What are the current thoughts regarding private transactions in Peercoin and/or Peerassets?
Should private transactions be a separate protocol outside the chain and just use other chains like zcash and monero?
Should private transactions be incorporated into Peercoin or into Peerassets? Or another layer on top of Peerassets?
I believe privacy should be on the core protocol level. We should start exploring this topic this year, perhaps coin mixing is a good place to start as the tech should be easy to copy over.
Bumping for an update.
Would Monero level privacy be achievable for peercoin on the core protocol ?
Yes it would be achievable but there is no interest in that from what it seems. Personally I am not in favor of Monero style because you end up with massive transactions, and it’s all just so convoluted. I believe we should wait more for an elegant solution to show up.
Good to hear. Going forward though, I feel that guaranteeing the fungibility of peercoin via anonymization of transactions is going to be critical if peercoin is to become true digital gold.
I also think the lack of true fungibility represents a tail risk for both bitcoin and peercoin. Should governments start tracking/blacklisting bitcoin wallets/transactions, peercoin would be well positioned to capture a portion of this capital flight, if it had always-on, no opt-out privacy.
Just my 2c.
To avoid legal pressure, the only solution is to have opt-in privacy. As years pass you will see that I am right about this presumption.
Correct me if I’m wrong, but isn’t the main benefit of a public blockchain that anyone can easily verify it?
It’s easy enough to obfuscate yourself on the public blockchain, so having full privacy doesn’t strike me as having much utility outside of further protecting criminal activities.
The idea is that it could be easily verified and still be private. Afaik, in monero-style transactions (ring signatures) you still can send a transaction to e.g. a merchant to prove you sent him money, but he won’t know which input of the transaction is yours, only that he received his output correctly.
Opt-in privacy would be awesome for PPC, I think.
Zcash does a lot of research in this field.
Granted, I don’t have a whole lot of personal knowledge about how it works, but I do know that one of the biggest concerns with the security of zcash is that if a double spend were to occur no one would know about it.
That strikes me as a huge compromise in security over what would really be a minor increase in convenience. Especially for a crypto asset that was always intended to be a store of value and not a medium of exchange.
