Pardon me folks, but whats the difference between zcash and bytecoin?
Thanks!
Zcash will have a blog post about this soon.
ByteCoin, Monero and other currencies like it use a ring signature scheme to mix the inputs of the transaction together so that you aren’t entirely sure which of the “inputs” is yours or which ones you have merely randomly selected from previous transactions. This substantially increases your plausible deniability compared to Bitcoin. There are a number of statistical attacks against such a scheme, however, since you can only feasibly mix a small number of previous transactions together.
In our scheme the use of zero-knowledge proofs protects your anonymity. In our transactions, every previous transaction output is mixed together, meaning that your “anonymity set” is many orders of magnitude larger than in ring signature schemes. Our most desired property is ledger indistinguishability: this means our scheme also has total transaction confidentiality (the sender, recipient and values of the transaction are kept secret.)
Compared to ring signature schemes, our scheme has significantly better privacy and anonymity properties.
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I have written down my logic about the comparison. I am looking forward to read Zcash’s logic and any corrections to my conceptualization.
Please note the Reddit debate I had with Monero’s Shen-noether (NobleSir at Reddit) last year wherein I explained that overlapping rings can unmask the rings. He has proposed a simple solution to that which I showed was flawed. The anonymity set doesn’t necessarily grow, it can actually shrink.
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Over at Bitcoin talk, we are discussing this issue and still awaiting your promised blog post.
Any ETA on then it will be posted? Thanks.