Jump to content
Sign in to follow this  
lerik

Zsnark for XRP?

Recommended Posts

Is it possible to enhance XRP with Zsnark so that it is equivalent to Zcash? Zcash is a superset of Bitcoin where the Bitcoin API is extended for zero knowledge transactions. Not every transaction with Zcash is stealth, only if desired. Maybe XRP can get a stealth transaction enhancement in a way that it is an extension without breaking the existing framework. Zcash is open source and readily available. I believe that with zero kowledge features XRP will become very attractive from a technical standpoint. XRP is fast with a lot of capacity and with Zsnark extension it would get strength in an application area where it lacks behind. The other possibility with mixing that is the technology for Dash, Monero etc. becomes obsolete and outdated.

Zcash is based on Bitcoin, and has a superset of functionality...
https://z.cash/support/zig.html
 

Zcash extends the Bitcoin Core API with new RPC calls to support private Zcash payments...
https://github.com/zcash/zcash/blob/master/doc/payment-api.md

Edited by lerik

Share this post


Link to post
Share on other sites

that video is incomprehensible if you don't already know what is going to be said. I assume it is negative about zsnark. I know there is various critic, that it is unproven etc. Whatever, technically it should be possible to add it to XRP as it would be completely separated from the rest. Under legal aspects it might cause compliance issues. From a marketing standpoint is should be good and helps on the acceptance of XRP.

Share this post


Link to post
Share on other sites

Transactions in Ripple are often orders or payments using complex paths while Bitcoin only supports a single currency and a relatively simplistic transaction model where script conditions have to be fulfilled to transfer some units.

How should an anonymous transaction work if it triggers market orders or redeems IOUs from a gateway? XRP is the least interesting aspect of RCL and I'd love to see some more substance behind the "technically it should be possible to add it to XRP" claim. Your website only lists API functions, not how it actually works and I don't really want to waste half an hour watching a guy talk - I'm much faster reading this myself.

Share this post


Link to post
Share on other sites

Komodo is a fork of Zcash and they have extensions for IOUs (32 fiat currencies currently) and a decentralized exchange. In order for XRP to become a more universal currency it needs to gain importance beyond RCL. Even if zsnark does not work on RCL it would allow for private transactions and privacy of balances held.

Share this post


Link to post
Share on other sites

There is little use for XRP beyond RCL, one of the main points of RCL's existence is that it should be up to users to choose whom to trust and to take their finances in their own hands instead of having to resort to a centralized currency that floats freely against any other asset out there just to store, trade and transfer value.

Share this post


Link to post
Share on other sites

A currency is something that is not limited to a particular use case. Bridge currency on RCL is not enough for becoming some kind of standard and competition to Bitcoin. This equates to the question what XRP is good for. Dash for instance is trying to become a currency, but XRP is not evolving beyond a single use case.

Share this post


Link to post
Share on other sites
44 minutes ago, lerik said:

A currency is something that is not limited to a particular use case. Bridge currency on RCL is not enough for becoming some kind of standard and competition to Bitcoin. This equates to the question what XRP is good for. Dash for instance is trying to become a currency, but XRP is not evolving beyond a single use case.

Bridging is the one and only usecase for money. It bridges what I have (X) and what I want (Y). In that aspect, XRP is the ultimate currency, it's pathfinding feature makes it possible to trade any asset X for any asset Y. By comparison, the usecase of Bitcoin is extremely limited, and has the same problem as legacy money.

The biggest thing about Ripple is not XRP "the coin", but the global asset market that it can power. That's quite mind-blowing, really, if you think that through, that goes a few steps further than Bitcoin.

Edited by lucky

Share this post


Link to post
Share on other sites

XRP is a platform token. Even if XRP gets some portion of the multi-trillion payment transaction market and overtakes Bitcoin in volume it won't mean that it has any wide acceptance as an international neutral liquidity reserve.

Share this post


Link to post
Share on other sites
3 hours ago, lerik said:

XRP is a platform token. Even if XRP gets some portion of the multi-trillion payment transaction market and overtakes Bitcoin in volume it won't mean that it has any wide acceptance as an international neutral liquidity reserve.

Time will tell. But if the platform is big enough, it is only logical that it's token will have corresponding value. It looks to me the Ripple platform can get very, very big, in a very short time. I don't think today's Bitcoin volume is a relevant measure, the party has not even started yet. One thing is certain: Bitcoin in its current state is technically not at all capable to serve the mainstream global marketplace.

Share this post


Link to post
Share on other sites

For those who can still remember the internet bubble in 2000. There were a lot of service providers that went out of business, like for instance Razorfish. They were offering technical expertise to companies for building a web presence or getting into ecommerce. At that time it was visionary, and actually a few years from then virtually all companies had a web presence and some sort  of ecommerce. The internet bubble terminated those internet companies that were stock companies and were depending on fund raising. As much those companies did not have their own products but offered web building service to companies as technical expertise. The problem wasn't that the web companies had bad developers but that the business model did not work out. Essentially only internet companies with their own end product were successful companies, like Facebook, Google, Twitter, Wordpress etc. All these new kind of companies did not exist then. The developers of the service companies could have developed any of these, but this never happened. Ripple is much like Razorfish, they are waiting for banks instead of becoming a new kind of financial institution themselves or trying to place XRP as a real currency and consumer product with demand. Ethereum stated that they want to add something like the Zcash features for their platform. With Ripple you hardly ever hear anything about extending the platform, only that it takes time until a concept essentially  from 2013 is going to become adopted.

Edited by lerik

Share this post


Link to post
Share on other sites

Probably there will be two kind of fundamental changes. A new kind of financial industry evolves that has nothing to do with classical banks, and at the same time established banks will update their backend operations to distributed ledger technology. However, concerning the changes affecting the banking world, this will be a process where their power and profit is going to shrink (in particular anglo banks), where consequently they will lay off a lot of staff and where banks are a branch with losses or underperformance for investors. At the same time one can expect many new kind of fintec products with consumer orientation and growth rate. Ripple will not be present in the new kind of fintech brands, instead they would be in an ailing business branch and missing out were the cake is really reparted.

Edited by lerik

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...