Zcash has lost its way. I noticed this reading the leap frogging taddr thread.
Zcash is an ASIC minded PoW coin with a 21m supply. The only thing that differentiates it from, e.g., Bitcoin, is privacy. Not the dev fund, not governance, not all the brilliant people we have. Those all are in service of the one differentiator: privacy. That is the banner that brings people in.
Privacy is what we need to advertise to people, its what we need to be believe. Its what we need to focus on to get adoption. Because it’s the only thing that sets us apart and its our massive strength. We have the world’s best privacy tech and some of the best cryptographers and engineers building it.
But, we’ve lost touch with that. Our zeitgeist is more cryptocurrency economics, experiments, and contrarianism, not privacy. We keep talking about and marketing things that don’t help. It’s an anti-vision.
To name a few:
Scale won’t get us adoption: we’re already more scalable that bitcoin and its not used. Scale is how you handle more users once you’ve gotten them in. But you have to get the users. And yet, the community spends huge amounts of time focusing on that.
Increased t-addr support won’t get us adoption. Even increased t-addr usage won’t get us any additional adoption. No one will like at another thousand t-addr transactions on zcash and go “oh, now this thing is taking off.” To the contrary, they will look at Zcash and go wait the privacy coin has no one using its privacy features.
Halo won’t get us adoption. Zcash post halo is the same for a user as it is pre halo. Sure, removing trusted setup is nice, but it doesn’t change anything. Even the trusted setup FUD. Because both before and after halo, you can’t audit the coin supply. There’s always hidden inflation risk. Halo may be necessary, but its a necessary evil in so much as it takes community focus away from our one differentiator: privacy.
Wrapped zec won’t get us adoption. It’s very important as a bridge into Zcash particularly if exchanges delist us. And indeed I think it’s critical for other reasons too. But no one will use the bridge unless there’s a reason to use Zcash.
Theories about ZEC holders, values, fees, or governance … won’t get us adoption. Every cryptocurrency has some special story about their economics, incentive models, or governance. No one cares and we got no special ability, skills, or renowned there.
The one thing that does matter for cryptocurrencies is a sense of shared mission and community. And the one we can actually rally around and make our clear zeitgiest, the thing that we stand for and talk about, is privacy. And we have world class privacy tech. But if you looked at ECC, its stated plans, this forum, or shielded adoption rates, you wouldn’t know it. We can’t even agree on a simple thing like that our vision should be zcash with only private payments and no taddr support, however we exactly get there.
It’s about privacy stupid.