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Okay but like who cares? Are any of those even in the top 30 cryptocurrencies by market cap? Is anyone speaking about them in the context of Web3 or is it all

Okay but like who cares? Are any of those even in the top 30 cryptocurrencies by market cap? Is anyone speaking about them in the context of Web3 or is it all ETH, XRP and maybe two more? From my blissfully uninformed mind, the only time these cryptocurrencies pop up is precisely this: as a counterargument to the popular ones, where you can see all the transactions. They're fringes even among the fringe that is cryptocurrencies.

everfree 5y ago
> Is anyone speaking about them in the context of Web3 or is it all ETH, XRP and maybe two more? Aztec Network, Tornado Cash, and Starkware all run on top of Ethereum... Aztec and Starkware are currently in the community spotlight because they're rollups or so-called "Layer 2s" that push the state of the art of Ethereum's tech (and the state of the art in zero knowledge cryptography, especially Starkware's CAIRO language and their EVM to zero knowledge proof circuit transpiler). Tornado Cash has over $4B in deposits, and for many is the go-to way to anonymize transactions on Ethereum. Ernst & Young released Baseline last year, a zero-knowledge cryptography toolkit for operating private data services on the public Ethereum network. The answer to "who cares" is basically the entire nascent industry, plus a handful of mathematicians and cryptographers - if you are paying attention.
CuriousCosmic 5y ago
A lot of these smaller networks are on top of or connected to top 10 chains. A number of the top 10 networks will eventually (~5-10 year time frame) get privacy preserving transactions however the space is still very much in development and it's a bit easier to reason about the network and what changes to make next when you can see what the users are doing. I know at the very least, IOG (the company currently leading Cardano development) is doing privacy preserving smart contracts research with the intent that it eventually becomes part of the protocol. There's a lot for Layer 1 protocols to accomplish as it is so the space is largely delegating privacy chain research/functionality to L2s for the time being.
- withinboredom 5y ago
  I hear the word “eventually” associated with crypto, quite a bit. I’ve yet to see an “eventually” actually pan out before they run out of money or the value tanks so low nobody will mine it anymore. As an observer following all of this fairly closely, it feels remarkably like a scam.
  - dlubarov 5y ago
    Ethereum already has options for private payments, such as Aztec (https://zk.money/ https://zk.money/).
  - everfree 5y ago
    I find it telling that several currently live privacy networks were mentioned in this comment tree that you can use today, yet you still latch on to the word "eventually" and call the space a scam.
    - withinboredom 5y ago
      Maybe that was a bit unfair. Perhaps what I should say is that there is too much competition, such that no one can get the traction they need to truly accomplish their goals, with few exceptions.
      - everfree 5y ago
        I don't think too much competition has ever killed a product category. Usually the "few exceptions" end up dominating a market.
jiggunjer 5y ago
Doesn't the lightning network used by btc allow obfuscation constructs?
- jslove 5y ago
  yes with taproot that just went live. there is also bitcoin liquid which is hidden as well.

everfree 5y ago

> Is anyone speaking about them in the context of Web3 or is it all ETH, XRP and maybe two more? Aztec Network, Tornado Cash, and Starkware all run on top of Ethereum... Aztec and Starkware are currently in the community spotlight because they're rollups or so-called "Layer 2s" that push the state of the art of Ethereum's tech (and the state of the art in zero knowledge cryptography, especially Starkware's CAIRO language and their EVM to zero knowledge proof circuit transpiler). Tornado Cash has over $4B in deposits, and for many is the go-to way to anonymize transactions on Ethereum. Ernst & Young released Baseline last year, a zero-knowledge cryptography toolkit for operating private data services on the public Ethereum network. The answer to "who cares" is basically the entire nascent industry, plus a handful of mathematicians and cryptographers - if you are paying attention.

CuriousCosmic 5y ago

A lot of these smaller networks are on top of or connected to top 10 chains. A number of the top 10 networks will eventually (~5-10 year time frame) get privacy preserving transactions however the space is still very much in development and it's a bit easier to reason about the network and what changes to make next when you can see what the users are doing. I know at the very least, IOG (the company currently leading Cardano development) is doing privacy preserving smart contracts research with the intent that it eventually becomes part of the protocol. There's a lot for Layer 1 protocols to accomplish as it is so the space is largely delegating privacy chain research/functionality to L2s for the time being.

withinboredom 5y ago
I hear the word “eventually” associated with crypto, quite a bit. I’ve yet to see an “eventually” actually pan out before they run out of money or the value tanks so low nobody will mine it anymore. As an observer following all of this fairly closely, it feels remarkably like a scam.
- dlubarov 5y ago
  Ethereum already has options for private payments, such as Aztec (https://zk.money/ https://zk.money/).
- everfree 5y ago
  I find it telling that several currently live privacy networks were mentioned in this comment tree that you can use today, yet you still latch on to the word "eventually" and call the space a scam.
  - withinboredom 5y ago
    Maybe that was a bit unfair. Perhaps what I should say is that there is too much competition, such that no one can get the traction they need to truly accomplish their goals, with few exceptions.
    - everfree 5y ago
      I don't think too much competition has ever killed a product category. Usually the "few exceptions" end up dominating a market.

jiggunjer 5y ago

Doesn't the lightning network used by btc allow obfuscation constructs?

jslove 5y ago
yes with taproot that just went live. there is also bitcoin liquid which is hidden as well.