You get the same verification guarantees in all these systems.
The cost lies in generating the proof (signing the transaction), transmitting the proof (block space cost), and validating the proof (ru...
Thanks!
Generating the proof seems like a low price to pay. Especially if it’s (as you mentioned) just a couple of seconds.
But transmitting and validating proofs would both increase the cost of operating a node. So perhaps you could say that with Bitcoin the risk is that an attacker can exploit the lack of privacy to make it unreasonably difficult for most people to adopt it as a currency. Whereas with privacy focused currencies the risk lies in the lack of decentralisation - too many users might put of convenience outsource their voting rights. Am I onto something?
Also, would similar L2 solutions to those of Bitcoin work on top of privacy coins? Or might the inherent lack of information be a hurdle?
Appreciate all your articles and thinking!
Generating the proof seems like a low price to pay. Especially if it’s (as you mentioned) just a couple of seconds.
But transmitting and validating proofs would both increase the cost of operating a node. So perhaps you could say that with Bitcoin the risk is that an attacker can exploit the lack of privacy to make it unreasonably difficult for most people to adopt it as a currency. Whereas with privacy focused currencies the risk lies in the lack of decentralisation - too many users might put of convenience outsource their voting rights. Am I onto something?
Also, would similar L2 solutions to those of Bitcoin work on top of privacy coins? Or might the inherent lack of information be a hurdle?
Appreciate all your articles and thinking!
🖤1