, which literally make me empty my pockets just to allow me to be a user.
I am a law-abiding citizen and I have no problem to verify my income and provide information about taxes paid as required by my jurisdiction. However, as long as it is possible to do so, I will avoid such exchanges and choose other reliable options where KYC has not yet reached this line.
However, I foresaw this high level of KYC even 5 years ago and wrote about it in my tweets. I foresee that in another 5 years this will be the standard KYC level and I will have to bare my finances if I want to use CEX. And even DEX not will help with this, because if DEXs do not obey the general requirements, their domains will have their domains blocked. Alas, this is the future that awaits us. But in which Zcash will exist. Because our right to privacy does not equal our right to anonymity. Our anonymity does not exist now, and it will only get worse from here on out.
You may disagree with me. I could be wrong, but I will insure myself against possible problems and keep the whole history of where I got my ZECs from.
