One of the best arguments for privacy and why zcash is important.
“There are regulatory and commercial and moral reasons for privacy from all sectors,” he says. To give a commercial example: Apple wouldn’t want Samsung to be able to track its transactions and gain valuable competitive intelligence.
And then there’s the personal argument. If you used bitcoin to pay for everything, it’s like storing your bank account transactions in a public ledger.
Its not a “game changer” we already have bitcoin and many other cryptos
I think you missed the point.
The problem with Bitcoin as it is implemented today is that the entire history is public. Transactions are attributed to random identifiers that in themselves carry no information about the person controlling the accounts. But if users are not extremely careful, network analysis can reveal both the financial behavior and the real identities of the people behind the accounts. (Several companies, such as Chainalysis, now provide such a service.)
Surely Zcash has best anonymity. However trusted setup and 20% mining tax are gonna drag the adoption of this coin back a lot.
@hud The founders fee is not as big of a deal as everyone is making it out to be. The fact is the fee was implemented in place of a pre-mine or ico. They could have easily pre-mined 1,000,000 ZEC and stuck it in an account instead of the fee, just like Bitcoin.
Or did everyone forget that Satoshi has 1 million BTC sitting in an account from his pre-mine?