Imagine a wallet that would send a coin, unbeknown to you, at the senders choosing, to absolve you from any liability that a tyrannical government may impose upon you.
This theory is actually quite simple, you would take a undisclosed amount of currencies you choose, and turn those over to a liquidity pool to facility transactions for the network. Yes, all of your coins are now stake as many different ones as you like, for a convention fee of about 0.1-0.5% per trade based on volume you supplied.
Once this liquidity pool was realized, which does require more work than I am going to get into today, we would be able to send cross-chain autonomous hot-swaps without knowing what currency the recipient desired. This would completely absolve the potential for unrealized capital gains taxes as well as leaving no tangible paper trail for someone without a warrant to infringe your right to privacy with.
If a warrant was provided, you could provide a view key for your wallet allowing a transparent and law abiding authority to investigate your holdings, without having any information that could harm the other user who has not been included in the warrant.
For a working project name it would be interesting to refer to the pool as an ocean, since the liquidity in it would be so vast and from so many different end points. Credit Cards could be added in with zk-channels and BOLT support likely. I could see some people liking to pay with credit but not have their local currency ever realized by the opposite party in the transaction.
Lets Discuss this Theory in the Comments
- Do you see any bottlenecks?
- What is the solution to low liquidity in the pool, it could potential make the service insolvent
- What country would the wallet nodes be operated in
- Would we use browser cache based staking to completely decentralize the network?
- Would we piggy back on a popular algorithm to verify hashes, or just go Proof of Stake?
- Is there a reason to have time locked staking to prevent unexpected changes to the available funds in the pool?
- Why would you use a service like this?
P.S. - imagine if we added support for Hive and Blurt, you could easily choose what network to receive a payment with from any outside source utilizing a complete private network. No input and output would be tangibly connected with real hot-swaps taking place in the pool.
Posted Using LeoFinance Beta
It sounds like Rune and Z-Cash will have a baby. And her name will be Ocean.
I was a harsh critique of the Thor RUNE bridge, funny you bring that up of all people lol.
Good idea though, the thir rune is a good decentralized network to piggy back off of for a start up.
What are the fees like?
Are you sure Rune is decentralized? It started out with a massive pre-mine of 500,000,000. Although there is no inflation after that.
The fees depend on which chain your asset is on. If it is on a cheap chain, it would be cheap. The way I interpret the docs, HBD trades with Rune would be free (should it get implemented).
All I know about Thor RUNE is what was mentioned on the Zcash community forum, about a bridge that wouldn't include privacy on the Thor RUNE end.
The RUNE developers are obviously lazy and don't want to innovate with ZKP transactions that are less than $0.31 (with processing power and a high electrical price for the computing power used and blockchain fee included).
From what you said and the other doubts I have heard of their platform, I wouldn't touch it with a 10 foot pole.
Using it as a bridge though, if there was never any Thor RUNE required, for a retarded transaction fee like with BSC (a joke quick fix smart contracts platform imo), it is all useless obsolete tech...
Going to get steam rolled by the zero fee age because people don't care if the middle man feeds his family when the code is open sourced.....
If you have an idea of how to bring ZKP to Thorchain, I'm all ears. It is not to say it is impossible, but perhaps beyond most of us.
There is grants to apply for if someone knows how to do that, I also vote on issues relating to these grants as a ZCAP rep.
If someone can bridge, we will fund it, but we need a proven concept first, if y9u can show up to the zcash grants review committee with a worth example transaction, I will push my hardest to get that funded.
Many have tried, and the community responding to the grant is usually what seals the deal, so if you turn some heads with a void ZKP between Zcash, Thor, and Hive it would probably be seriously considered for approval.
My #1 critique is lackluster developer ethics and bloated budgets.
I need to read the Thorchain and zcash whitepapers at the same time. 😁
sounds liek a fucking security nightmare
Blockchains and private keys do all of that for us fortunately.
A blockchain is just a database on a bunch of strangers computers and private keys are of dubious security once an attacker / hacker has them / finds a collision for the key.
It's better than nothing but still a security nightmare. lol
On a transparent blockchain yes, on a equihash blockchain using ZK-SNARKS no. The join split randomizes the inputs and outputs preventing a private key from revealing anything about the recipients and other parties, including the node.
The view key, is required for any data metrics, and there is a unique view key for every address. If this view key is managed properly by a node, it will be a zero knowledge proof of their digital signature.