Privacy is essential to cryptocurrency; without it, the efforts in this domain lose significance.
If financial sovereignty matters to you, privacy is paramount. Free value exchange fosters social change, critical thinking, and builds a more prosperous society, cementing freedom’s roots in privacy.
As engineers contributing to Zcash, we have dedicated years to create private financial tools critical for the future of our society. The choices made today will shape the world for generations ahead.
Zcash pioneered true, robust privacy using zero-knowledge proofs. Initially, tackling the privacy dilemma with cryptography was only the beginning; rapid iterations and significant investments in research were necessary to ensure usability on mobile devices and scalability. Our contributions are now integral to many decentralized protocols.
Despite the clearer path to expanding private on-chain payments, scaling private wallets remains an unresolved issue.
Most cryptocurrency users utilize wallet software that depends on external servers to process transactions. This setup alleviates issues related to bandwidth and processing demands on users’ devices but often compromises privacy by relying on third-party services.
To actualize our vision of privacy-focused monetary solutions, we must ensure user experiences rival those of non-private options.
A promising strategy involves using advanced cryptographic techniques to allow remote servers to support local wallet applications without compromising privacy. While theoretically valid for some time, it was previously deemed impracticable at scale.
Enter Project Tachyon. This initiative enables Zcash wallet software to synchronize with a busy blockchain with minimal resource use by outsourcing intensive tasks to untrusted servers without divulging any wallet information.
Although implementing the required cryptography remains complex, Zcash has a proven history of developing and deploying such advanced cryptographic solutions. Our recent upgrades have set the groundwork, and with Project Tachyon, we aim to advance the necessary changes promptly.
I am encouraged by the Zcash community’s shared enthusiasm and commitment to bring this vision to fruition. It’s imperative that we harness this moment and build scalable, resilient digital currency. We can’t afford further delays for research or advancements; with Tachyon, development starts now.
Note: This opinion piece reflects the personal views of the writer, which may not align with CoinDesk, Inc. or its associates.
