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I have opinioned many times that block chain is simple concept if one can achieve distributed ledger; all one has to do to prevent double spending is lookup the current balance! Every deduction happens everywhere cryptographically. A proof-of-work mining system incentivises the miners to keep the distributed ledger.
I have opinioned many times that block chain is simple concept if one can achieve distributed ledger; all one has to do to prevent double spending is lookup the current balance! Every deduction happens everywhere cryptographically. A proof-of-work mining system incentivises the miners to keep the distributed ledger.
The block chain method is really building distributed
databases and can be used far beyond currency to completely different government
and company structures. If 21st looks the same, it is only because
we only can look back. My father-in-law wanted to view aarti on his mobil;e
too, and asked his grandson (my nephew, 6 years) how to do it. He refused
saying too hard for cfather-in-law to understand! Flabbergasted he told me ,”the
dhai bothers me for delivery charges and this is how the grandson operates!”
When blockchain becomes real beond currencies, world will change!
You all know bitcoin. It is these days 10 lakh plus per
unit. Snoden hates it (legitimately) for
the total loss of privacy! Sender payments can be traced (same sender).
Receiver payments can be linked (same chap)! If you encrypt all, then double
spending!
Zcash says
you can! Not easy but doable! Zcash is a cryptocurrency that
grew out of the Zerocoin project, aimed at improving anonymity for Bitcoin users.
The Zerocoin protocol was initially improved and transformed into Zerocash,
which thus yielded the Zcash cryptocurrency in 2016.[1] The
founder and CEO of Zcash is Zooko Wilcox-O'Hearn. Its founding team
includes cryptographer Matthew D. Green from Johns Hopkins University. Roger Ver was
one of Zcash's initial investors.[1]
Zcash payments are published on a public blockchain,
but users are able to use an optional privacy feature to conceal the sender,
recipient, and amount being transacted.[1] Like
Bitcoin, Zcash has a fixed total supply of 21 million units.[2]
Zcash
affords private transactors the option of "selective disclosure",
allowing a user to prove payment for auditing purposes. One such reason is to
allow private transactors the choice to comply with anti-money laundering or
tax regulations. "Transactions are auditable but disclosure is under the
participant's control."[3]Wilcox
has hosted virtual meetings with law enforcement agencies around the U.S. to
explain these fundamentals and has gone on the record of saying that "they
did not develop the currency to facilitate illegal activity".[2]
Snoden approves. But not all! Better is cryptoNote!
Its open source! Depends on a new cryptconstruct – ring signature. Solves
tracing and linking problems. Avoids illegal cash like that in Zcash. Why
should the recipient of cash be asked to prove innocence if somewhere along the
line, someone used cash-wash tricks!
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