Author: Jorge Timón 2013-07-13 09:53:44
Published on: 2013-07-13T09:53:44+00:00
Jorge Timón, a developer, suggests that Bitcoin and Zerocoin would be different currencies due to their different characteristics. He questions the need to peg Zerocoins to Bitcoins since they are both different currencies. Timón believes that creating an anonymous peer-to-peer currency is great; however, some Bitcoin users may not like the hard fork. According to him, this could be highly controversial. Timón also raises scalability concerns regarding the proposed setup. He suggests that if Zerocoin enjoys this privilege, then other coins might want to have it too.Peter Todd, a blockchain consultant, believes that people’s doom and gloom about Zerocoin is unwarranted. He suggests that the best way to implement Zerocoin is to get out of the model of large blocks and think about individual transactions. Todd also proposes another approach where sacrifices can be made publicly visible to the whole world. This way, even if you fail to publish your blocks, everyone knows how much they need to outspend to be sure you can’t 51% attack the network.Todd believes that turning Zerocoins back into Bitcoins is just supply and demand: sell them. You'll always lose a bit given by definition the maximum exchange rate is 1:1, but anonymity may be worth it. Others have written about cross-chain trading protocols, and he points out that they are easier to implement if one chain has full visibility into what's happening on the other. Finally, Todd suggests that if the transaction rate is too slow, there's nothing wrong with running multiple parallel Zerocoin blockchains.
Updated on: 2023-06-06T19:45:48.679511+00:00